At Margo’s Bookkeeping, we provide professional bookkeeping services to businesses and entrepreneurs, both on-site and remotely. One of our specialties at Margo’s is our Real Estate and Home Improvement bookkeeping services that NYC and LI businesses can count on. There are many particular costs, benefits, and liabilities associated with renovating homes, and knowing these is essential to maintaining a successful business. Here we’ve explained some of the essentials of bookkeeping that make us perfect for handling the needs of our contractor clients.
Profit Loss Statements by Project
One of the biggest benefits of outsourcing bookkeeping for contractors in the real estate buying and flipping business is the profit loss analysis we do. We take an accounting of your jobs and look at it purely from a numbers perspective… How long did that last demo job take? How much did you pay out in salary? What were your material costs and dumping fees? How long did it take to sell the finished home? Etc. All of this can be analyzed and is presented to you against other conditions affecting profit.
You are then able to make conscious, educated decisions on what type of jobs to go after in the future: perhaps you make the most money on demolition-rebuilding, but the timeline and salary expenses plus the higher insurance makes it less lucrative than the simple renovations, maybe by half as much! (This is completely hypothetical, and maybe for your business the opposite is true—that’s why analyzing the numbers is so important.) Do you know what works best for you business? Let us work out the numbers for you to give you the best leg up on businesses you’re bidding against.
Business Accounting Quarterly Filings
We know that many contractors and real estate investors purchase multiple homes to renovate or demolish and rebuild for resale. But do you know how to write up those purchases on your taxes properly? Although all businesses must file taxes, it can be even more complicated for businesses that own multiple properties at a time that no one is living in. Our expert accountants at Margo’s Bookkeeping will work with you or file your quarterly tax filings for you!
The day to day work of a contractor is exhaustive—not only are you up before the sun and home after it sets, most often that time is spent on your feet. Whether you are analyzing plans for a prospective job, overseeing your laborers on the job, or showing them how to do it, shovel in hand- we know you work hard!
We can help by organizing your employees’ payroll, handle all the math and paperwork, and create a system for their timely payment. -Just one more thing off of your heavy shoulders. Check out our free business payroll analysis as a first step.
Working with Margo’s Bookkeeping opens the door to many services at your disposal. Contact us today to learn more about how we can help you turn your contracting business from profitable to impressively so. You can even hear how we’ve helped businesses like yours on our Testimonials page.