This story is about how Tiffany came in and saved her husband’s contracting business by helping him get Quickbooks setup correctly. They burned their shoebox full of receipts and took control of their finances.
Now Their business is thriving and turning a good profit year after year.
I asked Tiffany how she did it, and she was more than willing to tell me. This episode answers five questions, and will leave you inspired at the potential quickbooks has to help you grow and scale your contracting business.
So if you answer YES to EVEN ONE of these following questions, then this episode is for you:
- Do you struggle with the financial side of your business?
- Do you put your receipts in a shoebox? (Or something similar)
- Do you not really know if your jobs are truly profitable or not?
- Do you wonder what each job you do truly costs your business?
- Do you struggle with using Quickbooks, or wonder if there are apps that could help Quickbooks run better for you?
Like I said, if you said, “Yes” to even one of those questions. Then you need to listen to this episode.
Maybe you don’t do the numbers side of your business, but your wife does, or some other person. Well, then have them listen to the episode. It will help you with the numbers side of your business. And as you already know… if you’re not in control of your numbers, are you really in business?
#Protractors – Making A Difference!
Quickbooks Version Tiffany Recommends
Quickbooks Desktop For PC
Quickbooks Desktop For Mac
Contractor Apps That Sync Seamlessly With Quickbooks
Tsheets – A time tracking app that integrates with Quickbooks. It allows employees who work remotely or switch jobs often to track their time. For employers, it allows for fast and easy employee scheduling, labor hours tracking, payroll forecasting, and an effortless way to pull time sheet hours for efficient and accurate payroll.
Hubdoc- An app that extracts the important information from your receipts, invoices and bills. This is great for employers to cut down on their data entry and filing. For receipt input, you can take a photo with the app, forward your email paperwork or scan and upload documents; stop the shoebox method of collecting receipts! Hubdoc will automatically pull bills and bank statements into one secure space, allowing you to manage your documents from all your accounts.
Billbeez- An app that is similar to Hubdoc, but has one key feature that is a great tool for contractors. In the event of an audit or request from investors for clarification of receipts/money spent, Billbeez allows you to pull specific vendors and export the charges onto an Excel spreadsheet with live links. Meaning, you don’t have to give auditors or investors access to your portal, they can have receipt links and access to all the information they need from one organized, and accurate spreadsheet.
Contractor’s Tools- An app that helps contractors create estimates, invoices and payments via an iPhone or iPad, and then sync that information to Quickbooks. This is a great tool for employers because it helps you cut down on data entry, and is also efficient when forecasting for similar jobs that you’ve done in the past.
The Contractor Book That Tiffany Recommends The Most
Profit First- an idea, now transformed into a book, by Mike Michalowicz. Profit First transformed the way my husband and I do our books for the contracting business, by allowing us to efficiently allocate certain income percentages to different accounts each month; no more guessing on tax percentages or owner’s draws.
We were always coming up short at the end of the year for taxes, but not anymore! We now have five different accounts, and the Profit First program told us exactly how much needs to go where. We reversed our thinking from Sales-Expenses= Profit to Sales-Profit= Expenses.
We have increased our profits, by cutting many unnecessary expenses and taking our profits first, before spending money elsewhere. After all, you don’t have a business if you don’t have enough money to pay yourself a generous salary.
The Profit First idea has now become a coaching program implemented by accountants and bookkeepers around the world, to help clients in all different industries. If you’re interested in implementing Profit First, and having a coach take you through the process of increasing your profits, trimming the fat off your business, and running a more efficient contracting business, I’d love to be of service.
Tiffany’s Contact Info:
- Instagram @bmwbuilders
- Facebook @bmwbuilders
- Website: www.bmwbuilders.net