In a recent article, I discussed how your painting business could benefit from tracking key performance indicators (KPI) in your painting business. In the video below, I walk through KPI basics and show you how cloud-based software, Fathom, can be used to track KPIs. I also briefly review a couple of useful tools in Fathom to include the Cashflow waterfall graph and the GoalSeek tool.
In this video, I review how to do a painting estimate using Quickbooks Online Plus. To include how to set up your custom forms, a technique to include your markup, and how to copy data to an invoice.
Do you have the insight into your painting business to make targeted improvements to make more money? With the right insight into your business, you can almost instantly improve your financial position.
One of one most powerful planning tools your bookkeeper can help you with is a budget.
If you are not getting and reviewing a budget with your bookkeeper, it’s time for a conversation (or a new bookkeeper).
According to a Washington Times Article from late last year, a bookkeeper pleaded guilty to stealing $200,000 from a painting business owner from Buffalo, New York. Officials say he forged checks and did unauthorized bank transfers to himself over a 1 year period.
How can you prevent this from happening in your painting business?
To ensure your painting business is set up to allow you to gain insight into your financials and is easily accessible on-the-go, use Quickbooks Online Plus and follow the steps in this video to get started.
"TAKING AN EXTENSION TO FILE TAXES IS AN EXTENSION TO PAY TAXES ALSO."
An extension to file taxes is simply that. You still must pay the amount you owe by April 15th to avoid penalties and interest...
The IRS has specific rules on how to treat payments made to certain types of workers. These rules are crucial to understand; in recent years, the IRS has been cracking down on employers who do not follow these rules. Before your painting business pays a worker, first examine the type of relationship that exists between you and the worker. The worker performing the services can be classified as one of the following:
Is your painting business leaving money on the table? Probably. Many painting companies fail to take advantage of some IRS business tax credits available to them. Many painting companies qualify for the small employer health insurance premium tax credit, small employer pension plan startup cost tax credit, and the work opportunity tax credit.
For the current tax year (2016), the PATH Act and Section 179 deductions are still in effect; possibly not for long. For you, as a paint business owner, this means you can purchase a vehicle for your paint business and fully deduct the cost on your taxes, thereby savings thousands of dollars on the purchase of a work vehicle. There are a few guidelines you must follow in order to take the full deduction in the year of purchase.