At Exigo Business Solutions in the Kansas City area, we frequently meet clients whose businesses are not as profitable as they would like. This may apply to your plumbing business as well. We can tell you from our years of experience “doing the books” for folks like you that up-to-date and accurate financial records play an integral part in the success of your business. But, you are not a bookkeeper and your time and effort are better spent doing and managing the work of your trade. Here are six reasons to outsource your plumbing business bookkeeping.
Many business owners think about saving money by outsourcing their bookkeeping to someone who does it cheaper. It turns out, this is a mistake. The problems keeping you from making a greater profit in your plumbing business do not boil down to paying too much money for bookkeeping. Those problems are a result of not having a good understanding of all aspects of your finances. When you do not have a clear understanding of which jobs you are taking are the most profitable, you may be wasting your time on work that does not pay well and not looking for or taking work that pays better. When hidden expenses are killing your bottom line, you need insightful bookkeeping reports to see what is going on and what you need to fix.
It is no one else’s business what your expenses are in your plumbing business, how much profit you make, or how much you pay in taxes. When you use the top accounting firm in the Kansas City area to do your books you can absolutely trust that your business information is not being passed around the shop or the community! When you outsource your bookkeeping to a pro, you get the job done right, get useful information to improve your finances, and can be assured that your private financial matters always remain private.
Bookkeeping for a growing company is not a “one size fits all” situation. You may start out without enough work for one bookkeeper to do and then grow to where you need more help but don’t want to hire a second bookkeeper. When you outsource your plumbing business bookkeeping, you have a “scalable” solution and only have to pay for the services that you receive.
The best bookkeeping software for small and medium-sized businesses is QuickBooks. This is an exceptional tool but, like all tools of any trade, you need to know how to use and how to make upgrades. Your skillsets are in the plumbing trade, not in bookkeeping. Don’t find yourself spending valuable time learning new applications of the next version of QuickBooks software. Outsource your bookkeeping to someone whose job it is to stay on top of all necessary changes, and training, in this area. Your time is valuable. Use it wisely and outsource your bookkeeping.
At Exigo Business Solutions we are always on top of the changes in both State and Federal tax laws. If you have tax issues, we are familiar with the process by which the IRS collects what you owe them and what you need to do when contacted by the IRS. We will do your taxes and do them right. If you have problems from prior years, we can help you deal with those issues as well. If you need to deal with the IRS, you will have us at your side all of the way.
When you take on a plumbing job, you know what the job will look like when you are done. When you outsource your booking to us at Exigo Business Solutions in the Kansas City area, we apply the same approach to your profits! A big part of how much profit you take on a routine basis comes from your approach to your finances and the discipline you apply in dealing with your expenses. We strongly suggest to all of our clients that they use a bookkeeping method called Profit First. Using this approach in your plumbing business, you will routinely allocate funds to separate bank accounts for profit, owner’s pay, taxes, operating expenses, and other categories as needed. The discipline of this approach puts money aside for profit the first month that you use it in your plumbing business. Then, you will use tools like the custom reports in QuickBooks to get a grip on your budgeting, cash flow, job selection, and all of the hidden expenses that have been reducing your profit.
For more information about outsourcing your plumbing business bookkeeping, using QuickBooks to do the job, or applying the Profit First method to make profit a habit in your business, contact us today.