Відео

TLDR: Construction companies need to carefully track expenses, use software or hire an accounting professional, and consider overhead expenses to maintain profit margins and avoid disruptions in construction projects. 00:00 💡 Construction companies need to track expenses and use software or hire an accounting professional to avoid common bookkeeping mistakes. 00:46 💡 Don't forget to include overhead expenses when estimating construction jobs and allocate a percentage of profits to cover these costs. 01:48 💡 Keep track of all construction expenses, including small items like nails and glue, accurately estimate labor costs and contract variability to maintain profit margins. 02:33 💡 Monitor cash flow alongside accrual accounting to avoid making decisions based on incomplete information. 03:04 💡 Construction contracts vary in duration, leading to varying payment terms and the need to track invoices, payments, and expenses diligently. 04:00 💡 Keep track of change orders, material and labor costs, and seasonal production cycles to ensure adequate cash flow and avoid disruptions in construction projects. 04:56 💡 Keep track of project costs based on percentage completed, but be aware of potential cost overruns due to uncontrollable variables like weather, site conditions, and fluctuating material costs. 05:34 💡 Keep all invoices and receipts, separate business and personal banking accounts, and seek expert help for construction bookkeeping.

TLDR: Construction companies can improve their efficiency and success by implementing standardized bookkeeping workflows and utilizing professional bookkeeping services to streamline their processes and ensure accurate financial management. 00:00 🏗 Construction companies need to streamline their processes and pay attention to workflow in order to run efficiently and be successful. 00:52 💼 Set up and follow a construction company bookkeeping workflow to ensure efficient and accurate processes. 01:45 📝 Proper bookkeeping workflow is crucial for construction companies to avoid being flagged by the Canada Revenue Agency and owing more than anticipated, and it can be established early on with a flowchart and ensuring all receipts are entered correctly into accounting software. 02:29 📊 Keep track of your construction company's finances to know where your money is going, have proof of purchases for taxes, and reduce risk by standardizing workflows and processes. 03:21 💼 Implementing standardized bookkeeping workflows and utilizing professional bookkeeping services can help construction companies stay organized, informed, and choose the best software applications for their business. 04:03 💻 QuickBooks and other software programs can improve construction company workflow by reconciling bank statements, handling reoccurring transactions, tracking employee hours, managing receipts, tracking bills, and improving job costing. 04:45 💼 Track expenses for materials and subcontracted services by individual projects to ensure accurate data for reimbursement, especially when employees and sub trades are using the same system on their smartphones or tablets. 05:13 📝 Improve your construction company's workflow with expert help from Valley Business Center for comprehensive bookkeeping, payroll, and tax services.

I didn't click the video because I needed convincing, I clicked it to hopefully learn (as the title suggested) how to do it. This video offered nothing of the sort.

Best video to understand inc and sole proprietorship

My left ear enjoyed video

Can I lease a used car for my business? I dont see many options for leasing a used car. Leasing a new car is very expensive as depreciation is added in the lease payments and additionally we need to pay to keep the car at the end of the lease. If there are not many options to lease a used car, do you recommend to go with buying a used car than leasing a new one? Thanks

And what about the examples from real experience - clients with what businesses use leasing? I guess transport companies more often use loans cause they do drive extensively. But overall it's all about what offer from banks is going to be more beneficial=)

Does anyone know if we will go into a higher tax bracket if we collect vacation pay all at once vs splitting them up into smaller chunks? Is there any difference in the final sum?

If a employer do not paying 4% vacation pay . What we can do?

learned a lot!

You did not mention the following: 1. deemed benefit for not paid interest 2. Loan to non arm length member (like the loan to son you mentioned in the video) - TOSI applies

This video is very informative. I am glad that you have an office on Seymour Street. I reside in the Lower Mainland and might require your services when the time is right. Thanks

I consulted a tax professional and I was told that i don't have to repay the full loan amount tax-free by company year end the following year. For example, if I borrowed amount X today from my company as a shareholder and made a loan agreement between myself (the shareholder) and the corporation documenting the CRA's prescribed yet i.e. 1% currently, repayment plan (date of repayment, for example 4 years, The loan will be tax free for the full 4 years, as long as i am repaying the loan including the 1% interested compounded annually. Is that correct?

Thank you!