Bookkeeping and Accounting for Concrete Finishers

As a self-employed concrete finisher, you may be eligible for several tax deductions associated with your profession. Some of them include:

<ul><li>Expenses for your vehicle such as fuel, repairs, and depreciation if used in your business.</li><li>Tools and safety gear uniquely associated with concrete finishing.</li><li>Rent or mortgage interest on your business location, if the location is solely used for business purposes.</li><li>Costs related to the maintenance and repair of your equipment.</li><li>Educational courses or professional memberships that help you maintain your professional knowledge and skills.</li><li>Insurance premiums for liability and workers compensation coverages.</li></ul>

Please note that tax deductions can vary based on individual circumstances and it would be beneficial to consult with a professional to ensure you are maximizing your tax benefits.

Bookkeeping for a concrete finishing business is tailored to manage major capital investments like heavy machinery and tools. Firstly, these assets are critically recorded and tracked under Property, Plant and Equipment (PPE) on your balance sheet. They are categorized as long-term tangible assets.

The value of these investments is typically depreciated over their useful lives, a process which bookkeepers manage meticulously. This spread-out approach aligns the cost of the tools or machinery with their period of use and is reflected in the financial statement annually. Accumulated depreciation will then be deducted from the initial cost of the asset to give a revised, more accurate value of these assets over time. Your bookkeeper will also account for any repairs, improvements, or sales of these assets.

Managing these complex processes systematically and accurately is crucial to ensuring that your business's financial health and performance are accurately represented. This also aids in securing lending, attracting investors, and making informed business decisions.

In your concrete finishing business, the following financial reports are crucial to ensuring profitability:

<ul><li>Profit and Loss Statement: This provides an overview of revenues, costs, and expenses over a specific period.</li><li>Balance Sheet: This report shows what the company owns (assets), what it owes (liabilities), and its net worth at a specific point in time.</li><li>Cash Flow Statement: This statement gives a summary of how the business uses cash for operational activities, investing, and financing.</li><li>Job Cost Reports: Specifically for construction and concrete businesses, these reports track the cost of labor and materials for each project to understand the profitability of individual jobs.</li><li>Aged Payables and Receivables: These reports manage your debts and collection to maintain healthy cash flow.</li></ul>

Analysing these financial reports regularly can provide insights into profitability and help in making strategic decisions.

Nope! All bookkeeping is completed in-house.

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.