Bookkeeping and Accounting for Surveyors

As a surveyor, there are numerous tax deductions available for your business. These can vary widely depending on the specific expenses incurred during the course of your work. Here are some examples:

• Vehicle Expenses: If you use your own vehicle for surveying work, you might be able to claim for costs like fuel, repairs, and maintenance.
• Equipment and Tools: Any specialist surveyor tools or equipment that you buy and use for the business could potentially be claimed as a tax deduction.
• Professional Fees: This includes fees for licensing and certification necessary to operate in your field. Additionally, memberships to professional organizations may also be deductible.
• Insurances: Business-related insurances such as professional liability insurance can usually be claimed.
• Home Office Expenses: If you work from home, a portion of your home expenses may be deductible.
• Travel and Accommodation: If your work requires travel, the costs associated could potentially be claimed.
• Education and Training: If you undertake training or education to maintain or improve your skills as a surveyor, these costs could potentially form a tax deduction.

These are general examples, and every business situation is unique. It's advisable to consult with a professional bookkeeper to fully understand your tax deductions. Please note, this information is intended to serve as a guide and not legitimate tax advice.

Bookkeeping for a surveying business involves a meticulous tracking of income and expenses throughout the year, taking into account the seasonal fluctuations inherent in this industry. During the busy months, there is typically an increase in income and expenses due to greater operational activity. This should be recorded accurately to provide a realistic picture of the financial state of the business.

In the slower months, the income may decrease significantly, with expenses possibly remaining relatively constant. A professional bookkeeper can help monitor these fluctuations, adjust the budget accordingly, and ensure that the business maintains a healthy cash flow throughout the year. They can also advise on strategies to manage these fluctuations, such as setting aside a portion of the income generated during peak periods to cover expenses during quieter times.

This effective financial management helps the surveying business adapt to the changing seasons, always ready to take advantage of new opportunities while avoiding potential financial pitfalls associated with inconsistent income streams.

If your surveying work covers multiple states, you should be aware of several accounting considerations. Firstly, note that tax laws can differ significantly state by state. Hence, intricate understanding of individual state tax laws is crucial to avoid potential legal troubles. Secondly, you should track income and expenses separately for each state you work in. This will ensure accuracy when you file state taxes. Lastly, remember that if you have employees working in different states, you need to account for different state payroll taxes and worker's compensation insurance. Employing an experienced bookkeeper can help you navigate these complexities with ease. Bench Accounting offers professional bookkeeping services tailored to your needs, helping your business stay compliant across multiple states.

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.