Bookkeeping and Accounting for Elevator Mechanics

As an elevator mechanic, there are numerous specific expenses and costs you can claim in your tax returns. Here are a few examples:

• Tools & Equipment: If you've purchased tools or equipment necessary to perform your job, these costs may be deductible.
• Uniforms & Protective Clothing: The cost of unique uniforms or safety gear required for your profession can be deductible.
• Education & Training: If you engage in continuous education or skills training to maintain your certifications or to improve your trade skills, these may qualify as tax deductions.
• Vehicle Expenses: If you use your personal vehicle for work-related tasks, such as traveling to and from various job sites, you may be able to claim some vehicle expenses.
• Union & Professional Dues: If you're a member of a union or professional organization related to your work, the dues you pay may be tax-deductible.

Each of these deductions has specific rules and guidelines, and not all costs may be wholly deductible. Consult with a professional accountant or tax advisor to ensure you understand the limitations and specific requirements for your deductions.

For your elevator mechanic business, there are several types of financial records you should keep for proper bookkeeping:

• Income Records: This includes all records of services rendered, sales receipts, invoices, and any other income-related document.
• Expense Records: Keep track of all your business expenditures. These may be receipts for tools, equipment costs, operating expenses, payroll, etc.
• Asset Records: These are the records of all your business assets, including vehicles, equipment, tools, properties, and other larger purchases related to your business.
• Bank Statements: Maintaining a record of all your bank account statements can be extremely helpful in reconciling your books at the end of each financial period.
• Tax Documents: Tax documents are a vital part of your financial records. This includes your returns, receipts, deductible expenses, and any interactions with the tax authorities.

Maintaining these records properly and consistently will not only aid in accurate bookkeeping but will also provide a clear financial insight into your business.

Yes, elevator mechanics do have unique accounting requirements compared to other industries. Since the profession involves aspects such as installation, maintenance, and repair, it tends to have specific income and expense items that are distinctive. For instance, accounting for the costs of various parts, tracking labor costs for each job, and managing invoicing for both residential and commercial clients. Therefore, they require a bookkeeping service well-versed with the specific demands of this industry.

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.