Bookkeeping and Accounting for Groundskeepers

There are numerous expenses that can be written off as tax deductions in the groundskeeping industry. Here are a few examples:

• Equipment and Supplies: Expenses for equipment such as lawnmowers, trimmers, and other landscaping tools, as well as supplies like fertilizer, seed, and soil can potentially be written off.
• Vehicle Expenses: If you're using a vehicle specifically for your groundskeeping work, you may be able to deduct costs related to its operation, including gas, maintenance, and depreciation.
• Business Insurance: Insurance premiums for policies on your equipment or liability coverage for your business could also count as a deductible expense.
• Advertising: Funds spent advertising your services, whether online, in print, or through other mediums, could be tax-deductible.
• Training and Licenses: If you have to pay for ongoing education, professional training, or licensing fees, these could potentially be written off.

Please note that this list is not exhaustive, and the specifics can vary based on your business and location. It's advised to always consult with a professional accountant or tax advisor to ensure that you're correctly documenting and claiming your business expenses.

Accounting for a groundskeeping business can effectively manage seasonal income fluctuations in several ways. A robust accounting system or the assistance of a professional bookkeeper can help create accurate financial projections based on historical data. This allows the business to anticipate income spikes and drops throughout the year, and budget accordingly.

Income Smoothing is another common strategy, where the business will set aside surplus income in high-earning months to cover expenses during lean months. Alternatively, the business might also use these forecasts to better time major business expenses or investments.

Effective accounting can also help plan for tax obligations, avoiding unexpected tax debts, or potential penalties for inaccurate estimations. In summary, proper accounting practices provide a way for a groundskeeping business to stabilize their finances, despite the seasonal nature of their income.

For those in the groundskeeping industry, your financial records should reflect the expenses, repair costs, and depreciation associated with your equipment. Here's a general guideline:

• Equipment Expenses: When you purchase groundskeeping equipment, it should be logged as an asset in your books. The purchase price, sales taxes, and delivery charges are all part of the initial cost.
• Repairs & Maintenance: Regular maintenance costs and repair expenditures for your groundmaintenance equipment are generally considered immediate business expenses and can be deducted in the year they are incurred.
• Depreciation: Most groundskeeping equipment will depreciate over time. This depreciation can be logged as an expense, gradually reducing the value of the asset on your books. The method and time period for equipment depreciation may vary per tax laws in your region. It's best to consult with a bookkeeper or accountant to ensure you are correctly calculating and recording depreciation.

These are just general suggestions, Financial laws can vary greatly, so it's always a good idea to work with a professional bookkeeper who is familiar with your specific industry and the laws of your region.

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.