For any independent contractor or small business owner, managing finances is a huge responsibility. Without the right balance of expenses and income, many new businesses find themselves closing down within the first two years of operation. If you are having a hard time keeping up with your books, or simply want to spend your energy elsewhere, it may be the perfect time to hire a professional accountant. There are qualified CPAs with experience working with people in the skilled trades, like carpenters, electricians, and plumbers in Loveland and across the Northern Front Range. Here are a few reasons why you should consider bringing one on board!
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Income and collections
Working in an industry that sometimes requires last-minute and emergency calls, it’s not uncommon to run into unpaid balances and outstanding invoices from customers. It’s a headache trying to manage these holes in your revenue, and deploy collection attempts to finally get the money you’ve earned. A professional CPA can help you track these accounts, and identify strategies to make sure you get paid in a reasonable amount of time.
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Tracking expenses
For any plumber, the two main categories for billable services are parts and labor, and keeping track of parts can require extra attention to detail. Knowing what you paid, where you bought the parts from, and where to find even better prices on those parts can eat up your valuable time, so consider hiring an accountant to help you. It can make a bigger difference to your bottom line than you may realize.
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Growth projection
Many people launch a small business with the hopes of growing into a sustainable brand someday. If you are looking to build your plumbing company, upgrade your vehicle or equipment, give yourself a better salary, or hire an employee, a CPA will be able to run the numbers you need in order to make the best decision you can for your future. Having a professional handling your bookkeeping means that you can trust their financial projections and know when the right time is to invest in growth.
Running your own business can be tough, but incredibly rewarding when you have the right people there to support you, including a qualified accountant. Get in touch with us today!
