Roofing Company Accounting | CPA Accountant
As a roofing company, you have lots of hats to wear in order to run a profitable roofing business. Paying employees, managing team members and job sites, keeping up with material costs, staying up-to-date on insurance standards, working with vendors, dealing with workers’ compensation premiums, handling equipment rentals, all while getting the job done on time, are plenty enough to keep up with on their own. And the last thing you want to do as a roofing professional at the end of a tough day is to put on your accounting hat and try to act like a licensed CPA (certified public accountant) or tax expert. As we all know, filing taxes can be quite confusing for those that don’t have a degree in accounting and that’s what we’re here for. We are here for your peace of mind and to help you stay focused on running your roofing business.
But what exactly does an accountant or CPA do for roofers? After all, can’t you just file your roofing taxes with the latest online software or bring all your business receipts to the tax center at your local Walmart and get them done quick and cheap?
As licensed CPAs, here are the top 7 ways that we work with roofers and contractors like yourself.
OUR TOP 7 ROOFING TAX SERVICES
1. Bookkeeping Services – Do you have outstanding invoices that need to be sent? Has all your money come in from account receivables? Have all your vendors been paid? Are you unsure of how to use Quickbooks? Does your bank account reconcile? Are you uncertain of how much of an expense is legally deductible and within the IRS guidelines? We take care of all these issues and more for Roofing Companies like yours with our bookkeeping services while helping you stay focused on what you do best which is running your business. And all the while, we are just a phone call away to answer all your tax questions. We are not just CPAs. At the end of the day, we are your business partner.
2. Payroll Administrators – As you well know, meeting payroll on time is a big deal and it can be quite complicated. And our job is to make sure your team and vendors are paid on time every time. We take care of paying all the salaries, earned wages, insurance, retirement and taxes properly. We also mange all profit sharing payouts and any expense reimbursements.
3. Tax Audit Services – No one wants to have their roofing business audited by the IRS, but it does happen. At CPA Accounting & Tax Services we provide taxpayer audit representation services for any tax issues with the Florida Department of Revenue, IRS, state unemployment, workers’ compensations for both individuals and business owners. In fact, Sonia (owner of CPA Accounting & Tax Services) has acquired expert certification through CCH Walters Kluwer for IRS representation.
4. CPA Auditing and Assurance Services – Thankfully, a CPA Audit is not the same as an IRS audit. With A CPA audit, we take a deep look at all the economic data and your business finances. At the end of the audit we provide unbiased reporting that will help you make sound financial decisions with your roofing company moving forward.
5. Tax Planning and Tax Advice – There are lots of financial considerations when running a business and as your accounting team of choice, we are here for you. Many contractors don’t know where to turn when considering such tough decisions like:
- Is relocating my business financially beneficial?
- What’s the best accounting system (cash vs. accrual)?
- Can I move some of my income to next year’s tax return?
- What is the best corporation structure for my company?
- How much of my equipment purchases are deductible this year?
We answer all your tax (federal, state, international, employment, self-employment) questions while providing your business with solid financial advise so you can minimize your tax burden while taking full advantage of the most recent tax laws. We stay up to date and monitor all the latest tax laws so you don’t have to. This will save your company both money and time while boosting your bottom line.
6. Financial Consulting and Management – Your roofing company may be at a critical time or crossroads. A partner may have left; you might just be starting up; you could be ready to expand; you my be about to merge with or acquire another company. So if any of these apply to you, you should consider our part-time CFO (chief financial officer) services. With our part-time CFO services we will collaborate with the leadership at your roofing company to create a strategic financial plan that aligns with your company goals and help propel your company forward.
7. Tax Filers – As your CPA, we will certainly file the taxes for your roofing business or file a tax extension if needed. We will also make sure that quarterly taxes are filled on time and correctly thus avoiding any late fees from the tax authorities. With our roofing accounting services, you will never have to worry about tax issues sneaking up on you and we will always help you pay the least amount of taxes so you can make the most profit month after month.
ROOFING CUSTOMER TESTIMONIAL
“I want to take a moment to say what a pleasure it is to have Sonia as my personal and business accountant. The staff is very friendly and professional and knowledgeable of there industry. Miriam continually stays in contact with me to make sure I am aware of any changes that need to be made in my account. I have recommended Sonia and her wonderful staff to my friends, family and my professional colleagues. At Pro-Roofing & Associates we thank you for all of your services.”
Maria F. at Pro-Roofing & Associates
TOP 4 MISTAKES ROOFING COMPANIES SHOULD AVOID WHEN SELECTING AN ACCOUNTANT OR CPA
1. Do not allow your financial records to be stored and handled offsite without virtual access. Whatever you do, make sure you can access your roofing company’s financial records remotely (online) at any given notice.
2. Do not only limit yourself to a cash statement for your taxes. Why you ask? Well, a cash (cash in and cash out) statement has the potential to lack important tax data such as accounts payable (what you owe others) and accounts receivable (what you are owed by others). By not including accounts payable and accounts receivable, you would have an inaccurate view of your roofing company finances.
3. Do not be afraid to ask your accountant questions related to your roofing company’s finances. Any good accountant is an open book, willing to walk you through all the accounting lingo, and is willing to answer all your burning questions.
4. Don’t skip out on utilizing your accountant for tax planning. We find that it’s always advantageous for roofing companies to meet with an accountant and tax plan near the end of the year. These meetings normally focus on end year projections. You can get a feel for how the year will end and this is particularly important for paying quarterly tax estimates.
YOUR ROOFING TAX & ACCOUNTING SPECIALIST
Here’s a more detailed list of accounting services we provide and potential tax concerns we help address for the roofing industry:
- Quickbooks Setup for Roofers
- Top Reports for Roofers (list reports, profit and loss, job costing, cash on hand, accounts receivable, accounts payable)
- Professional bookkeeping services
- Expense management
- Bank account reconciliation
- Sales tax returns
- Payroll processing
- Contractor invoicing
- Payroll returns (940 & 941)
- Work in progress (WIP) reporting
- Quarterly tax returns
- Tax filing
- Part Time CFO (chief financial services)
- Bad debts
- Depreciation
- Payroll taxes
- Job deposit tracking
- Insurance audit report service
- Remote access
- Virtual filing
- Pay application invoicing for remodelers
- Pay applications for Tenant Improvement Projects (TI)
- SWOT (Strengths, Weaknesses, Opportunities, and Threats) Analysis
- Calculating accurately for jobs
- Tax audit representation
- International taxes
- Forecasting cash flow and monthly expenses
- Virtual access to your financials from anywhere anytime
- Direct and indirect costs
- Unique payroll considerations
- Multiple bank account use
- Milestone payments on projects
- Revenue recognition
- Completed contract method
- Percentage of completed contract
- Automated bookkeeping
- Contract retainage
- Streamlining job payments and customer deposits
- Custom chart of accounts
NOT ALL CPAs ARE ROOFING TAX ACCOUNTANTS
There are lots of accountants or CPAs that could potentially service your roofing business. In fact, according to the US bureau of labor statistics there are 1,420,000 accountants in the U.S. alone. But at the end of the day, it’s a lot of accountants that don’t know the ins and outs when it comes to knowing the best tax laws and deductions that will work best for your roofing company. Sure, they have knowledge of accounting and general tax laws, but they really aren’t intimately familiar with the key components of the tax laws and the financials that help a roofing company run like a well oiled machine.
Our payroll, tax preparation and bookkeeping services are proven and have already faced the accounting challenges that most roofing companies face. We regularly service roofing contractors and we know exactly what works well and what doesn’t. This is why industry experience matters when it comes to selecting the best accountant for your roofing business.
5 REASONS WHY YOU SHOULD CONSIDER US
- We know your business and work specifically with roofing companies daily
- We have decades of business owner experience ourselves
- We stay current with all Federal tax guidelines and best practices 4. You will know your financials better than ever
- We are tax professionals. not just hobbyists or moonlighters looking for some additional side income