Running a plumbing business means juggling crews, parts, schedules—and finances. The right accounting keeps jobs profitable and cash steady. Below are the seven mistakes we fix most for contractors, with quick remedies you can implement today. If you’re based in Zephyrhills, Wesley Chapel, or nearby Pasco County, our Bookkeeping for Contractors and Controller/CFO Services are built for trades like plumbing.
1) Missing or ignored receipts
Lost receipts = lost deductions and messy audits. Use a mobile capture app and a weekly receipt inbox. We standardize this inside our bookkeeping plans.
2) Underestimating project costs
Low bids kill margins. Track materials, hours, drive time, and overhead by job. Use estimates vs. actuals reports to calibrate pricing.
3) Incorrect job costing
If labor, parts, and overhead aren’t allocated to the right job, your P&L lies. We map your chart of accounts to accurate cost codes and create job-cost dashboards via Consulting.
4) Mixing personal and business accounts
Co-mingled spending blocks clean reports and complicates taxes. Open dedicated checking/credit cards and reconcile monthly.
5) Weak time & materials tracking
Missing time entries and unbilled parts reduce profit. Use consistent item codes, require techs to log same-day time, and review work orders weekly.
6) Untracked subcontractor payments (1099)
Pay subs without W-9s and you risk penalties. Centralize W-9 collection, track 1099 totals, and prep forms on schedule with our Tax Preparation & Planning.
7) Tax surprises and missed estimates
Quarterly estimates smooth cash flow and avoid penalties. We forecast tax with a rolling 13-week cash-flow plan through Controller/CFO.
FAQs
How should plumbers organize job costing?
Use consistent cost codes for labor, materials, permits, and overhead. Reconcile weekly and compare estimates to actuals monthly. We implement this in our contractor bookkeeping.
Can you help with payroll, sales tax, and 1099s?
Yes—setup, filings, and monthly reminders. Explore Payroll Support and Sales Tax Filing.
Do you provide lender-ready financials?
We format your financials to underwriting standards so you can secure lines of credit and better terms via our Controller/CFO Services.
Ready to fix your plumbing books?
We help contractors in Zephyrhills & Wesley Chapel with bookkeeping, controller/CFO, and tax planning. Schedule Consultation
Leave a Reply