How to Fulfill Your Certified Payroll Requirements – Webinar Recording

How to Fulfill Your Certified Payroll Requirements – Webinar Recording

Videos
    Certified Payroll Reporting requirements can be overwhelming for most contractors, their office staff, and even the accounting professionals who support them. This often misunderstood requirement can lead to major problems; including denial of payment and even fines, penalties, jail time, contract termination, and disbarment in extreme cases. Don’t get caught in a payroll certification trap - learn the ins-and-outs of completing a certified payroll report! When it comes to certified payroll and prevailing wage there are a lot of grey areas. Reporting requirements vary by state; many states have multiple agencies with different paper formats and/or require that certified payroll data be submitted via an on-line labor compliance program.  To say the least, certified payroll reporting is complex as well as labor intensive. Variations of the How to…
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WIP Calculator for Percentage of Completion Calculations

WIP Calculator for Percentage of Completion Calculations

eBooks
A WIP Calculator is a must for Percentage of Completion calculations.  Many times, business owners will create a simple Under/Over Billings report with Percent Complete calculations - and that's fine for some businesses. However, when the percentage-of-completion is the method of accounting that is required, the accounting principle of full disclosure requires the presentation of a work-in-process schedule in a company's financial statements - and you also need to provide this information to your bonding company. This schedule should provide the details of each contracts or projects stage of completion and profitability to date as well as in the current period of reporting.  Its format varies, but at a minimum should include at least the following seven components. Seven Components of a detailed WIP/Percentage of Completion Report Contract Totals Totals…
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IRS Resources for Contractors

IRS Resources - Construction
  The IRS provides some very good resources for both contractors and the accounting professionals who support them, usually the problem is finding these items on the IRS website.  Below is a list of items that I reference and provide to the contractors and accounting professionals that I work with. These links will take you directly to the IRS website, with hopefully the most up to date information. The Construction Tax Center - https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Construction-Tax-Center Tax Tips - Construction - This section provides important information on topics such as accounting methods, excise taxes, and energy credits. Avoiding Problems - This section contains important information on recordkeeping and warns you of fraudulent schemes. Tax Information for All Small Businesses -This section provides general small business information useful in all industries and professions. It…
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VIDEO: QuickBooks® for Contractors hangout 11/14/2012

Videos
This is the recording of the QuickBooks® for Contractors hangout held on Wednesday November 14, 2012.  Our hangouts are held on the 2nd Wednesday of each month and can be accessed on the Sunburst Software Solutions, Inc. Google+ page.  Everyone is free to watch the hangout live on our Google+ page, our YouTube Channel or be invited into the live hangout - which hold a maximum of 10 people; so it's first come - first served. During this hangout we discussed: Year end payroll planning What you should be doing NOW to prepare for the first payroll in 2013 Important due dates Getting yourself organized and not waiting until the last minute to prepare your final quarterlies Getting ready to issue W-2's 1099's and 1099-K's Tips & suggestions for developing…
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VIDEO: QuickBooks for Contractors Hangout 9/12/2012

Videos
This is the recording of the QuickBooks for Contractors hangout held on Wednesday September 12, 2012.  Our hangouts are held on the 2nd Wednesday of each month on the Sunburst Software Solutions, Inc. Google+ page and everyone is free to watch the hangout live or be invited into the live hangout. Our live panel of long-time QuickBooks users/ProAdvisors had a combined total of more than 68 years of experience in using and/or supporting Intuit QuickBooks Financial software - and with the release of QuickBooks 2013 on Monday the new version was a prime topic of conversation and a live preview of QuickBooks 2013 was presented.  During this hangout we discussed: Difficulties in navigating and finding tax and labor law information on various State government websites Difficulties in complying with digital…
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ARTICLE:  What to Look for in a Construction CPA

ARTICLE: What to Look for in a Construction CPA

Business Productivity Tips & Training
  Hiring a CPA or tax accountant for you construction business is as critical as hiring a supervisor on the job site.  Not all CPA's or tax preparers understand construction and when they don't your books could be in as much of a mess as your job site would be if you hired a supervisor with no experience! In that perfect world, your company wouldn’t need a CPA.  We would all just pack up our adding machines, green eyeshades, and armbands and move on to other professions. But, that isn’t going to happen, is it? In fact, the regulatory environment is headed in the other direction.  States are looking for revenue, there are three or four new federal tax acts each year, and GAAP is going global.  These current and…
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VIDEO: Batch Timesheet Entry in QuickBooks 2012

Videos
  Need a productivity boost?  Try the Batch Timesheet Entry feature in QuickBooks 2012 to enter hours for multiple employees (or Vendors) at the same time. Entering employee time in the Weekly Timesheet in QuickBooks is a painstakingly slow process, especially if you have a lot of employees - QuickBooks 2012 solves "some" of that with the new Batch Timesheet Entry feature, but it's still not perfect or very flexible. Entering timesheets for multiple employees or vendors all at the same time will be a huge productivity booster for some companies - but only in very specific situations. All employees {or Vendors} must: Work on the same Job Be costed to the same Service Item Be paid under the same Payroll Item Work the same hours each day These requirements…
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Embezzlement, It CAN Happen To You

Business Productivity Tips & Training
As a busy business owner it is quite easy to fall into the habit of simply turning over your business's accounting to someone else; because your time is best spent in the field and not in the office doing paperwork. Not only is this a bad habit, it can also become a dangerous situation. While it is fair to say, most people don't steal, embezzlement does happen; we hear about it or read about it in the newspapers all of the time. This article contains some simple ideas that you can implement in order to reduce your chances of becoming a potential victim. This article provides 9 tips for protecting your business from embezzlement as well as 8 general QuickBooks controls and procedures to help keep your business safe, request…
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4 Ways Businesses Fail/10 Steps to Succeed

Business Productivity Tips & Training
Ever wonder why it seems that you are struggling to make your business grow and be more successful while others seem to be doing so well?  Or are you just looking for some suggestions to help make your business run smoother? Learn the 4 most common reasons that businesses fail - or F- L- O - P and how to overcome them: Financial Leadership Operations Planning We'll also discuss 10 steps to enure your business will succeed, including: Estimate for profit Manage job productions for profit Account for profit Analyze for profit Understand the profit cycle Define goals and set expections Create performance rewards Train a GOOD staff Create written procedures Communicate Increasing profitability is a continuous cycle.  You need to be able to analyze jobs and refine your processes…
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Is Your Data Safe?

Business Productivity Tips & Training
Is your data safe in the event of an emergency? Disasters come in various forms, from the terrible hurricane's that have been experienced by those living along the Gulf Coast, to a computer crash due to a virus, or hard drive failure. Business Data Transfer Service (BDTS) offers a reasonably priced annual service that allows you to automatically backup your QuickBooks data file, as well as two other very handy features. Business Data Access (BDA) provides a simple way for you to transfer and backup your QuickBooks® data. With a click of a button, BDA can send your company data to your accountant or another workstation. No more hunting for the most recent Quickbooks® data file or running out of space on the USB drives. NOTE:  Business Data Transfer Service…
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