Restoring Success: Accounting for Contractors
Owners of cleaning and restoration companies should understand and manage the accounting within their firms, and it can help them and those running jobs with everything from long-range planning to daily decision-making. Accounting skills can help with basic functions like paying bills, filing taxes, and processing payroll, as well as keeping track of the company's overall financial position, budgeting and profitability, and metrics and goals. They can learn basic accounting principles by taking classes and reading literature, and implementing software also can make their jobs easier. Among other things, they should build a trusted accounting team, either internally or via outsourcing, and implement the best internal controls and the optimal separation of duties that their organization's structure will allow, which protects the company's assets, resources, and the team.