bookkeeping for contractors

If you’re going to pay a professional to do this work, you need to feel confident that they know what they’re doing. The industry uses different principles to other forms of accounting to make sure people get paid the right amount at the right time. Looking for top-quality training programs and AAT qualifications at competitive prices? Our award-winning courses provide you with the skills and qualifications you need to succeed as an accounting professional and stand out to employers. Make from scratch or convert a quote into an invoice with just a couple of clicks. No need to be in front of a computer either, create and send invoices straight from your phone or tablet as and when you finish a job.

Whether you’re about to set up a limited company or already have one set up and you need an ongoing management package, we can help. Our packages are designed to help manage ongoing returns and administrations and best of all, they are affordable. All our packages start with a face-to-face meeting so we get the chance to understand your business, learn your individual needs and discuss which package is best for you. Another great free accounting program for small businesses is ZipBooks. In one free account, ZipBooks provides all of the essential functions of accounting software, including reporting, bank synchronization, billing, expenditure tracking, and invoicing.

Check out our free resources for contractors

Find out how AMR Bookkeeping Solutions can provide the right support for your business, send us your details and one of our experts will get in touch with you without delay. By becoming your business partner, we can take care of complex areas of your business, such as legal and insurance, that are a hassle as well as time-consuming. We’re a specialist accountancy firm for Contractors, Freelancers and Locums operating as Limited, or as a Sole Trader. No matter how unique or individual your business is, our aim is to deliver a personalised service and to create bespoke solutions that matches your individual needs, at a competitive price.

While this may seem like an unnecessary additional expense, it could save you a lot of stress and time, as well as lead to healthier financial management. If you do decide to consult an accountant, it’s advised that you go with an experienced contractor accountant. That way you’ll have be able to trust that your accountant is familiar with the particularities of bookkeeping for startups being a contractor. You’ll need to let HMRC know about your contracting business so that you can report and pay tax correctly on the money that you earn. As a contractor you might also have other obligations depending on your circumstances. For instance, registering a limited company with Companies House, or submitting CIS returns if you use subcontractors.

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Invoices can be sent, bills of material recorded, expenses tracked – all from your mobile device. Wherever you are, whatever the time of day or night, you always have the most recent view of your accounts, which is vital for effective construction project management. Your quotes should look professional and be calculated properly. It makes it easy to create documents, with comprehensive templates to impress your clients. It’s important for contractors to understand their compliance obligations with regards to payroll and VAT and to ensure that they are up-to-date with all required submissions and payments. Failure to comply with payroll and VAT requirements can result in fines and penalties from HMRC.

bookkeeping for contractors

Crunch’s expert accountants are readily available to provide support tailored for contractors. All of the above prices are exclusive of VAT and may vary from time to time. There are many accountancy software products and providers to choose from and it’s a very competitive market so be sure to shop around for special deals and introductory offers. This means we are up to date with the latest tax laws, CIS rules and accounting systems for the construction industry.

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