Waterford Business Solutions

Here's your reminder that working with a specialized accountant is the best way to save more money on taxes and maximize your profitability 💸

These are just a few of the industries we serve, but all trades industry/home services pros will benefit from our team's expertise!

Book a consultation now to get started ➡️ https://www.waterfordbusinesssolutions.com/contact-us/

Let's talk about retainage. Retainage is when a contractor charges a percentage of a contract price up front as an assurance that subcontractors are paid and that the job is completed. Different states sometimes have laws affecting retainage, so check with your attorney before implementing the strategy.

However, if you do choose to use retainage, you should know that it has risks when it comes to cash flow. Billing so heavily up front can be good for cash flow when it comes to paying for materials, but you need to have a very structured budget to ensure that you don't overspend the retainage and end up with less than you need at the end of the project.

If you need advice about how to manage retainage, reach out!

One of the reasons we're able to play by the rules and still save our clients tens of thousands (and sometimes hundreds of thousands!) on taxes is because we are very careful about receipt management. HubDoc helps us do just that! These are just a few of the benefits, but if you want to learn more, reach out.

Contractors should NOT use Venmo and CashApp unless absolutely necessary, and here's why ⬇️

➡️ These apps take fees out of your payment but those fees aren't automatically reflected in QuickBooks, which can inflate your tax liability.

➡️ Accepting multiple forms of payment instead of sticking with one, streamlined software creates a lot of backlog and hassle.

➡️ These apps don't offer buyer or seller protection

Talk about a transformation 👏🏼 Great work
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Another backyard transformation in the books ! 🎨✅

Cost reduction is a great tool for helping your business thrive. That is, until you cut too deep. The smart way to eliminate non-essential expenses is to think about your money in terms of what's making you money and what's NOT making you money.

If an investment in your business is directly producing revenue for you or helping you keep money in your business, then it's NOT a non-essential expense, no matter how much you may think it is.

If spending is not making you money or helping you save money, it's a decent idea to cut. Just remember, some things may seem like they aren't making you money even though they are. For example, a software that helps you with time management.

If you need help coming up with a cost reduction strategy, reach out!

You shouldn't have to keep tabs on the tax code in order to maximize your tax savings. If your accountant isn't doing that work for you, it's time to give us a call 📞 864-351-0852

The feedback we got on this webinar was more positive than almost any training we've done, and the reason why is because better task management is the one thing you can do in your business that has an immediate impact on your quality of life.

If you haven't seen it yet, give it watch. The full version is available here for free.

How Contractors Can Get a Twenty-Six Hour Day Join us with our special guest Dr. Don Wetmore as we discuss how to prioritize tasks and become better task managers!Contractors know the value of their time...

The consumer price index is a family of indexes that measures price change experienced by consumers, which means that your customers are really feeling some heat when it comes to pricing these days.

The good news is that if you choose to raise your prices, your customers won't really be surprised to find out that the price is going up. On the other hand, customers might feel a little squeezed financially right now and be less willing or able to invest in large scale projects.

As a business owner, one of the best things you can do is to diversify your offerings and try to build options/packages for a wide range of budgets. Let us know in the comments how you've adjusted your business to meet your customers where they are in these times of high inflation!

Hiring a bookkeeper is probably the best write off you can get for your business because it helps you make more money in the long run!

Not only do we boost your profits by lowering your liability, but we also help you strategize your spending and optimize your revenue stream 💸

You may not realize it, but for most contractors, taxes are their largest expense after labor costs. Taxes can be expensive, even for business owners who are doing everything they can to lower their liability. So, it's no surprise that those who aren't being proactive about their tax bill see an even larger number of their dollars fall into the hands of the IRS.

When you lower your tax liability, your profits go up 📈 It's as simple as that. And the sooner you start to lower that liability, the more you can save! If you need help strategizing your tax plan for 2024, reach out to us now!

Power washing season is finally here and we love to see it 👏🏼 from
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Revitalize your home’s exterior in just hours by booking a house wash with us.

We know it's busy season, but make sure you prioritize this! ✔️

Talk about an upgrade! Phenomenal before and after from 👏🏼
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Check out the before and after of this walkway and rock job we completed in Tolland, CT - Cambridge Ledgestone 3 piece in Toffee Onyx lite with a 6x6 coal border.

A lot of business owners look at their bank account to decide if they can afford something, but this is a BIG mistake. We never recommend using the total in the bank to make decisions because it doesn't consider cash flow at all.

That means you could easily overspend or just end up spending at the completely wrong time. Instead, business owners should consult their financial statements for guidance.

One of the key functions we perform for our clients is providing expert guidance based on up-to-date data. That means if you want to make a big purchase but you're not sure if you can afford it, you can actually talk to us, and we'll help you understand what your financial statements say about your ability to purchase it right now.

We can even help you make a plan for purchasing it in the future if right now isn't the best time!

If you're tax return came as a surprise or you just felt a little hurt by the final liability, NOW is the best time to take action. You see, a lot of business owners wait until November to actually do something about their tax liability. But in many cases, it's far too late by then.

Starting now, you can make different decisions about how you invest in your business that could drastically change your tax bill. We've seen our clients save tens of thousands (and sometimes hundreds of thousands!) just by making a few key changes.

If you're ready to make a change, let's talk!

Let's be real. The last thing you want to do on a hot summer day after hours of working outside is sit down and crunch numbers, let alone stress about where your company is headed financially.

We help our landscapers get better work life balance by taking tedious bookkeeping tasks off their plate,

Meet our team member, Whitney Grace!

Whitney is a bookkeeper who has been with Waterford since January of 2022 after relocating from South Georgia. With degrees in business administration and accounting, she is passionate about helping others understand the complexity of business operations.

Whitney comes with experience in both the corporate accounting world, being an Accounts Payable specialist, and the public sector through education and criminal justice accounting. With her passion for helping others, she volunteers her time as treasurer for a non-profit organization helping to ensure they are best able to support others financially. In her free time, you can find Whitney playing with her dog or golfing for fun.

You know what happens when you bring a pile of receipts to your CPA's office and you miss a few? Oftentimes, you completely lose out on deductions you should have been entitled to!

Now, there are sometimes some workarounds, but the moral of the story is that you should NEVER rely on a messy pile of receipts or incomplete bookkeeping records to bring you an accurate tax return with the most minimal tax liability.

If you don't have the right systems in place, NOW is the time to take action, while there is still time to make a difference on your tax liability this year.

Reach out if you need support!

Love the idea of using cascading plants like this! 🌿 take note - Great work from 👏🏼
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Bringing life to concrete spaces, one cascading plant at a time! 🌿

Our latest project shows how a drizzle of greenery can soften even the hardest surfaces. These flowing plants add a touch of grace to the robust backdrop, merging the man-made with the natural.

See more of this project on our website.

If you're a business owner thinking about purchasing a new vehicle this year, you might be wondering which way is best for your bottom line. Here's what we recommend 👇

Purchase the vehicle as a company vehicle if...

➡️ The vehicle will be primarily used for business
➡️ The vehicle qualifies for the company vehicle tax deduction - not all vehicles count!
➡️ You have systems in place to track depreciation and vehicle costs

Purchase the vehicle as a personal vehicle if...

➡️ You will only use the vehicle for work occasionally
➡️ You want to simplify the tracking and write-off process
➡️ The vehicle does not qualify for tax deductions

Did you know that google reviews is one of the fastest and cheapest ways that local contractors can boost their SEO? We recommend building out an automated sequence to request a review immediately after each job, including follow ups one week and one month afterward. You may also want to reach out directly and personally to ask for reviews or host a gift card giveaway in exchange for reviews.

Which of these ideas will you try?

Do you want to improve your business' online reputation? Here are a few strategies to improve your ratings.

https://smpl.is/91bsw

Not all habits are bad. Here are five good ones you should develop during each QuickBooks Online work session.


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Want to increase your leads? Here are some strategies!

https://smpl.is/91bs4

We serve clients all across the United States 🇺🇸 So, it's not uncommon for people to ask us, "Why shouldn't I just hire a bookkeeper local to me?" Working with a local bookkeeper can be an advantage for some business owners, but we've found that for contractors, specialized support is what is truly needed in order to succeed.

Unlike the bookkeeper you can find in your hometown, our team members are trained experts in bookkeeping for home service providers and contractors. That means we don't just compile data and hand it over to you to interpret. We actually analyze and interpret your data for you, turning simple data points into the insights you need to actually run and grow your company.

We've helped our clients scale to 7 figures and beyond, and we can help you do the same. Can your local bookkeeper say the same?

Looking for ways to drive up profit before the heat of summer really kicks in? Adding these services can help to build up your revenue during the slow months!

Working on the weekends, again? It's time to break that toxic cycle and get back to what you do best! We help clients:

Spend less time in your business and more time ON your business ✔️

Get more free time with your family ✔️

Boost your profits and make your business better ✔️

Want in? Book a call today ☎️

https://loom.ly/lvMWkdI