What To Do About Basic Bookkeeping And Accounts For Self Employed Construction Workers

Being self employed in construction has benefits and disadvantages too. The freedom is intoxicating and terrifying. But, keeping track of your finances does not have to be one of the terrifying aspects. You just need some information on what constitutes basic bookkeeping and accounts for self employed construction workers.

What you need to do first is keep all the paper that has anything to do with work. This means all the contracts, letters or estimates that you write. Do not forget emails. Also, keep the receipts for things you buy and any paycheck stubs. Do not worry about files and computers. That is a tax time topic.

Still, the basics are what we are after. How you handle them later is another story. Okay, start with at least 3 boxes. They should be at about 9 x 12 and a couple inches deep. A lid is handy but not required. Label them SPENT, RECEIVED, and OTHER.

Every receipt you have goes into the spent box. At least, if you spent it on work related stuff. This means construction clothing like safety boots, sox and gloves. If it is worn on the job, the receipt goes in the box. Do not forget tools, and materials and office supplies. Write which job you bought it for on the back if you get a chance. It is a good habit to get into.

Now, anything you bought that is used to estimate a job or say a first aid kit for your truck, counts for the SPENT box. Should you happen to use your truck or vehicle, check with an accountant at tax time, but keep all the gas receipts.

A copy of every paycheck or paycheck stub at least, and a note about cash received, again with which job on the back, goes into received. If you got anything for your work, some note about it goes in this box.

The last box is your safety net. Every estimate, contract or note that you write about a job should be in this box. Should you communicate by email then make a folder for the jobs and keep them separate from other email. Maybe keeping a folder for each job emails makes sense.

Total up the amounts on the pieces of paper in both boxes each month. You can put that number on the underside of the lid. Then subtract the two numbers. Now you know how much you made or lost this month. Put that number under the lid of the other box. Best to note what month too. Now, at least an accountant will talk to you.

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