Start & Run a Handyman Business. Sarah White

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      5. Accounting Basics

      Every business must keep accurate and thorough financial records covering all income received and expenses incurred. Records help you produce income, control expenses, plan growth and cash flow, keep tax payments to a minimum, and comply with the multitude of regulations.

      5.1 Bookkeeping

      If you keep your accounting system simple, you’ll be much more likely to use it. Your first step is to open a business bank account. Make sure you get a deposit book for recording your deposits and some business checks for making business purchases. Each month when your bank statement arrives you can do a bank reconciliation to give you a clear picture of what you have earned. It is important to keep these deposits and records separate from your personal bank account.

      As you start up, you may wish to hire an accountant or bookkeeper to design a system for recording the information for your particular circumstances. If you are confident enough to set up your own system, you may want to purchase one of the many available accounting software programs to help you keep accurate records. Accounting software provides a general ledger, accounts receivable, accounts payable, and invoicing functions. It will also print monthly statements for all your accounts. A good accounting package will tell you who owes money, how much they owe, and if the payment is overdue and by how many days. The invoicing portion of such programs usually provides a professional-looking bill for presentation to your customer.

      5.2 Your balance sheet

      A balance sheet is a useful tool that gives a snapshot of the financial condition of your business at any given point in time. A balance sheet includes assets, liabilities, and owner’s equity. An asset is anything the business owns that has monetary value. Liabilities are debts the business owes to creditors. To keep track of the value of your business, you should routinely complete a balance sheet to help you understand where your money goes and what you have invested in your business’s assets. Again, a good accounting software package will help you print out regular balance sheets. In a small home-based business, some of the categories shown in this example may not apply; you can adapt your balance sheet to suit your own business.

      5.3 Tax requirements

      You must keep accurate financial records of all your business expenses and receipts for taxation purposes. With these records, you can legally deduct all of the relevant home-business expenses on your income tax. In most areas, you can deduct any business-use-of home expenses, those expenses associated with maintaining a work space in your home. These can include a portion of many of your home expenses including heat, electricity, and insurance. You can calculate how much you can deduct by figuring out what proportion of your home you use for your business, and then using that number to deduct the expenses. For example, if you use 200 square feet of a 1,000-square foot home for business, this constitutes 20 percent of the total space. You can therefore deduct 20 percent of all your home-related expenses. Tools, supplies, and other materials you use to conduct your business can also be deducted as business expenses. Receipts for your business purchases add up and make a significant difference. So make sure you keep all your receipts and remember that they are required to back up your tax claim.

      6. Getting Professional Help for Your Business

      Running a successful business of any kind takes a team. Your business is no different. When you encounter an area of your business where you need help, consider hiring outside experts. For example, you may want to hire an accountant to prepare your taxes. A professional organizer can help you set up your home headquarters, your filing system, or your storage space. There are specialists available to help with marketing and business planning as well. And, of course, whenever legal advice is needed, you should seek the services of a lawyer.

      If you already have contacts in these various fields, give them a call and ask for an appointment to discuss your needs as you begin your new business. If you do not currently have contacts in any one of these areas, ask friends, family, and even neighbors for referrals. The relationship you have with these professionals is important and you need to have faith in their advice. Word of mouth is often the best way to make contact. You may want to get a number of quotes from various professionals before making a choice. Be up front and let the professional know you are shopping around for services, and give them a chance to explain what they can offer.

      You should also seek expert help in any area of your handyman work where your own safety or that of the homeowner is at stake. For example, it may be okay to do simple electrical work, such as replacing a light fixture or moving a plug, as long as you are comfortable and confident that you can do it with no risk. But if you run into a task that is unfamiliar, you should turn to a licensed tradesperson for advice. You may even want to hire a licensed tradesperson for some aspects of your business. (For more on developing a network of tradespeople, see Chapter 4.)

      Many communities have home-business network groups. Ask about these in your area and join one if you can. Network groups can offer a wealth of contacts and information as your business grows.

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