For Painters: Accurate Bookkeeping and Accounting

How to keep books for a painting business

As data goes in, you’ll see your accounts receivable (AR) category grow. This account is simply the total amount of funds owed to your business. When you’ve created these buckets, you’ve positioned yourself to begin dropping transactions in those buckets regularly. Start by implementing these 13 bookkeeping and accounting fundamentals. PayScale, a site that tracks salaries and rates, puts the average hourly rate for a bookkeeper around $17 per hour ($10 on the low end and $24 on the high end).

How to Start a Painting Business: 9 Keys to Growth & Success

On the other hand, very few people are natural-born leaders, and working as an individual painter doesn’t always offer the opportunity to develop leadership skills. In order to grow, a painting company must proactively manage cash flow — or you’ll end up doing about as well as a clogged paint sprayer. Since you’re a seasoned painter, you know that payments can lag behind job completion—sometimes way behind. But your costs keep adding up, and you need cash on hand to continue hiring skilled painters, buying paint and equipment, and taking on more or bigger painting jobs. If you’re looking to start a painting business, it’s time to get rolling — or brushing, or spraying.

How to keep books for a painting business

Write a business plan

This level of professionalism not only ensures repeat business but also earns you positive reviews. Start by deciding whether to focus on interior painting, exterior painting, or both. Afterward, you can also activate the 10Web Booster plugin to speed up your painting business website.

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Beyond optimizing your website and working toward better rankings on Google, you’ll want to make sure that you have a strong brand. Considering your business’ colors, logo, slogan, name, uniforms, trucks, and more can make marketing easier—and make it easier for your business to spread by word of mouth. As you hire your first team members and sign your first clients, remember that success comes in stages.

Focus on marketing & sales to increase your coverage

How to keep books for a painting business

Employees require payroll taxes, benefits, and workers’ compensation insurance. Subcontractors typically handle their own taxes and insurance, reducing your administrative workload. Make sure to understand the regulations in your area to avoid potential legal issues. At the very least, you should have general liability insurance to cover any damages or injuries that might occur during your work.

How to keep books for a painting business

If you want to, this book can help you get into the routine of a regular drawing practice, which will over time, enable you to draw accurately and realistically freehand. Quiller also encourages artists to make creative choices in their work, helping artists to find their unique style when using colour. There’s some helpful instruction on how to apply colour in artwork and various techniques you can use to make your work stand out. With a section on compositional theories, such as the rule of thirds and the divine proportion. It gives a detailed guide on how to use colour, light, depth, shape, perspective and anatomy in art.

Step 3: File for EIN for Your Painting Company

When you’ve answered these questions, talk with your commercial banker to learn about the merchant account products they offer. If you accept in-person payments, you’ll buy and set up an online payment processor with in-person credit and debit card reader hardware and sync it to your online store. Examples of payment processors include Square, ShopKeep, Shopify POS, and Stripe.

Bench integrates with your favorite small business tools

Neglecting customers after completing a job can be detrimental, as nurturing client relationships is crucial for sustainable growth and minimizing feast-and-famine cycles. Aside from that, the only real startup costs your business should have would be equipment. You’ll likely need ladders, drop cloths, brushes, rollers, sprayers, masks and potentially vehicles with your company’s logo to get you to different jobs. Beyond those three rules, it’s up to you to woo the customer and act like you know how to start a painting business. Be personable, be polite and be honest about what you expect the job to entail.

Weekly Bookkeeping Tasks

How to keep books for a painting business

Registering your painting business is perhaps the crucial events in your business’s life, too. The proliferation of home renovation shows has made even the most DIY-averse property owners attuned to the world of unique looks and decorating styles. This trend could be bookkeeping for painters a huge asset for your business and provide you with a competitive edge. Plus, some niche services, such as historically accurate painting, can mean major contracts for your business. We believe everyone should be able to make financial decisions with confidence.

  • By implementing these essential steps and heeding the expert insights provided by Brandon Lewis, entrepreneurs can confidently embark on their journey to create a thriving house painting business.
  • It is very essential to compare the incomes and expenses to find out if everything matches together.
  • That’s not only important for separating your business and personal finances, but can help you with your own bookkeeping come tax season.
  • Customer Reviews, including Product Star Ratings help customers to learn more about the product and decide whether it is the right product for them.
  • Additionally, determining your target audience will be simple if you have a specialty.
  • As a bookkeeper in a painting business, if you keep the books thoroughly organized, you will be able to perform a comprehensive analysis of your business’s financial status.

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