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Discussion Starter · #1 ·
Hey there, so I am new to this site... My husband is currently in starting his own painting self employment thing and I am look for help trying to figure out how to get him going. I am trying to get some form of a financial thing set up. I know a little about accounting, not much. I am currently in an accounting class so... yea. I was just looking for some help on figuring out how to get started... any suggestions? Thank you Jessi
 

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Go to your city/town and states website and read the information there that they have about starting your own business.
 

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Hey there, so I am new to this site... My husband is currently in starting his own painting self employment thing and I am look for help trying to figure out how to get him going. I am trying to get some form of a financial thing set up. I know a little about accounting, not much. I am currently in an accounting class so... yea. I was just looking for some help on figuring out how to get started... any suggestions? Thank you Jessi
It would help if you post where you live? To determine if you need a license or not. Also it does not take much capital to get started.

Pat
 

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Are you working? If not, then He wont bring home enough money just starting out. It would take years for a new solo painter to "make it". If you yourself are working then both of you might make enough for the basics. If your living at his moms house then you might even do a little better. ;) But if he is gonna be the sole bread winner then no, it ain't going to work unless you want to live at the trailer park. But even then your gonna be late with the rent.
 

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Discussion Starter · #6 ·
We live in Isanti, Mn. He is in the process of getting his LLC, hes got all his insurances in place. He does have a full work load, I'm basically trying to figure out how other self employed painters keep track of their finances. I am not 100% sure what we are expecting at tax season... like what we need to show for his work and what not. Like I said, I am taking an accounting class so I understand a little of what to document... accounts payable/receivable, supplies, insurances... just not sure what else.
 

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If he is lke me (ADHD and tends to dislocate items) I would make sure he has a file in his truck/van where is puts all of his receipts. He will most likely be buying items for his job all over the place, and keeping track of the receipts is key. As soon as I buy something I put the receipt in my file folder in my truck. Also I found Keeping the Books by Linda Pinson very helpful in teaching me how to do book keeping.
 

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Everything Scannel said and take a course on Quickbooks. The administration end of a start up company is simple.
 
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Hey there, so I am new to this site... My husband is currently in starting his own painting self employment thing and I am look for help trying to figure out how to get him going. I am trying to get some form of a financial thing set up. I know a little about accounting, not much. I am currently in an accounting class so... yea. I was just looking for some help on figuring out how to get started... any suggestions? Thank you Jessi
If I was just starting out, I would work the social media angles, focus on creating repeat customer, Keep track of money in and money out, I would keep records on estimated project lengths and actual project lengths, Start a website, focus on customer relations, never start a job you can't finish, and get my wife to be as active as possible on the bookend.
 

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Welcome to PT Jessi!
Nice of you to help out your husband as he's getting started.
We decided to use Quickbooks from the start.
My wife handles all the taxes through that program with the exception of years end. That goes to an accountant.
The program is fairly easy to learn if you have a basic understanding of how business accounting functions. If not, there are usually classes available through a local college or accounting firm. Good luck!:thumbup:
 

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If he is lke me (ADHD and tends to dislocate items) I would make sure he has a file in his truck/van where is puts all of his receipts. He will most likely be buying items for his job all over the place, and keeping track of the receipts is key. As so I buy something I put the receipt in my file folder in my truck. Also I found Keeping the Books by Linda Pinson very helpful in teaching me how to do book keeping.
Keep everything on an account and don't pay cash. Easy to never have to keep a bucketload of reciepts. Make vehicles full work only and that streamlines another area. If your bank sucks and doesn't have good quickbook direct link get a new bank.
Learn quickbooks, manage your accounts well. Create a budget for your expenses and pay yourself a set salary. If there is more in the business account left over, don't go spending it.
 

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I use a Dome expense record, keep it in the truck. Have used them for 20+ years. For under $20, it's a deal.

It helps me organize all my expenses, I keep it with a large manila envelope for all the receipts.

No proof, No deductions.

They have a Supreme Court ruling in the inside cover that states. "To avoid paying taxes by recording expenses is totally legal, evading is illegal."
 

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Until my wife got a job managing apartments, She would answer phones and help with customer relationships. Thank you notes, calling to update customers on schedule changes, that sort of thing.
It helps to keep track of customer's numbers and addresses and such for future contacts and to generate referrals. She was my best advertising.

She designed and did the dirty/busy work on our website and that was a great help.
 

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The best thing you can do from the start is have a bookkeeper or accountant help you setup the Quickbooks Chart of Accounts properly for a contractor business. You can get the contractor edition of Quickbooks which helps. I would have a good bookkeeper who works with contractors help you for at least the first year on a quarterly basis to make sure everything is being handled correctly. You can learn a lot by sitting in with the bookkeeper. My guy is very affordable and a real lifesaver.
 
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