Continuing Education in the Schulte and Schulte Camp

QuickBooks Online Advanced ProAdvisor BadgeYou may have noticed that we proudly display the badges we receive for our efforts in continuing education concerning our QuickBooks knowledge and expertise. They’re not easy to obtain, and quite honestly we’re glad that is the case. We don’t (and no one can) purchase those badges. They must be earned through study and testing.

But, those badges are only a small piece of the continuing education we’re committed to here at Schulte and Schulte.  

Continuing education is a vital component to providing our clients the best possible care

  • Continuing education allows us to clarify and better understand the processes and procedures of bookkeeping as advanced by and through technological updates and renovations.
  • Continuing education gives us the opportunity to acquire both theoretical as well as practical knowledge and to improve our problem-solving skills.
  • Continuing education allows us to establish and uphold our commitment to the occupational standards for professional bookkeepers.

Yet, there is more to it than that.

Keeping up to date on regulations and trends in the construction industry is an important way we work to properly assist you

Although we are experts in our area of specialization (bookkeeping for small to midsize Construction Contractors and Subcontractors,) we still have to stay on top of what’s new. We spend several hours each month reading, attending webinars and teleseminars, as well as participating in a weekly QuickBooks ProAdvisers group.

Thus, our continuing education benefits both our business as well as the businesses of our clients. One example of how we work to support your business is the article we wrote Playing Like One of the Big Boys Just Got Easier (3 Apps to Choose From) concerning the pros and cons of three different apps after a great deal of self-education on the subject.

We also “break it down” for you when considering what is happening concerning regulations and rules, for example this article – MRRA doesn’t stand for My Real Rare Adventure – Really! – concerning MRRA and TPT.

Our continuing education focus

Our continuing education is focused on three areas:

  1. Keeping up with the newest and best ways to process and engage in the bookkeeping we provide for our clients.
  2. Learning about the ways our clients can stay ahead of the curve whether it be housed in their financial reports or the latest tech devices and systems geared toward the construction industry.
  3. Gaining understanding of the best ways to assist our short term customers* through consultations and one-on-one training.

*We provide ongoing bookkeeping for a few select firms, and we also provide training and consultation for others who wish to do their own bookkeeping but need occasional information and guidance.

How we acknowledge and celebrate when we achieve a learning goal

Crazy as it seems, after we clink the glasses together, take the last bite from our celebration plate, and speak words of congratulations the final part of our celebration is to establish a new learning goal. Yeah, we’re crazy like that.

Do you need to continue your education in order to be able to use your bookkeeping system to its fullest? Give us a call and we’ll be happy to set up a consultation or one-on-one training for you or your staff. 480-442-4032

3 Bookkeeping Risks You Shouldn’t Take

desktop-constructionYou own a Construction Contracting or Subcontracting business, and by definition that means you are a risk taker. Yet, once you own your business, and you’re ready to grow you learn which risks to take and which to avoid. Taking care of your own bookkeeping is a risk you need not take.

Taking care of your bookkeeping yourself means you take the risk of missing something which costs you money. Three ways you may miss something vital concerning your bookkeeping are:

  1. Incorrect record keeping
  2. Lack of knowledge concerning various aspects of financial statements
  3. Misunderstanding of the restrictions, rules, and laws concerning construction bookkeeping

Incorrect record keeping

Everything from not understanding the process to simply making incorrect entries can be a source of lost time, money, and (let’s face it) your sanity.

Lack of knowledge concerning various aspects of financial statements

While generating financial reports may seem like an odious enemy to you, when you understand the reports are not only there to keep you within the bounds of the law or for the satisfaction of your financial institution, but also to help you see and understand your business’ financial position better they become more like a welcome friend.

For example, a profit and loss statement isn’t only for your bank’s review, but also an excellent tool for you to use when gauging what areas of your business are performing well and which aren’t.

Financial statements are an easy way to track money owed to your company. For example, you can look at your accounts receivable aging and see who owes you money for products and services you’ve already provided. When client A consistently pays late, or not at all, you notice quickly through the use of your financial statements and can address the problem in a timely manner.

Misunderstanding of the restrictions, rules, and laws concerning construction bookkeeping

Because our focus is Construction Contractor and Subcontractor bookkeeping we also make it our business to stay up to date concerning what is already a law or rule and what is coming down the track. Keeping you abreast of what is required is part of what we do, thereby saving you time and headache.

For instance, we recently encountered a business owner who didn’t know the MRRA rules were in effect and how he could take advantage of them to help his business.

Because TPT and MRRA both can create murky waters concerning your bookkeeping needs and requisites you risk penalties and interest in late, or unpaid taxes which can add up rather quickly.

Even more importantly, when you offload your bookkeeping duties to us you’re less likely to risk missing the opportunities which await you and your business in the form of job supervision or finding more jobs on which to bid.