book managing q

Discussion in 'Landscape Lighting' started by Mike M, May 8, 2008.

  1. Mike M

    Mike M LawnSite Bronze Member
    from usa
    Posts: 1,941

    my cpa wants me to chose between credit card or checks, just wondering what others prefer for business purchases???
     
  2. Eden Lights

    Eden Lights LawnSite Senior Member
    Posts: 805

    Checks, Checks, or Checks. 3% Surcharge for Credit Cards. I did offer to take a $2500 gift certificate for a down payment from a local restaurant yesterday.
     
  3. Chris J

    Chris J LawnSite Silver Member
    Posts: 2,835

    What kind of problem does your CPA have with your using both? What's the big deal?
    I use checks and debit card mostly, but I'll use a credit card for the protection it provides should you have a discrepancy with your purchase.
     
  4. Chris J

    Chris J LawnSite Silver Member
    Posts: 2,835

    You do know that it is illegal to place an up-charge for the use of credit cards. You can offer a discount for cash, but you can't raise the price for the CC use.
     
  5. Lite4

    Lite4 LawnSite Gold Member
    Posts: 3,109

    I think he is talking about purchases here for his own record keeping. I am going through the same thing here as well. I am going to checks. It is easier to track.
     
  6. Mike M

    Mike M LawnSite Bronze Member
    from usa
    Posts: 1,941

    Yeah, Tim got it.

    He wants me to choose one or the other for purchases, something to do with duplicate receipts, etc., and easier book keeping.

    He says if I pick one, ultimately I won't need paper receipts. This would make my life easier.

    I like checks, since I can make notes on the stubs.

    Advantages for cc include that I order my lighting materials by phone. Also, I can run into any hardware store or irrigation store or electrical store if I need something in the middle of a job, plus I'm still doing other landscape services this year and I need equipment parts, supplies, etc.

    Not to mention gas purchases, or if I go out of town for training, etc.

    I really don't buy a lot, so it doesn't really matter now, but I'm sure it will as my biz grows.
     
  7. Eden Lights

    Eden Lights LawnSite Senior Member
    Posts: 805

    Sorry, I should have read this a little closer, Duh!
     
  8. INTEGRA Bespoke Lighting

    INTEGRA Bespoke Lighting LawnSite Platinum Member
    Posts: 4,102

    I use a Visa Card with an awesome travel awards program for about 90% of all my biz purchases... The points send my family on an awesome vacation every year. The accountant has NO issues with this at all and processing bills is a snap for me as I have one payment a month to make.

    Just be organized and keep every receipt. Then produce a report on excel each month, attach the receipts and pay the card off. Hand the envelope to the accountant. Done.

    My main vendor even extends a 6% discount off my net pricing if I pay with my Visa... even more cash in my pocket.

    Enjoy your vacation.... it is free!
     
  9. Pro-Scapes

    Pro-Scapes LawnSite Platinum Member
    Posts: 4,181

    amex gold and platnuim here. Gold is for everyday purchases and stock orders. Platnuim is used when it may not be something I will be able to pay off in full each month like new equip. Only issue is not everyone takes amex.

    I do write checks still to my local nursery then enter thoes into quickbooks and save the recipts.
     
  10. Mike M

    Mike M LawnSite Bronze Member
    from usa
    Posts: 1,941

    Billy, do you keep receipts for the credit card, too, or just the statements?

    A lot of my receipts end up wet and muddy and gone.
     

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