Maintain Detailed Financial Records and Receipts

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Master Electrician gives a Tip on how to start a Contractor Business💪 With the 33% Rule. Thoughts?

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What happens here

For accounting, the dad advises new contractors to become their own 'bookmaker,' especially in the beginning. This means personally taking responsibility for maintaining all financial records and meticulously keeping all receipts. This practice helps foster a deep understanding of the business's financial health and ensures accurate documentation for tax purposes and future planning.

Goal: Establish robust accounting practices and meticulous record-keeping.

Tools and materials

Accounting Software N/A — Organizing income, expenses, and generating financial reports
Calculator N/A — Performing financial calculations
Receipts N/A — Documenting business expenses and income

What they say

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>> The other 66% is what you have to work on. But most of us can't do that. So I recommend you reach out to a payroll company. And as far as accounting, I recommend this. I recommend that you become your own bookmaker, okay? >> And maintain all of your receipts. In the beginning, we all have to learn that 33% is your skills. 33% is your ability to find customers and just entertain

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