Bookkeeping for contractors in Wisconsin is more than just tracking income and expenses. Whether you’re working on a small remodeling job in Mequon or managing large-scale construction in Milwaukee, knowing what to track and how to track it is essential for your financial success. At Curler Accounting & Tax Services, LLC, we understand the unique financial needs of contractors. Our goal is to help you stay organized, stay compliant, and ultimately boost your bottom line.

Contractors face specific challenges when it comes to finances—irregular income, project-based work, subcontractor payments, and material costs. That’s why keeping detailed records isn’t just smart; it’s a necessity. By mastering bookkeeping, you can improve cash flow, avoid IRS issues, and make confident business decisions.

Why Bookkeeping Matters for Contractors

Stay Compliant with Tax Laws

The IRS requires all businesses, including contractors, to keep accurate financial records. Whether you’re a sole proprietor or an S-Corp, you’ll need to report earnings correctly and have documentation to back up deductions. Curler Accounting can help ensure your books are audit-ready and in line with Wisconsin tax law.

Track Project Profitability

Different jobs can bring different revenues, costs, and challenges. With strong bookkeeping, you can analyze which types of projects are most profitable. This insight helps you bid more accurately, plan better, and reduce losses. Contractors who monitor job-level costs and profits make smarter choices about which projects to accept.

Manage Cash Flow

Because payments can vary from week to week, many contractors struggle with cash flow. Timely bookkeeping helps you monitor payment schedules, manage subcontractor costs, and ensure that you have enough funds for payroll and materials. Curler Accounting offers bookkeeping strategies designed to help contractors manage cash flow more efficiently.

Make Smarter Business Decisions

With updated financial records, you have real-time insight into your business performance. Want to hire another worker? Buy a new piece of equipment? Expand to new areas in Wisconsin? Reliable data helps you decide what your business can afford—and when it’s the right time to grow.

Key Financial Items Contractors Should Track

Income by Project

Break your revenue down by individual jobs or contracts. Doing this lets you see how each project contributes to your total income. It also helps with forecasting future revenue and identifying trends in demand or profitability among different types of projects.

Direct Job Costs

Track the money spent directly on each project. These are costs required to complete a job and may include:

– Labor for employees and subcontractors

– Materials and supplies

– Equipment rentals

– Licenses and permits specific to the job

Curler Accounting works with contractors to set up bookkeeping systems that automatically categorize and organize these expenses accurately.

Overhead Expenses

These are general costs of running your business and need to be separated from direct job costs. Common overhead expenses include:

– Office rent

– Marketing and advertising

– Insurance

– Utilities

– Accounting fees

– Vehicle maintenance

Keeping these categories straight helps you find tax deductions and understand your true profitability.

Subcontractor Payments

If you hire subcontractors, you’ll need to track what you pay them and collect W-9 forms. At year-end, you’ll likely file 1099s for each subcontractor who earned $600 or more. Failing to keep good records here can cause IRS issues. Curler Accounting assists contractors with proper 1099 filings to keep you compliant.

Receipts and Invoices

Save every receipt and invoice related to business transactions. Digital tools make it easier to scan, organize, and store these documents. You’ll need them to prove deductions during tax season or an audit. Curler Accounting recommends cloud-based software for easy, secure access to your records year-round.

Accounts Receivable

Track which customers owe you money, how much they owe, and how long their payment is overdue. Keeping a close watch helps reduce bad debts and speeds up collections. Use this information to send timely reminders and follow up before cash flow becomes an issue.

Accounts Payable

Know who you owe and when payments are due. This includes vendors, materials suppliers, or service providers. Keeping track of payables helps you avoid late fees, take advantage of early payment discounts, and plan ahead for upcoming costs.

Mileage and Equipment Use

If you use personal vehicles or equipment for business, track mileage and usage. This data is valuable for claiming deductions and evaluating the productivity of your tools and vehicles. Curler Accounting offers practical guidance on mileage logs and depreciation strategies.

Work-in-Progress (WIP) Reports

A WIP report gives a detailed picture of what’s been completed on a project versus what’s left. Tracking this helps you determine revenue recognition, bill clients accurately, and spot potential budget overruns. Curler Accounting helps contractors interpret WIP data to make more informed choices mid-project.

Retainage Tracking

Retainage is money withheld until a job is done to the client’s satisfaction. It can affect your cash flow and income reporting. Accurate records of retainage help you plan ahead for when those funds will become available. Curler Accounting includes retainage reporting in your bookkeeping system so nothing gets missed.

Bookkeeping Tools Every Contractor Should Consider

Accounting Software

Using accounting software simplifies your process immensely. Programs like QuickBooks or Xero let you:

– Track income and expenses

– Generate invoices

– Monitor accounts receivable and payable

– Create custom reports by project or client

– Prepare for taxes more easily

Curler Accounting helps clients set up and customize accounting software to match the specific needs of contractors.

Cloud Storage for Documents

Store receipts, contracts, invoices, and tax forms in a central cloud location. This allows easy access from job sites, home, or the office. Having everything digitally organized saves time and adds a layer of security to your financial records.

Payroll Integration

If you have employees, your bookkeeping should include payroll solutions that track taxes, wages, and withholdings. Curler Accounting provides complete payroll services, freeing up your time so you can focus on the job site instead of worry about admin work.

Project Management Software

Tools like Buildertrend or CoConstruct let you integrate your project planning and financial tracking. These programs help you coordinate budgets, schedules, and payments in one place. When synced with your accounting software, you get better insight into overall profitability. Curler Accounting can guide you in choosing and connecting the right tools.

Mobile Bookkeeping Apps

Busy contractors often work in the field. Mobile apps let you snap pictures of receipts, create invoices, or check bank balances from your phone. Curler Accounting recommends mobile-friendly solutions so you can manage finances wherever work takes you.

Monthly Bookkeeping Checklist for Contractors

To stay on top of your finances, establish monthly bookkeeping habits. Here’s a checklist to follow:

– Reconcile bank accounts

– Match receipts and payments

– Update job cost reports

– Pay bills and follow up on receivables

– Record mileage and track equipment usage

– Review financial statements

– Backup digital records

With Curler Accounting at your side, you can handle this checklist confidently and reduce end-of-year stress.

Bookkeeping Tips Specific to Wisconsin Contractors

Keep Accurate Sales Tax Records

Wisconsin’s Department of Revenue requires certain contractors to collect and pay sales tax, depending on the type of service. If you install, repair, or sell construction materials, you may be liable. Knowing when and how to apply sales tax can be tricky, so Curler Accounting can guide you through industry-specific rules to stay compliant.

Save for Estimated Taxes

Most Wisconsin contractors don’t have taxes withheld from their income unless they’re on payroll. Plan to make quarterly estimated tax payments to avoid penalties. A trusted CPA like Matt Curler can help calculate what to set aside each month for both federal and state taxes.

Track Local Business Requirements

Each city and county may have different licensing and regulatory requirements. Contractors in the Mequon area may need different documents than those working in Milwaukee. Curler Accounting stays updated on local rules to keep your business legal and organized.

Understand Use Tax Obligations

Contractors in Wisconsin may owe use tax if you use materials purchased tax-free out of state. This applies when items are brought in and used on local job sites. Curler Accounting helps ensure use tax is filed accurately, preventing audits or penalties down the line.

Look for Wisconsin Tax Credits

There are state credits available for specific industries or energy-efficient improvements. Keeping detailed records and knowing what qualifies can save you money. Curler Accounting researches available credits and applies them properly during tax preparation.

At Curler Accounting & Tax Services, LLC, we go beyond the basics of bookkeeping. Led by Matt Curler, a CPA with over 20 years of experience in tax and finance, our firm offers personalized, strategic bookkeeping for contractors in Wisconsin. Matt draws on his background at KPMG and Harley-Davidson, as well as his disciplined service in the Wisconsin Army National Guard and Milwaukee Police Department, to bring precision and trustworthiness to every client relationship.

We serve contractors across Washington County, Mequon, and the greater Milwaukee area—both in person and through virtual services statewide. Whether you’re looking for help organizing your books, improving cash flow, or navigating tax season, we provide ethical, thorough, and easy-to-understand support.

Curler Accounting understands the contractor industry inside and out. We tailor our services to match the scale and structure of your business, whether you’re a one-person shop or managing full crews across multiple job sites. Our goal is to give you clear, actionable financial reports that help you compete and thrive in today’s market.

Get Started with Better Bookkeeping Today

Bookkeeping for contractors in Wisconsin doesn’t have to be overwhelming. With accurate records, you can increase profits, stay compliant, and focus more on growing your business. Partner with Curler Accounting today and gain peace of mind knowing your finances are in expert hands.

Contact us to schedule a consultation and take the first step toward organized, efficient bookkeeping that works for you. With Curler Accounting & Tax Services, LLC, your success is always the priority.