28 Jul

Are You Seeing the Signs—Or Hoping They’ll Go Away?

You pour your heart into your business. You’re up early, working late, and hustling for every client. But then, slowly and quietly, things begin to unravel. You’re making sales, but the cash isn’t adding up. Vendors start calling. You skip a monthly report, then another.

And before you know it, the business you built starts slipping away.

This is how it happens. Not with one big crash, but a slow, silent bleed.

🔍 Quick Summary

Financial red flags can quietly erode small business stability before you realize it.
Common signs include rising expenses, late payments, aged receivables, and lack of reporting.
Ignoring these issues leads to debt, tax problems, and potential business failure.
TMD Accounting helps Gloucester County businesses detect and address early warning signs.

Across Gloucester County and South Jersey, small business owners are being blindsided by the financial red flags they never saw—or chose to ignore. But it doesn’t have to be that way.

What Are Financial Red Flags?

They’re not just numbers. They’re warning signals that your business’s foundation might be weaker than it appears.

The Most Common Warning Signs:

Expenses rising faster than revenue
Constantly juggling bills to make payroll
Customers taking longer to pay
Invoices and receipts piling up—but never reviewed
No consistent financial reporting

How They Escalate:

These aren’t temporary setbacks. When ignored, small issues morph into:

Overdrafts and debt accumulation
Missed tax deadlines
Damaged credit or vendor relationships
IRS audits and late penalties

Warning: Most business failures don’t start with one big mistake—they start with ignored red flags.

5 Financial Red Flags That Demand Immediate Attention

1. Negative Cash Flow—Month After Month

Profit on paper doesn’t pay the bills. If more cash is going out than coming in, you’re headed for a crash. Understanding cash flow is vital.

2. Mounting Debt With No Paydown Plan

If your credit lines are maxing out, and you’re using one card to pay off another, your business is running on borrowed time.

3. Aged Accounts Receivable

Are your customers paying 30, 60, or 90 days late? You’re not a bank. Without steady receivables, your business’s oxygen supply is cut off.

4. No Financial Reports—or Inconsistent Ones

Can’t remember the last time you saw a profit & loss statement or balance sheet? That’s a red flag waving loud and clear.

Want to fix that? Here’s how TMD Accounting supports accurate, timely reporting.

5. Falling Gross Margins

If your cost of goods sold is rising but your pricing isn’t, you’re earning less on each sale. That slow erosion could be the first crack in your financial foundation.

Real Example: A Pitman shop ignored cash flow issues for months, until the power was shut off due to unpaid rent.

Gloucester County Case Files: The Red Flag Effect

🚨 A Retailer Who Ignored the Signs

A Pitman shop owner noticed cash flow tightening but chalked it up to seasonality. A year later, inventory was piling up, rent was behind, and the lights went out—literally.

✅ A Restaurant That Took Action

In Washington Township, a family-owned restaurant saw a three-month dip in margins. They called TMD Accounting. We spotted over-reporting of labor and vendor overcharges. Within 90 days, they were back in the black.

Why Business Owners Miss the Signals

“It’s Just a Bad Month” Syndrome

We rationalize. We hope. But consistent financial stress is rarely about one bad month.

Trusting Gut Over Data

Intuition is great—but only when paired with real-time numbers and trends.

Lack of Oversight

Many owners don’t know how to read financial reports—or worse, they don’t receive them. If that’s you, this guide will help.

Your Financial Early Warning System (FEWS)

You don’t need to become a CPA—but you do need systems.

Monthly Must-Review Reports:

Profit & Loss Statement
Cash Flow Statement
Accounts Receivable Aging Report
Budget vs. Actual

Key KPIs to Watch:

Gross margin %
Net income trend
Days Sales Outstanding (DSO)
Current ratio (Assets vs. Liabilities)

TMD Tip: If you haven’t reviewed your financials in 3+ months, it’s time to schedule an audit—before the red flags become roadblocks.

When to Call a Pro:

You haven’t reviewed your books in 3+ months
You don’t know your gross profit margin
You’re making decisions based on your bank balance

Sound familiar? Let us audit your red flags.

You Can’t Fix What You Don’t See

Small business failure doesn’t start with a bankruptcy filing. It starts with ignored reports, fuzzy numbers, and the hope that “things will work out.”

But hope isn’t a strategy.

Clarity is.

At TMD Accounting, we help businesses across Gloucester County spot red flags before they become fatal. We’re not here to shame—we’re here to partner with you. To stabilize, optimize, and protect what you’ve worked so hard to build.

🚨 Don’t wait for a financial crisis.
💼 Book your financial red flag audit with TMD Accounting today and take control of your business’s future.

❓ Frequently Asked Questions

1. What is a financial red flag in a small business?
It’s an early indicator—like falling margins or overdue receivables—that something in your finances needs urgent attention.

2. Is negative cash flow always a red flag?
If it’s consistent over multiple months, yes. It means you’re spending more than you’re earning, which is unsustainable.

3. Why do business owners ignore these red flags?
Many hope the issue is temporary or don’t understand financial reports well enough to spot the problem early.

4. What financial reports should I review monthly?
P&L, cash flow statement, accounts receivable aging, and budget vs. actual reports are essential to monitor trends and cash health.

5. Can TMD Accounting help me interpret financial reports?
Absolutely. We guide business owners in South Jersey to understand, optimize, and act on real financial data to prevent crises.

25 Jul

Is Your Business Bleeding Money? The Hidden Accounting Errors You Might Be Making

ECoronel

Accounting, Small Business

🔹 Introduction

You’re doing everything right—serving customers, growing your team, and staying afloat in a tough economy. But something’s off. The profits you expected aren’t showing up. If you’ve ever asked yourself, “Where’s all the money going?”, you’re not alone.

🔍 Quick Summary

Many small businesses in South Jersey are unknowingly losing money due to hidden accounting mistakes.
Common errors include misclassified expenses, missed reconciliations, and overlooked deductions.
These mistakes lead to increased taxes, poor cash flow, and lost growth opportunities.
TMD Accounting helps identify and fix these issues—saving businesses thousands each year.

Many South Jersey small business owners are unknowingly losing thousands each year to avoidable accounting errors. These hidden pitfalls in your books—misclassified expenses, outdated reconciliations, or overlooked deductions—could be draining your finances faster than you realize. And unless you fix them, your business might be bleeding money silently.

🔹 The High Cost of Small Errors

Even minor mistakes in accounting can snowball into serious financial trouble. A Gloucester County café owner once discovered their part-time staff was incorrectly classified as independent contractors. That one slip cost them over $7,000 in back taxes and penalties.

Gloucester County Alert: DIY bookkeeping and outdated software are two leading causes of costly accounting errors in South Jersey businesses.

How One Missed Entry Can Snowball

A single duplicate expense entry can inflate your costs and hurt your bottom line.
Overreported income due to incorrect invoicing might mean paying more in taxes than necessary.
Mislabeling vendor payments can lead to audit risks—and we all know how stressful that can be.

Case Study: Gloucester County Retailer’s Overlooked Expense

A Turnersville retailer failed to record monthly credit card processing fees—amounting to over $1,800 per year. Once identified and corrected, their year-end tax liability dropped, freeing up funds for new inventory.

🔹 Top Hidden Accounting Errors Small Businesses Make

Whether you’re managing your books yourself or relying on basic software, these common accounting errors can creep in unnoticed:

Misclassified Expenses

Personal meals logged as business dining.
Equipment labeled as office supplies instead of capital assets.

Failing to Reconcile Accounts Monthly

Missed bank charges and deposits.
Duplicate entries or bounced checks not reflected in the books.

Overlooked Tax Deductions

Home office use
Mileage for client meetings
Health insurance premiums for self-employed individuals

Hiring a local bookkeeping expert can help you avoid these mistakes and even uncover deductions you’re entitled to. Looking for the best bookkeeping services near me? South Jersey has trusted professionals like TMD Accounting ready to help.

🔹 How These Errors Bleed Your Budget

Unchecked errors lead to real financial pain:

Increased Tax Liabilities

Errors inflate income or underreport expenses, meaning you pay more.

Missed Growth Opportunities

Misstated profits could mislead you into underinvesting in your business.

Damaged Cash Flow

Late vendor payments from bad data can harm relationships and lead to penalties.

When you book your consultation with a tax and accounting professional, you gain insight into how to fix these leaks and rebuild trust in your financials.

🔹 Local Businesses Are at Higher Risk — Here’s Why

DIY Bookkeeping Challenges in South Jersey

Many small business owners in towns like Glassboro or Williamstown manage their books themselves—often without formal training. The tools may be user-friendly, but one wrong click can create a ripple effect.

Limited Access to Experienced Accountants

Larger cities may have more firms, but in Gloucester County, quality local options like TMD Accounting make the difference between barely getting by and thriving.

🔹 How to Catch and Correct These Mistakes

You can start cleaning up your books with a simple three-step system:

Create a monthly reconciliation checklist
Match every bank statement with your bookkeeping entries.
Use accounting software properly
Tools like QuickBooks or Wave can help—but only when set up correctly.
Get a second set of eyes
A professional review every quarter can reveal issues you missed.

Thinking about outsourcing? You can hire a bookkeeping expert today to bring accuracy and peace of mind back to your business.

TMD Tip: Create a monthly checklist for reconciliations and tax deductions—then let a pro audit your process quarterly.

🔹 Tools and Resources Every NJ Business Should Use

Recommended Software

QuickBooks Online: Ideal for real-time cash flow monitoring.
Gusto: Simplifies payroll, reducing misclassification risk.
Bench: For hands-off monthly bookkeeping.

Free IRS and NJ Tax Tools

IRS Withholding Estimator
NJ Division of Taxation Forms & Publications

TMD Accounting’s Local Support

Tap into tailored services with TMD Accounting’s payroll solutions or small business tax planning. Trusted by South Jersey for over 30 years.

🔹 Conclusion

Your business doesn’t need to bleed money due to fixable accounting issues. From overlooked expenses to tax-time mistakes, these errors are common—but completely avoidable. You deserve to feel confident, in control, and financially stable.

Get your personalized financial review now with Gloucester County’s trusted accountants. Book your free consultation with TMD Accounting and start saving money where it matters most.

❓ Frequently Asked Questions

1. What are common accounting errors small businesses make?
Misclassifying expenses, failing to reconcile accounts monthly, and overlooking tax deductions are frequent and costly mistakes.

2. Can a small error really cost that much?
Yes—misclassifying workers or missing vendor charges can lead to thousands in penalties or overpaid taxes.

3. How do I know if my books are accurate?
Regular reconciliations, audits, and working with a professional bookkeeper help ensure accuracy.

4. What tools can help prevent these errors?
QuickBooks, Gusto, and Bench are top tools for automating payroll, expense tracking, and monthly reconciliation.

5. How does TMD Accounting help fix these problems?
We perform detailed financial reviews, correct misclassifications, and create systems to prevent future errors—backed by 30+ years in South Jersey.

4 Jul

Managing Employee Turnover in Retail: Payroll and Financial Implications

ECoronel

Accounting, Bookkeeping, Small Business

When Every Goodbye Costs You More Than You Think

You hire. You train. You hope they stay. And then—just like that—they quit. Retail turnover isn’t just frustrating, it’s expensive. And if you’re a small business owner in South Jersey, especially in Gloucester County, you’ve likely felt the sting more than once.

But the real pain? It’s not just the cost of finding someone new. It’s the payroll chaos, compliance stress, and financial loss that follows each departure.

🔍 Quick Summary

Retail turnover in South Jersey is costly—often exceeding $3,000 per employee.
Frequent staff changes disrupt payroll accuracy and compliance.
Smart scheduling, retention bonuses, and payroll tools reduce financial impact.
TMD Accounting helps local retailers streamline payroll and minimize hiring disruptions.

The Real Cost of Turnover in Retail

Retail businesses, especially boutiques, gift shops, and seasonal stores, experience some of the highest turnover rates of any industry. While national turnover hovers around 60% for retail, many local businesses report even higher churn during peak seasons.

Did You Know? One South Jersey boutique lost over $8,000 in a single quarter from repeat turnover and payroll mistakes—without even realizing it.

Let’s break down the impact:

Hiring Costs: Advertising, interviewing, and onboarding new staff.
Training Time: Weeks before new hires become productive.
Overtime: Existing staff pick up extra shifts, increasing payroll.
Customer Service Impact: Less experienced employees = lost sales.

One South Jersey boutique reported losing over $8,000 in a single quarter due to repeat hiring costs and payroll inefficiencies—without even realizing it.

Why Turnover Hits Retail Payroll So Hard

Hourly Pay + Flexible Scheduling = Payroll Nightmares

Most retail shops rely on flexible part-time help. That creates fluctuating schedules, last-minute changes, and mistakes in payroll entries—especially when staff are leaving and joining frequently.

Compliance Traps with Termination

Did you know NJ requires timely final paychecks? Miss that window, and you could face legal penalties. And if a terminated employee disputes their hours or overtime, unclear records could cost you even more.

That’s why a structured payroll system is essential.

Calculating Your Turnover Cost

Here’s how it adds up:

Cost to Hire (per person):
$500–$1,500 (advertising, interviews, background checks)
Training Cost:
$1,000+ in manager time and lost productivity
Payroll Impact:
Overtime, incorrect pay, payroll adjustments = $500–$1,000
Revenue Loss:
Missed sales, lower conversion rates from inexperienced staff

The true cost of one departure can easily exceed $3,000+—even for a part-time role.

Financial Strategies to Minimize Turnover Cost

🧠 Smart Scheduling = Smarter Payroll

Use tools like Square, Homebase, or Gusto to integrate scheduling with payroll. Automate shift changes and hours worked to reduce errors.

Need help syncing systems? TMD can help with implementation.

🎯 Retention Starts With Recognition

Offer small bonuses, end-of-season rewards, or even a shoutout board to retain staff longer. A $100 gift card may save $1,000 in turnover cost.

🤝 Work With a Payroll Partner

A good payroll partner can:

Issue compliant termination paychecks
Prevent under/overpayments
Track PTO and hours seamlessly
Alert you to payroll red flags early

Explore TMD’s payroll services for South Jersey retailers.

TMD Success Story: A Turnersville boutique cut turnover by 30% and eliminated payroll errors with TMD’s help—freeing up time to focus on growth.

Local Success Story: A Boutique in Turnersville

After seeing 40% staff turnover during the holidays, this boutique owner turned to TMD. We helped:

Set up automated time tracking
Create a clear new-hire onboarding system
Streamline payroll with direct deposit and PTO tracking

Result? Turnover dropped by 30%, payroll errors vanished, and the owner finally had peace of mind—and time to grow.

The Bottom Line: Don’t Let Turnover Drain Your Business

Turnover is part of retail. But it doesn’t have to be a financial nightmare.

At TMD Accounting, we work with retailers across Gloucester County to reduce payroll errors, simplify hiring transitions, and reclaim profitability—even during your busiest seasons.

👚 Retail payroll feels chaotic? Turnover out of control?
🧾 Book your free payroll and turnover review with TMD Accounting today and take back control of your business’s finances.

❓ Frequently Asked Questions

1. Why is employee turnover so high in retail?
Flexible schedules, part-time roles, and seasonal work contribute to frequent changes in staff, especially in small shops and boutiques.

2. How much does one retail employee turnover really cost?
Factoring in hiring, training, payroll errors, and lost sales, one departure can exceed $3,000 in losses.

3. What payroll problems does high turnover cause?
Inaccurate hours, late final paychecks, and compliance issues with NJ laws are common risks.

4. Can technology help reduce payroll stress?
Yes—tools like Homebase and Gusto automate scheduling, integrate payroll, and reduce manual errors.

5. How can TMD Accounting help with retail payroll?
TMD offers payroll setup, compliance support, automated tracking, and customized onboarding tools for South Jersey retailers.

6 Jun

Simplifying Financial Reporting for Small Healthcare Businesses in NJ

Tom DiTullio

Accounting, Small Business

Running a medical practice is a full-time job—and then some.
Between patient care, staff management, and billing headaches, there’s rarely time left to analyze balance sheets or review profit margins. And let’s be honest—most financial reports look like they’re written in a foreign language.

But here’s the truth: simplifying financial reporting for small healthcare businesses is one of the smartest, most empowering moves you can make. It doesn’t require an MBA or hours of number-crunching—just the right approach, tools, and a bit of expert guidance.

If you’re a healthcare provider in South Jersey trying to make sense of your finances (and stay compliant with NJ tax laws), this guide is for you.

🔍 Quick Summary

Small healthcare businesses often struggle with complex financial reporting—leading to cash flow problems and compliance risks.
Key reports like P&L, Balance Sheets, and Cash Flow Statements provide essential visibility.
Using healthcare-specific software and customized tracking simplifies your practice’s finances.
TMD Accounting helps NJ healthcare providers turn confusing data into strategic clarity.

Why Financial Reporting Matters in Healthcare

Financial reporting is more than just bookkeeping—it’s the heartbeat of your business operations.

TMD Tip: Don’t wait for tax season—monthly reporting keeps your practice financially healthy and stress-free.

Here’s why it’s crucial:

Track what you’re really earning: Patient payments, insurance reimbursements, and co-pays add complexity. A clear report shows you actual profitability.
Spot problems early: Delayed reimbursements or high overhead can be caught quickly.
Stay compliant: Accurate financial reporting helps you avoid IRS penalties or misfilings with the NJ Division of Revenue.
Plan for growth: Want to open a second location or invest in new equipment? You’ll need clean financials to secure a loan or investor confidence.

🧠 Pro Tip: Financial clarity isn’t about perfection—it’s about visibility and consistency.

What Your Accountant Should Show You Monthly

Key Financial Reports Your Practice Should Use

You don’t need a thousand spreadsheets. Just a few targeted reports can give you a powerful snapshot of your practice’s health.

1. Profit & Loss Statement (P&L)

Shows income vs. expenses over a period (monthly, quarterly, annually)
Helps identify where you’re making—or losing—money
Tracks trends in patient revenue, insurance reimbursements, and operational costs

2. Balance Sheet

Lists assets, liabilities, and equity
Great for determining your net worth and preparing for expansion or financing
Especially helpful if you own your medical office building or have medical equipment loans

3. Cash Flow Statement

Shows how cash is entering and leaving your practice
Identifies cash shortages due to insurance delays or high overhead
Essential for covering payroll and monthly bills without stress\

Common Financial Reporting Pitfalls in Healthcare

Many practices don’t realize they’re struggling until it’s too late. Here are the top mistakes we see:

Using generic accounting software that doesn’t align with healthcare coding or billing
Confusing revenue with collections (just because you billed $10,000 doesn’t mean you’ve been paid)
No separation of patient payments vs. insurance reimbursements
Not tracking service-line profitability (e.g., is physical therapy really bringing in profit?)
Missing reports for co-pays, aging accounts receivable, or write-offs

💬 Real Example: One Washington Township family practice thought they were breaking even until a custom report showed their insurance collections were 60 days behind—and they were actually operating at a loss.

How to Simplify Financial Reporting in Your Practice

Step 1: Use Healthcare-Specific Software

Generic tools like Excel or basic QuickBooks versions don’t cut it. Instead, look for:

Kareo
AdvancedMD
DrChrono
Or QuickBooks integrated with medical billing software

These platforms can track patient billing, insurance reimbursements, and create healthcare-friendly reports.

Step 2: Automate and Sync Your Systems

Integrate your EHR or practice management system with your accounting platform
Automate payroll, expense categorization, and vendor payments
Tag income by payer source (insurance vs. self-pay)

Step 3: Customize Reports to Match Your Goals

You don’t need a flood of data—you need actionable insights. Work with your accountant to track:

Revenue by provider or service line
Overhead percentage (ideal range: 50–65%)
Monthly collections vs. charges
Patient retention and average visit revenue

Explore Our Healthcare Accounting Services in South Jersey

Why It Matters: Financial reports are more than spreadsheets—they’re roadmaps to smarter decisions, healthier practices, and compliant operations.

Why Work With a Local NJ Healthcare Accountant?

A general accountant might miss things like insurance coding issues, HIPAA-compliant tracking, or NJ-specific tax rules. At TMD Accounting, we specialize in working with medical practices throughout Gloucester County and surrounding areas.

Here’s what we offer:

Customized reports you’ll actually understand
Real-time dashboards and monthly check-ins
Tax planning aligned with NJ healthcare business rules
Support during audits or Medicare reconciliations

💬 Case Study: After partnering with us, a Sewell-based podiatry clinic increased net profit by 18% in one year—just by fixing their AR tracking and insurance follow-ups.

Conclusion: Clarity Is Power

Financial reporting doesn’t need to be a burden. In fact, with the right systems and support, it becomes one of your strongest tools for decision-making, compliance, and growth.

🎯 Want help simplifying your reports and seeing your true financial health—without drowning in spreadsheets?
Schedule a free consultation with TMD Accounting today and let’s bring clarity to your practice’s bottom line.

❓ Frequently Asked Questions

1. Why is financial reporting different for healthcare providers?
Healthcare income includes insurance reimbursements, co-pays, and billing codes, which require specialized tracking for accuracy and compliance.

2. What reports should I review monthly?
Start with your Profit & Loss statement, Balance Sheet, and Cash Flow report—then add custom reports for collections and aging receivables.

3. Can generic software handle my needs?
Often not. Medical practices benefit from tools like Kareo or QuickBooks paired with billing integrations for better accuracy.

4. How does poor reporting hurt my practice?
It leads to cash flow gaps, missed growth opportunities, and audit risk—especially if you’re misreporting insurance income or expenses.

5. How does TMD help healthcare businesses in NJ?
We simplify reporting, build custom dashboards, and ensure compliance with NJ healthcare tax rules—all tailored to your specific services.

11 Apr

Cash Flow Challenges in Construction: Solutions for Small Contractors

Tom DiTullio

Accounting, Bookkeeping, Small Business

You’re landing jobs, your crews are busy, and yet—somehow—your checking account looks like you’re in a slow season. If that sounds familiar, you’re not alone. Cash flow issues in construction are one of the biggest silent killers of small contracting businesses, especially here in South Jersey where seasonal work, long payment cycles, and unpredictable expenses collide.

This article tackles the cash flow challenges in construction and offers actionable solutions tailored for small contractors. Whether you’re running a drywall team in Deptford or managing roofing projects across Gloucester County, these strategies can help you stay financially stable, even when your schedule is packed.

Understanding the Cash Flow Crunch in Construction

Why Construction Is Prone to Cash Flow Issues

Construction is one of the few industries where you often have to spend big before you get paid. From materials and permits to payroll and equipment rentals, your costs start piling up weeks before the first invoice is approved—and that’s assuming your client pays on time.

Here’s why cash flow gets tricky:

Billing delays: Projects are often paid on a net-30, net-60, or even net-90 basis.
Change orders: Unexpected client requests lead to increased costs that might not be reimbursed immediately.
Retention holdbacks: Some clients withhold 5–10% of payment until the entire project is finished.

Cost Outlay vs. Payment Received

Common Mistakes Small Contractors Make

Poor Job Cost Estimation

One of the biggest pitfalls is underbidding—either to win the job or due to inaccurate cost forecasting. This leads to:

Low or negative profit margins
Surprise expenses that can’t be covered until the next job

Fix it: Use historical data and detailed scopes of work to estimate accurately, and add a contingency line for unexpected costs.

Lack of Project-Based Budgeting

Many small contractors manage their business finances in one lump sum, without breaking it down by project. The result? You don’t know which jobs are profitable—or bleeding cash.

Fix it: Use software like Buildertrend or CoConstruct to budget and track costs for each project phase.

Mixing Business and Personal Finances

This mistake makes it nearly impossible to assess your company’s true financial health and opens you up to tax headaches.

Fix it:

Open a dedicated business checking account
Use accounting software with project tracking (like QuickBooks Online)

Forecasting Your Cash Flow

Benefits of a Rolling Cash Flow Forecast

A rolling 12-week forecast helps you look ahead and see if (and when) you’ll run out of cash.

Why it works:

Highlights timing gaps between revenue and expenses
Enables preemptive action (e.g., delaying non-essential purchases)
Helps you prioritize which clients to chase for payments

Tools to Use

Excel templates tailored for contractors
QuickBooks’ Cash Flow Planner
Specialized tools like Knowify or Planyard

cash flow chart

Getting Paid Faster

Invoice on Milestones Instead of Completion

Don’t wait until the job is done to get paid. Break the contract into milestone-based payments (e.g., after demolition, framing, electrical, etc.).

Use Incentives and Late Fees

Offer 1–2% discounts for early payment
Implement reasonable late fees (check NJ legal limits)

Accept Digital Payments

Paper checks can delay payment by a week or more. Switch to:

ACH transfers
Credit card payments (consider processing fees in your quotes)
Online payment portals like Bill.com or Stripe

Managing Payables Without Delaying Projects

Negotiate Vendor Terms

Your suppliers may offer net-30, net-45, or early pay discounts if you ask. Use these to align payments with client cash inflows.

Prioritize Payments Strategically

Pay labor first to maintain workforce morale
Prioritize materials that delay the schedule if unpaid
Defer non-urgent overhead (e.g., equipment upgrades)

📌 Internal Link: Smart Accounting Practices for Contractors in NJ

Leveraging Financing Without Going into Debt

Short-Term Financing Options

Business line of credit: Flexible, reusable, lower rates than credit cards
Invoice factoring: Sell unpaid invoices for instant cash (beware of fees)
Material financing: Get building materials now, pay after the job pays

When to Use Business Credit Cards

Use only for:

Emergency purchases
Small, recurring costs like gas or job site supplies
Tracking expenses by employee or department

Financing Method	Interest Rate / Fees	Repayment Terms	Best Use Case
Business Line of Credit	7–15% APR	Flexible, revolving	Cover short-term cash gaps
Invoice Factoring	2–5% per invoice	Paid upon invoice payment	Instant cash for outstanding invoices
Material Financing	Varies by supplier	Due after job payment	Purchase materials without upfront payment
Business Credit Card	15–25% APR	Monthly minimums	Emergency or recurring small expenses

Partnering With the Right Financial Professionals

Why a Construction-Savvy Accountant Matters

Not every accountant understands job costing or how weather delays affect revenue. Choose one who:

Specializes in construction cash flow management
Helps with tax deductions unique to contractors (like per diem rates, depreciation on tools, and project-based write-offs)

How TMD Accounting Supports NJ Contractors

We help local contractors with:

Project-based financial reporting
Budgeting and forecasting tools
Payroll and tax compliance specific to New Jersey labor laws

📍 Internal Link: Accounting for Construction Businesses in New Jers

From Crunch to Control

Cash flow doesn’t have to be a rollercoaster. With the right systems, tools, and partners, you can keep your projects moving—and your bank account in the black.

You don’t have to manage it alone. At TMD Accounting, we’ve helped South Jersey contractors streamline their finances, increase profitability, and sleep better at night.

🎯 Ready to take control of your construction cash flow?
Contact us today for a free consultation tailored to your business.

FAQs

Q: Why is cash flow such a big issue in construction?
A: Because you often spend thousands on labor and materials long before clients pay their invoices.

Q: What is the best way to forecast cash flow for my business?
A: Use a rolling 12-week cash flow model and update it weekly. Include all receivables, payables, and expected job starts.

Q: Can I use personal funds to cover business expenses in a pinch?
A: You can—but you shouldn’t. It complicates taxes and makes it hard to track business health.

28 Mar

Avoiding Burnout: Financial Tasks You Should Delegate Today

Tom DiTullio

Accounting

Finding yourself wearing one too many hats these days? As a business owner, you take on a variety of tasks throughout the day, but doing too much can lead to stress and burnout. Financial management and bookkeeping is important for the success of your business, yet it’s also incredibly time-consuming and intricate. One misstep can lead to chaos and expanded financial burdens and consequences. What if you could free up time by delegating some financial tasks to a professional accountant?

Here are some financial tasks that you can outsource to a small business accountant in South Jersey today:

1. Bookkeeping

Yes, bookkeeping is a tedious task that requires daily or weekly attention—it’s also essential. Tracking expenses, categorizing transactions, reconciling bank statements, and maintaining financial records can quickly become overwhelming. Instead of spending hours managing your books, delegate this task to a professional bookkeeper or accounting firm. Outsourcing bookkeeping ensures your records are accurate, up to date, and ready for tax season without the added stress.

2. Payroll Processing

Payroll errors can be costly, so it is important to think of it as more than just paying your employees correctly. You need to also calculate tax withholdings, stay compliant with labor laws, and track benefits. Outsourcing payroll can help reduce errors and save you from financial and legal penalties. An accountant or payroll service—even an automated app—can ensure timely and accurate payments whole significantly reducing the risk of error. You also eliminate the burden of keeping up wit the ever-changing federal and state tax laws and regulations.

3. Tax Preparation and Planning

Handling business taxes is complicated, and filing incorrectly can result in penalties or missed deductions. Tax professionals stay updated on the latest tax laws and can help you maximize deductions while ensuring compliance. Delegating tax preparation and planning not only saves time but also helps you strategize for long-term tax savings. Instead of scrambling at tax time, work with an accountant to proactively manage your tax obligations throughout the year.

4. Accounts Payable and Receivable

Managing invoices, payments, and outstanding balances is time-consuming, yet essential for maintaining cash flow. Late payments or unpaid invoices can disrupt business operations and hurt profitability. Outsourcing accounts payable and receivable ensures that bills are paid on time and customer invoices are followed up on promptly.

5. Financial Reporting and Budgeting

Understanding your business’s financial health is crucial for making informed decisions, but generating financial reports and creating budgets can be overwhelming. Accountants can provide accurate reports, cash flow statements, and forecasting to help you make strategic business choices. With professional financial guidance, you can set realistic budgets, control expenses, and plan for future growth without spending hours crunching numbers.

6. Business Expense Tracking

As a small business owner or entrepreneur, it can be challenging to track your expenses, particularly if you are mixing personal and business funds. A professional accountant can help implement automated systems to track expenses, categorize spending, and identify tax-deductible costs. This not only saves time but also helps you maintain financial accuracy and compliance.

7. Compliance and Regulatory Filings

Financial regulations, tax filings, payroll laws, and industry-specific requirements—there are so many things that require your compliance. If you miss a deadline or fail to meet certain compliance standards, you may be met with fines and legal issues. Gain peace of mind by outsourcing your accounting. Professional accountants will know how to keep your business compliant while also ensuring all filings are completed accurately and on time, reducing the risk of costly penalties.

Choosing the Right Accountant to Outsource Your Financial Tasks

Outsourcing your accounting can save time, improve accuracy, and reduce stress, but choosing the right accountant is essential. Start by identifying your business needs—whether it’s bookkeeping, payroll, tax planning, or full-service accounting. Look for an accountant with industry experience, proper certifications (such as CPA or EA), and knowledge of modern accounting software like QuickBooks or Xero. They should also be accessible, transparent about pricing, and proactive in tax planning rather than just filing returns.

A trustworthy accountant will help you stay compliant with tax laws, manage cash flow, and provide valuable financial insights. Read reviews, ask for references, and ensure they understand your industry’s specific financial requirements.

Consider meeting with a professional accountant to discuss outsourcing your time-consuming financial tasks.

Delegate Financial Tasks to TMD Accounting and Focus on Business Growth

Trying to handle every financial task on your own can lead to burnout and mistakes that cost your business time and money. Delegating financial management to professionals allows you to focus on what you do best—running and growing your business. TMD Accounting offers bookkeeping, payroll, tax planning, and financial reporting services to help small business owners in South Jersey stay organized and stress-free.

Contact the professionals at TMD Accounting by calling 856-228-2205 or by filling out the online contact form. We can help you streamline your financial processes and avoid burnout.

24 Mar

5 Accounting Tips for Restaurants Facing Seasonal Revenue Slumps

Tom DiTullio

Accounting

Seasonal revenue slumps are a common challenge for restaurants. Slow winters, blazing summers, school, work, off-peak times, and post-holiday lulls can leave restaurants empty of patrons. It can be difficult to manage cash flow and stay profitable during these downturns, but that doesn’t have to be so. With the right accounting strategies, your restaurant can weather these slow periods without compromising your business’s financial stability. Here are five accounting tips from the professionals at TMD Accounting to help your restaurant thrive during seasonal revenue slumps.

Key Takeaways

Regularly update your financial records and track income, expenses, and inventory to prevent cash flow issues during slow months.
Plan ahead by setting aside profits from peak months to cover fixed expenses during lean times.
Adjust inventory levels to prevent over-ordering and waste, improving cash flow and minimizing costs.
Tailor staffing levels to match business activity, reducing unnecessary payroll costs during slow periods.
Work with an accountant in South Jersey to leverage available tax deductions and credits, easing the financial strain during off-peak months.

Why Do Seasonal Revenue Slumps Happen to Restaurants?

Seasonal revenue slumps can happen for several reasons. Knowing how to prepare your finances for these periods can relieve some of the burden. Here are some of the reasons your restaurant may be facing a revenue slump:

Weather and Holidays: Some months beckon people to come out of their homes to dine out with friends and family while other periods can lead to reduced foot traffic.
Changes in Consumer Spending: Consumer spending tends to fluctuate based on economic conditions, holidays, and even personal finances. During slower months, people are more likely to cut back on discretionary spending like dining out, leading to a drop in restaurant traffic.
School and Work Schedules: When school is out, restaurants will see an uptick in patrons, particularly those located in places where families go on vacation. Similarly, work schedules can affect business, with some restaurants seeing less lunch traffic during the off-season if professionals are on vacation or out of the office.
Local Economic Cycles: Restaurants located in tourist-heavy areas may experience a seasonal slump when tourists are no longer visiting, especially in the off-peak seasons.
Competition: Limited-time menus and promotions may drive customers from one restaurant to the next temporarily.

Accounting Tips to Help You During Seasonal Revenue Slumps

Now that you know why revenue slumps happen, here are some tips that can help you overcome such challenges:

1. Track Cash Flow Closely

During slower months, it’s essential to closely monitor your cash flow. Keep a close eye on the cash coming in and going out. Regularly updating your financial records will help you identify any shortfalls early and adjust your spending accordingly. Use accounting software to track income, expenses, and inventory levels, and consider adjusting your budget to reflect the seasonal nature of your revenue. This proactive approach will help you stay ahead of any potential cash flow issues.

2. Plan for Seasonality with a Budget

Anticipating and planning for seasonal fluctuations in revenue is key to maintaining financial stability. Create a budget that accounts for both high and low seasons. During peak months, set aside a portion of your profits to cover the slower months ahead. This cushion can help you cover fixed expenses like rent, utilities, and payroll when sales dip. By planning in advance, you’ll avoid scrambling for funds and ensure you have the resources to carry your restaurant through slow periods.

3. Optimize Inventory Management

Excess inventory is going to be a hindrance when business is slow. Consider upgrading your inventory management system to avoid over-ordering. It will also help you minimize waste—and wasted money. Furthermore, proper stock management will help you reduce costs, improve cash flow, and prevent spoilage. Regularly review inventory reports to adjust orders and make sure you’re not sitting on inventory that could hurt your bottom line during a revenue slump.

4. Adjust Payroll to Match Demand

One of the largest expenses for restaurants is payroll, and during slow periods, it’s essential to adjust staffing levels to match demand. Review historical data to predict slower times and schedule staff accordingly. Consider cross-training employees to ensure flexibility in staffing. By aligning payroll with business activity, you can avoid overstaffing and reduce unnecessary labor costs during off-peak times.

5. Maximize Tax Deductions and Credits

Tax season is an opportunity to recoup some of your losses from slower months. Work with an accountant to ensure you’re taking advantage of all available tax deductions and credits. This can include deductions for business expenses, depreciation, employee benefits, and more. Additionally, review your restaurant’s eligibility for any government grants or relief programs that can help you manage through seasonal downturns. Tax planning can ease the financial strain during lean months and help position your business for growth in the future.

Work with TMD Accounting and Stay on Track

Implementing sound accounting strategies is crucial for restaurants to navigate seasonal revenue slumps.

Seasonal revenue slumps don’t have to spell disaster for your restaurant. By tracking cash flow, planning ahead, managing inventory, adjusting payroll, and maximizing tax benefits, you can maintain financial stability year-round. TMD Accounting is here to help. Our team has helped restaurants for over 40 years. We will work with you to implement effective strategies for managing seasonal revenue fluctuations and ensure long-term profitability.

Contact TMD Accounting today by calling 856-228-2205 or by filling out the contact form. Together, you can overcome financial challenges and keep your restaurant on track through every season.

28 Feb

Why Hiring the Right Accountant Matters

The Accountant’s Role in Your Business

The right accountant is more than a financial professional—they’re a strategic partner who can help your business thrive. They’ll ensure accurate bookkeeping, timely tax filing, and compliance with local regulations while offering valuable insights into your financial health.

On the flip side, hiring the wrong accountant can lead to:

Costly tax penalties.
Missed opportunities for deductions.
Stress and wasted time spent fixing errors.

💡 Example: One of TMD Accounting’s clients, a Gloucester County contractor, came to us after facing penalties due to misclassified employees. With our guidance, they corrected their payroll practices and avoided further issues, saving thousands of dollars.

Visual Suggestion: Create an infographic titled “The Impact of the Right Accountant on Your Business.”

Questions to Ask About Their Experience

1. Do You Have Experience with Businesses Like Mine?

Accounting needs vary by industry. A construction business, for instance, faces challenges like job costing and contractor classifications, while a retail business must navigate sales tax complexities. Choosing an accountant familiar with your industry ensures they’ll understand your specific pain points.

2. Are You Familiar with New Jersey Tax Laws?

New Jersey has unique tax requirements, including sales tax, unemployment insurance, and payroll taxes. Ask whether the accountant has experience navigating these laws, particularly for Gloucester County businesses.

Pro Tip: Local expertise matters. An accountant who understands the nuances of South Jersey tax laws will better protect your business from audits or compliance issues.

3. What Certifications Do You Hold?

Look for certifications such as:

Certified Public Accountant (CPA).
Enrolled Agent (EA).
Chartered Accountant (CA).

These credentials demonstrate the accountant’s training and expertise.

Download the Checklist “Essential Accountant Certifications to Look For.”

Questions to Ask About Their Services

4. Do You Offer Full-Service Accounting?

Some accountants specialize in tax preparation, while others provide comprehensive services, including:

Bookkeeping.
Payroll processing.
Financial planning.
Audit support.

Determine whether their offerings align with your needs, both now and as your business grows.

5. What Accounting Software Do You Use?

Technology is critical in today’s financial landscape. Accountants who use platforms like QuickBooks, Xero, or FreshBooks can streamline record-keeping and provide real-time financial insights.

💡 Example: TMD Accounting uses modern tools to manage payroll and track expenses for Gloucester County clients, ensuring they’re always prepared for tax season.

6. Can You Help with Long-Term Financial Planning?

Your accountant should be more than a number-cruncher. Ask whether they can help you set financial goals, create budgets, and plan for growth.

Comparison of Services: Tax Preparers vs. Full-Service Accountants

Service	Tax Preparer	Full-Service Accountant
Tax Filing & Preparation	✔️	✔️
Tax Planning & Strategy	❌	✔️
Bookkeeping	❌	✔️
Payroll Management	❌	✔️
Financial Reporting & Analysis	❌	✔️
Budgeting & Forecasting	❌	✔️
Audit Support	❌	✔️
Business Advisory Services	❌	✔️
Compliance with Local & State Laws	❌	✔️
Cash Flow Management	❌	✔️

Questions to Ask About Costs

7. How Are Your Fees Structured?

Understanding the accountant’s fee structure upfront is critical. Common models include:

Hourly rates.
Flat fees.
Project-based pricing.

Ask whether there are additional charges for specific services, like audits or consultations.

8. Do You Offer Flexible Pricing for Small Businesses?

Small businesses often operate on tight budgets. An accountant who offers flexible or tiered pricing can be a better fit for startups or smaller operations.

Pro Tip: At TMD Accounting, we understand the challenges South Jersey businesses face. That’s why we tailor our services to fit your budget without compromising quality.

Questions to Ask About Communication

9. How Often Will We Communicate?

Clear, regular communication is essential. Find out whether the accountant provides monthly updates, quarterly reviews, or on-demand support.

10. Will I Have a Dedicated Point of Contact?

Avoid confusion by ensuring you’ll work with a consistent team member who knows your business inside and out.

11. How Do You Handle Urgent Questions?

Emergencies happen. Make sure your accountant is accessible for urgent needs, whether by phone, email, or in-person meetings.

Why Local Expertise Matters

Hiring a local accountant familiar with Gloucester County’s business landscape provides several advantages:

Personalized Support: Local accountants understand the unique challenges and opportunities in your area.
Community Connections: They’re familiar with local banks, financial institutions, and government offices.
Reputation: A local professional like TMD Accounting has a proven track record of success in your community.

💡 Case Study: A Turnersville café owner faced an audit due to missed payroll filings. With TMD Accounting’s local expertise, they resolved the issue quickly and implemented systems to prevent future problems.

Conclusion

Hiring the right accountant for your Gloucester County business is one of the most important decisions you’ll make. By asking these key questions, you’ll ensure you find a trusted partner who can help you navigate taxes, improve your financial health, and set your business up for long-term success.

If you’re ready to take the guesswork out of accounting, contact TMD Accounting today. With nearly 40 years of experience serving South Jersey businesses, we’re here to help you achieve peace of mind and financial confidence.

Contact Us

📞 Call us: (856) 228-2205
📧 Email us: info@tmdaccounting.com
📍 Visit us: 202 Ganttown Road, Turnersville, NJ 08012
🌐 Learn more: TMDAccounting.com

14 Feb

The Advantages of Cloud Accounting for South Jersey Small Business

Tom DiTullio

Accounting

Managing finances is one of the most critical yet challenging aspects of running a small business. For South Jersey business owners, juggling taxes, payroll, invoicing, and budgeting can quickly become overwhelming. If you’re still relying on outdated spreadsheets or cumbersome desktop software, it’s time to consider an upgrade. Cloud accounting can transform the way you handle your finances, offering efficiency, accuracy, and peace of mind.

In this guide, we’ll explore the advantages of cloud accounting for small businesses in South Jersey. Whether you’re a café owner in Turnersville, a contractor in Deptford, or a boutique retailer in Cherry Hill, cloud accounting offers tools that simplify your financial management and allow you to focus on growing your business.

What Is Cloud Accounting and How Does It Work?

Defining Cloud Accounting

Cloud accounting refers to financial management software hosted online, rather than installed on a desktop computer. This software allows you to access your financial data anywhere, anytime, using any internet-connected device.

Unlike traditional accounting software, which requires manual updates and backups, cloud-based platforms automatically update your data in real-time. Popular examples include QuickBooks Online, Xero, and FreshBooks.

💡 How It Works: Think of it like online banking. Just as you can log into your bank account to check balances and make transfers, cloud accounting gives you instant access to your business’s financial health.

The Benefits of Cloud Accounting for Small Businesses

1. Accessibility and Flexibility

Cloud accounting allows you to access your financial data from any device, anywhere. This is especially beneficial for South Jersey business owners managing multiple locations or working on the go.

Example: A restaurant owner in Gloucester County can check daily sales and expenses while away at a catering event.
Pro Tip: Use the mobile app for instant updates and financial snapshots.

2. Cost-Effectiveness

Eliminate the need for expensive hardware or IT support.
Pay-as-you-go subscription models reduce upfront costs, making cloud accounting affordable for small businesses.
Updates and upgrades are included in the subscription, meaning you’ll always have the latest features.

💡 Did You Know? Businesses that switch to cloud accounting report saving up to 30% on IT-related costs.

3. Real-Time Financial Insights

With cloud accounting, you can monitor your cash flow, track expenses, and view profit margins in real time.

Automatically generated financial reports, such as income statements and balance sheets, help you make data-driven decisions.
Instant visibility into unpaid invoices ensures better cash flow management.

Example: A construction business in Camden County uses cloud accounting to track project expenses and adjust budgets in real-time, avoiding cost overruns.

4. Enhanced Collaboration

Cloud platforms allow seamless collaboration with your accountant and team members. By granting access to your accountant, you eliminate the need to exchange files manually, simplifying tax preparation and monthly reconciliations.

Pro Tip: Choose a platform like QuickBooks Online that lets you set permission levels for different users, ensuring sensitive data remains secure.

5. Data Security and Automatic Backups

Many business owners worry about data security when considering cloud solutions. However, reputable platforms use bank-level encryption and multiple layers of security to protect your information.

Automatic backups prevent data loss during unexpected events like hardware failures or natural disasters.
Regular software updates ensure compliance with the latest cybersecurity standards.

How Cloud Accounting Helps South Jersey Businesses Specifically

Addressing Local Tax Compliance

South Jersey businesses face unique tax challenges, including:

Navigating New Jersey sales tax requirements.
Managing payroll taxes with varying rates across municipalities.

Cloud accounting platforms help automate tax calculations, ensuring compliance and reducing errors.

Example: A Cherry Hill retailer uses cloud accounting to track sales tax obligations across multiple locations, saving hours of manual calculations.

Streamlining Operations for Seasonal Businesses

For seasonal businesses like Shore-area restaurants or landscaping companies, cloud accounting offers flexibility to:

Monitor cash flow during off-peak months.
Adjust budgets based on real-time data.

Choosing the Right Cloud Accounting Platform

Key Features to Look For

When choosing a platform, consider:

Ease of Use: Intuitive interfaces save time and reduce training costs.
Features: Look for invoicing, payroll management, and tax preparation capabilities.
Scalability: Choose a platform that grows with your business.

Popular Options for South Jersey Businesses

QuickBooks Online: Ideal for small to mid-sized businesses.
Xero: Excellent for ease of use and integrations.
Wave: Free for basic accounting needs.

Visual Suggestion: Include a comparison table showing the features of QuickBooks Online, Xero, and Wave.

Getting Started with Cloud Accounting

Steps to Transition

Assess your business’s accounting needs.
Choose the right platform for your goals.
Migrate existing data to the new platform (consider professional support for a seamless transition).
Train your staff on how to use the platform effectively.

Pro Tip: Start small by transitioning a single process, like invoicing, to familiarize yourself with the platform before fully adopting it.

Why Partnering with a Local Accountant Matters

Benefits of Working with a Local Expert

A South Jersey accountant understands the unique financial landscape and tax requirements of businesses in the area. By partnering with a local professional like TMD Accounting, you can:

Ensure tax compliance.
Receive personalized recommendations based on your business’s needs.
Save time by outsourcing setup and training.

💡 Client Story: A Turnersville bakery owner worked with TMD Accounting to transition to QuickBooks Online, streamlining their invoicing process and saving 10 hours a month on bookkeeping.

Visual Suggestion: Add a photo of TMD Accounting’s team assisting a client with cloud accounting.

Conclusion

Cloud accounting offers South Jersey small businesses a modern solution to financial management, combining flexibility, cost savings, and real-time insights. By adopting cloud-based tools, you can focus on what matters most: growing your business.

If you’re ready to make the switch, TMD Accounting is here to help. With nearly 40 years of experience serving South Jersey businesses, we can guide you through every step of the process, from platform selection to training.

Call-to-Action

📞 Call us: (856) 228-2205
📧 Email us: info@tmdaccounting.com
📍 Visit us: 202 Ganttown Road, Turnersville, NJ 08012
🌐 Learn more: TMDAccounting.com

31 Jan

Why Gloucester County Contractors Need a Specialized Accountant

Tom DiTullio

Accounting

Are Financial Missteps Costing Your Contracting Business?

Running a contracting business in Gloucester County comes with its fair share of challenges—tight project timelines, fluctuating material costs, and managing payroll for subcontractors. On top of that, navigating New Jersey tax laws, tracking job costs, and ensuring compliance can quickly become overwhelming.

Many contractors unknowingly leave money on the table due to inefficient accounting practices, leading to cash flow issues, cost overruns, and tax penalties.

At TMD Accounting, we specialize in helping contractors in South Jersey streamline their finances, maximize profitability, and stay compliant. Read on to learn why a specialized accountant is essential for the success of your contracting business.

📝 Quick Summary

Contractors face cash flow variability, complex tax rules, and intricate job costing—especially in Gloucester County. A specialized accountant from TMD Accounting helps you manage cash, maximize deductions, stay compliant, and boost profitability.

Unique Financial Challenges Contractors Face

1. Irregular Cash Flow

Contractors often deal with delayed payments tied to project milestones or client invoicing cycles. Meanwhile, they must pay for materials, equipment, and labor upfront. This mismatch can lead to cash shortages, stalling operations.

2. Job Costing and Expense Tracking

Without accurate job cost accounting, it’s easy to lose track of labor costs, material expenses, and overhead—leading to projects running over budget.

3. Tax Compliance in New Jersey

Contractors must manage:

Quarterly tax filings to avoid penalties.
Sales tax compliance for materials.
1099 reporting for subcontractors.

Staying on top of these requirements can be time-consuming and complex without professional help.

4. Payroll Management

From seasonal workers to unionized labor, managing payroll taxes, overtime rules, and compliance requirements can quickly become a headache.

How a Specialized Accountant Helps Contractors Succeed

💡 Contractor Insight

Did you know? 20% of contractors overspend on untracked costs, and nearly 40% get hit with unexpected NJ tax penalties—simply from missing a filing deadline or miscalculating labor expenses.

How a Specialized Accountant Helps Contractors Succeed

1. Cash Flow Management

A specialized accountant can:

Develop cash flow projections to anticipate shortages.
Set up reserve funds to handle unexpected expenses.
Improve invoice tracking for faster payments.

2. Job Costing and Profitability Analysis

Track every dollar spent per project to:

Identify hidden costs and wasteful spending.
Provide profitability reports to measure performance.
Create more accurate future project budgets.

3. Tax Planning and Preparation

Maximize tax deductions for tools, materials, and vehicles.
Optimize tax strategies for quarterly payments and filing deadlines.
Ensure full compliance with New Jersey tax laws to avoid penalties.

4. Payroll Services

Handle 1099 and W-2 filings for employees and subcontractors.
Calculate payroll taxes, ensuring compliance with local laws.
Simplify payroll processing, including direct deposits.

5. Budgeting and Forecasting

Create realistic budgets for each project.
Monitor spending to avoid overages and profit erosion.
Use forecasting tools to plan for seasonal fluctuations.

Key Accounting Services for Contractors

Bookkeeping for Contractors

Organized tracking of income and expenses.
Integration with QuickBooks or other accounting software.

Job Cost Accounting

Allocate costs by project for detailed tracking and work-in-progress accounting.
Create reports to monitor profitability trends.

Tax Services

Manage sales tax and payroll tax obligations.
Offer audit support and IRS compliance preparation.

Financial Planning and Analysis

Develop strategies to improve pricing models.
Provide insights for profit optimization and growth planning.

Why Gloucester County Contractors Should Hire a Local Accountant

1. Local Knowledge of Regulations

A local accountant understands:

NJ-specific tax laws and contractor licensing requirements.
Permitting rules and sales tax obligations related to construction projects.

2. Personalized Service

In-person support for urgent accounting needs.
Tailored advice for your industry and market.

3. Strong Local Network

Connections with local lenders, suppliers, and trade associations for added resources.

📞 Build a Stronger Contracting Business Today

Stop juggling cash shortages and tax compliance. Partner with TMD Accounting—South Jersey’s trusted accountant for Gloucester County contractors. We offer cash flow management, cost tracking, payroll services, and tax planning tailored to your trade.

Let’s set your business up for long-term profitability.
📞 Call 856-228-2205 or schedule your FREE consultation today.

4. Commitment to Community Success

Hiring a local accountant means supporting a business that is invested in Gloucester County’s growth—just like you are.

Why Gloucester County Contractors Trust TMD Accounting

At TMD Accounting, we know the contracting industry and understand its unique challenges. Here’s what sets us apart:

Industry Expertise: Decades of experience helping contractors, builders, and subcontractors.
Custom Solutions: From job costing to payroll management, we offer services tailored to contractors.
Technology-Driven Tools: Proficient in QuickBooks and other contractor-specific accounting software.
Compliance-Focused: We handle New Jersey tax laws and local regulations so you don’t have to.

Client Testimonial:

“TMD Accounting transformed how we manage our finances. From tracking costs to cutting unnecessary expenses, their advice helped increase our profits by 20% in just six months!” — Local Contractor in Gloucester County

Build a Profitable Future with the Right Accountant

Running a contracting business is no easy task. From managing cash flow to tracking project expenses and staying tax compliant, the right accountant can make all the difference.

At TMD Accounting, we specialize in helping contractors in Gloucester County build profitable, compliant businesses. Let us handle your finances—so you can focus on building South Jersey’s future.

📞 Call TMD Accounting at (856) 228-2205 or schedule your FREE consultation today to discover how we can help your contracting business thrive!

📚 Contractor Resources

Use these tools to support your contracting business—and then let TMD Accounting help you implement them seamlessly.

Bonus: FREE Downloadable Resources for Contractors

1. Financial Red Flags for Contractors (PDF Download)

Is Your Contracting Business at Risk?
Discover the top financial red flags that could be costing your business time and money. From cash flow problems to missed tax deductions, this guide helps you spot issues early and take corrective action to protect your profits.

👉 Download Now

**2. How Cash Flow Moves in a Contracting Business (PDF Download)**

Master Cash Flow Management to Keep Your Projects on Track!
This visual guide explains how money flows in a contracting business—from receivables to expenses—and provides tips for avoiding cash shortages, ensuring on-time payments, and staying profitable even during slow seasons.

👉 Download Now

3. Streamlining Workflows: Job Costing and Tax Preparation (PDF Download)

Simplify Your Finances and Boost Profitability.
Learn how to streamline workflows, track job costs accurately, and prepare taxes efficiently. This step-by-step guide walks you through setting up systems and tools to stay organized, compliant, and profitable year-round.

👉 Download Now

Need More Help Managing Your Finances?

📞 Call TMD Accounting at (856) 228-2205 or Schedule a FREE Consultation Today!

❓ Frequently Asked Questions

Why do contractors need a specialized accountant?
They understand job costing, milestone billing, sales tax on materials, and contractor-specific tax deductions.
How can an accountant improve cash flow?
By creating projections, managing reserve funds, and streamlining invoicing and draws.
What NJ tax issues should contractors watch for?
Quarterly filings, sales tax on materials, and 1099s for subs—missing any could trigger penalties.
Can TMD help with payroll for subcontractors?
Yes—we manage both W-2 payroll and 1099 reporting for subcontractors, ensuring full compliance.
What’s involved in job cost reporting?
Allocating labor, materials, subcontractor expenses, and overhead per project to track profitability.

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