The things that make contractor books messy
Supply-house runs on the business card, the odd personal purchase on the same card, subcontractors paid by e-transfer or cheque, a truck that's half business, tools that last for years, deposits from customers that include tax, and receipts that live in the truck's cup holder. SumSwift is built for exactly that.
What SumSwift handles
- Materials and supplies: supply houses and hardware stores sorted as the cost of the job, so you see what's left after materials.
- Subcontractors: e-transfers and cheques sorted as contractors, with the list you need for T4A or T5018 slips in Canada and 1099s in the US, including who you still need a SIN, business number or W-9 from.
- Cheques: write and print cheques from SumSwift, and when your statement only says "CHEQUE 104", SumSwift asks you once who it was to.
- Your truck: fuel and repairs sorted, a mileage log or CRA logbook, and the business share worked out for your taxes.
- Tools and equipment: a big purchase gets one question, "Is this equipment?", so it's written off over the years when it should be.
- Receipts: snap them with your phone straight from the job site; SumSwift reads the store, total and tax and matches them to the charge.
- Sales tax or GST/HST: worked out from your deposits and invoices, with what to set aside and when it's due.
- Invoices: make them in SumSwift, email them, see who's late, and send a reminder.
Checked against your bank, every month
Every statement is matched to the balances your bank printed, to the cent. Personal spending is kept off your profit, double charges are caught, and anything SumSwift isn't sure about comes to you as a quick question instead of a guess.
What stays with someone else
SumSwift works out payroll each payday and makes your bank's deposit file; you send the money from your own bank. Your accountant still files your tax return. SumSwift gives them clean books and free access.