12/01/2025
5 Biggest Accounting Headaches Contractors Don’t Want to Deal With:
Invoicing & Collections
In order to stay efficient and maximize revenue, contractors spend the whole day going from one customer job to another. Then, at the end of the day when they are already mentally and physically exhausted, the last thing they want to do is sit down and send out invoices for the jobs they completed. Unfortunately, invoicing is a crucial part of the revenue cycle, as it is both a necessary component in recording and receiving revenue. At Lackawanna Capital Advisors, we handle timely, accurate invoicing on your behalf, track down outstanding receivables, and settle customer billing disputes.
Sales Tax Compliance
State sales tax laws are ridiculous and overly complicated. As a contractor, you shouldn’t have to worry about whether you “double-paid” sales tax on a job or mistakenly forgot to collect and remit sales tax altogether. At Lackawanna Capital Advisors, we make sales tax compliance easy by educating our clients, adjusting invoices to reflect applicable sales taxes, and remitting sales tax collected on behalf of customers.
Bookkeeping
Cash-basis vs accrual-basis accounting, straight-line vs double-declining balance depreciation, capitalizing vs immediately expensing purchases… accounting is complex enough for accountants. Contractors should not be expected to know everything and then have the time to make sure their books are kept up to date. At Lackawanna Capital Advisors, we manage your accounting and provide monthly P&Ls to show you how your business is doing.
Payroll
Payroll is a compliance nightmare for every employer – whether you have 1 employee or 1,000. Payroll laws are complex and nuanced, and the penalties for noncompliance are steep. At Lackawanna Capital Advisors, we work with 3rd party payroll processors to onboard employees, collect and remit payroll taxes, and make sure payroll expenses are properly reflected on your books.
Job Costing
It might feel great to win a contract, but is every job worth taking? At Lackawanna Capital Advisors, we work with your team to assess the numbers in order to get a solid estimate of what a job might cost to complete. In doing so, we help you to avoid any potential financial pitfalls that could come with blindly accepting a contract without proactively evaluating the costs.
Contractors deal with dozens of headaches every single day – from equipment breaking to customer complaints to workers not showing up – the last thing you want to worry about is the accounting for your business. At Lackawanna Capital Advisors, our goal is to give business owners their time back to spend on growing their businesses and creating more value.
