Automate Deductibles: Why Is It Important For Contractors?

how to automate deductibles for contractors

With today’s advances, it becomes incredibly counterproductive to adhere to the old/standard way of running your business. It is archaic, it is inefficient, it is un-competitive, and, worse, it labels you as a Luddite — someone who’s afraid of change and modernity. Reach into your pocket and pluck out your smartphone. That little wonder has made most of our former tasks - bookkeeping, account management, team control, financial planning, and dozens more - redundant. When Steve Jobs proclaimed, “If you can imagine it, then with a certainty there will be an app for it,” he had no idea the pandora’s box he was unleashing into the world, for good and bad. In the present, your smartphone is your best wingman. They are your most trusted business partner — and one of their most important services is automation. Apps that manage your investments, communications, calendar, workforce, and thousands of other routines through machine control. Today, we’re going to highlight the highly automatic means by which a contractor can keep track of their expense deductions. 

How Can Automation Help Contractors In Their Business? 

One of the greatest things the Industrial Revolution gave to the masses is leisure time. Before the breaking point that was the steam engine barged into history, blue-collar folks didn’t have that. I know it sounds bizarre, but before this paradigm shift, it was extremely uncommon to have time to simply goof around. Most middle-class family members started to work by the age of 7 — In lower classes that number dipped to 6. And they worked 12 to 16-hour shifts. And, once they arrived home, they had chores to do. 

Leisure times, as we know it nowadays, is a fringe benefit of modernity. It’s something we have to thank the Industrial Revolution for. Automation freed up a LOT of space and gave us time to simply enjoy life. To take up hobbies. To have interests outside of work. To unwind and take the load off. 

Today, due to the DIGITAL Revolution, the comforts of those days - when we finally traded in the horse for the locomotion, when we finally had a moment to breathe - seem positively ancient. Take a step back and remember how you used to operate your business back in, let’s say 2010. No instant messaging — Just emails. No team management tools like Slack. No video-conferences. Google maps was a mess. How many hours did you waste on phone calls? How many in a line at the bank? Or at a store buying supplies? What about talking to your broker? Shave off 10 more years and slip back to the turn of the millennium, 2000. You can’t even imagine working in that period. It’s like stepping out of a Jetson cartoon and having to adapt to life as Fred Flintstones. 

The more we automate our services, our partnerships, our whole methodology, the more time we have to, well, goof around. To put our feet up on our coffee table, crack open a six-pack, and binge-watch whatever Netflix is shelling out that week. The more time we have to play with our kids. To laugh with our wife. To joke around with our friends. To have heartfelt conversations with our dad. That’s the real benefit of automation. Everything else, how it helps to optimize your business, its power to cut overhead, its many many perks, all those aids it gives you, are simply the proverbial cherry on top of that ice cream. Automation’s true nutritional value is the fact that it gives us time to do what you love 

Say Goodbye To The Spreadsheet — Keep Track Of Your Expense Deductions 

Sorting receipts, keeping tabs on who owes what, trying to come to terms with your expenses and your deductibles is no fun. Nonetheless, it is a necessary evil. Managing of your expenses is essential to understanding how your organization works. Right now, expense trackers can streamline the process and aid you in having a firm control over the financial state of your contracting business. 

Why Use Expense Tracking Software For Your Business 

• You’ll know exactly the state of your finances. Know where your money is being funneled to, if you have spending you can cut, if you have monthly bills you can strip out. 

•When tax time comes you won’t need hours or days to sort through bills and sheets. Claiming tax deductions and filing your reports is a snap. 

• If you’ve ever been audited by the IRS you can provide them with detailed information on your expenses. 

• If you're using apps like Fund My Deductibles and helping out your clients with this part of their insurance claims, software of this nature can help you automate collections. 

• It eliminates time-consuming tasks that have little added value. 

• It simplifies reimbursements. 

• It cuts costs by editing out the need for a full-time accountant. 

Automated Deductibles 

One of the most important aspects of automation and using software, like FMD, is that you won’t have to lose another deal ever again. Software of this nature allows you to stay above board with the law when it comes to deductibles. It not only permits you to keep track of your expenses and the way you help homeowners out with their deductibles, but it injects another revenue stream into your business — by charging homeowners an interest for the credit you’re giving them. 

Software like this: 

• Is highly intuitive and easy to configure. 
• Allows fast access to contracts and funding deductibles solutions. 
• Has an effortless sign up process. 
• Monitor income and track performance. 
• Automates collections. 
• Automates processing. 
• Automate distributions — where the assets will be allocated; different bank accounts, brokerages, etc. 

Automated Deductibles 

Keeping track of your expenses has never been easier. Thanks to apps and various software, automation is now compulsory and in many cases comes preprogrammed. Most of these apps, including FMD, offer free trials, professional help, and customer service desks — why not try them out?

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