5 Bookkeeping Mistakes Tampa Contractors Make — And How to Avoid Them

Paul Belshaw
Jul 15
4 min read

Updated: Jul 16

You Work Hard… But Where’s the Money?

In Tampa Bay, contractors and service pros like you are in high demand. Whether you’re remodeling homes in Brandon, doing HVAC work in Wesley Chapel, or managing landscaping routes across St. Pete — the hustle never stops.

But when it comes time to check your bank account… the money doesn’t always reflect your hard work.

If you’ve ever felt like you’re working too hard for too little reward — it’s not your fault.

The issue? Most business owners confuse cash flow with real profit.

You didn’t start your business to become a financial analyst. You started it to serve your community and provide quality work. But understanding your numbers is the difference between barely getting by and building a thriving, profitable business.

At Belshaw Accounting, right here in Tampa, we help contractors and service businesses organize their finances, plan for taxes, and actually keep more of their earnings.

This guide covers the top 5 bookkeeping mistakes we see contractors in Florida make — and exactly how you can fix them.

🔎 Mistake #1: Mixing Business and Personal Finances

In places like Clearwater or Riverview, we see this all the time: using personal accounts for business purchases or taking payments into your personal Venmo.

It might feel convenient, but it’s a recipe for confusion and tax trouble.

✅ Fix This Fast:

Open a business checking account at your local bank or credit union — many in Tampa offer free business accounts.
Use this account exclusively for business deposits and expenses.
Pay yourself a set salary or draw into your personal account.
Keep it clean — you’ll thank yourself at tax time.

📌 Why It Matters in Tampa: If you ever want to apply for financing, bid on city or county contracts, or qualify for business tax deductions, clear financial separation is key.

🔎 Mistake #2: Ignoring Overhead Costs

Every job in Tampa Bay comes with hidden costs: toll roads on the Veterans Expressway, gas prices in Brandon, liability insurance required by Pinellas County, and the ever-increasing cost of work vehicles.

If you don’t account for overhead, you’re undercharging without realizing it.

✅ How to Fix It:

Track your monthly overhead: software subscriptions (like Jobber or ServiceTitan), vehicle maintenance, licensing fees, insurance, rent, and more.
Build these costs into every quote or service price.
Review your costs quarterly — inflation in Florida hits fast.

📌 Local Tip: Businesses in Hillsborough and Pinellas County often forget to include local business taxes and fees — always account for them in your pricing.

🔎 Mistake #3: Not Saving for Taxes

Florida doesn’t have state income tax — but the IRS still comes knocking.

In Tampa, we often see contractors scrambling at tax time, draining their accounts or falling into debt.

✅ How to Fix It:

Set aside 20-30% of net profits each month in a separate tax savings account.
Use multiple accounts if needed — business, taxes, and emergency fund.
Talk to a local tax pro (that’s us!) about quarterly tax payments to avoid year-end surprises.

📌 Tampa-Specific Advice: Many contractors and tradespeople here also owe sales tax (especially if you sell products). We can help you track and remit it properly, so you don’t get hit with penalties from the Florida Department of Revenue.

🔎 Mistake #4: Not Tracking Job Costs by Location

From St. Pete Beach to Land O’ Lakes, every job is different. Travel time, tolls, labor rates, and material costs fluctuate based on location.

If you’re not tracking job-specific costs, you’re flying blind.

✅ How to Fix It:

Use job costing software (or simple spreadsheets) to break down every project.
Track materials, labor, fuel, tolls, subs, and especially your own time.
See which areas (like Brandon vs. South Tampa) are more profitable.
Adjust pricing or service areas accordingly.

📌 Pro Tip: Contractors we work with in Tampa often discover certain zip codes are low-margin — tracking this can guide smarter marketing and quoting.

🔎 Mistake #5: Not Reviewing Books Monthly

In Tampa, business is seasonal. Whether it’s summer storms, snowbird season, or holiday lulls, cash flow changes month to month.

If you wait until tax time, you miss key opportunities to adjust in real-time.

✅ How to Fix It:

Set a
(or let us do it!) to review your books.
Look at:
- Total revenue
- Expenses breakdown
- Upcoming taxes owed
- Outstanding invoices
Use monthly reports to make smarter decisions, like when to invest in equipment or when to hold off.

📌 Why Monthly Checks Matter in Tampa: You’ll spot slow months early, plan for busy seasons, and avoid financial surprises.

✅ Ready to Finally Take Control of Your Business Finances?

At Belshaw Accounting, we work exclusively with Tampa-area contractors and service businesses. We understand your challenges — from fuel costs, to county taxes, to seasonal demand.