Chelsea Stenson
Team Manager
Chelsea Stenson is the Team Manager at First Steps Financial. Known for her strong client relationships and commitment to excellence, she brings several years of accounting experience to her role. Chelsea consistently delivers high-quality service and personalized support to clients across various industries.
Experience/Education
- 7+ years accounting experience
- Associates Degree, Tacoma Community College in Washington
Certifications
- Intuit Certified QuickBooks Level 2 ProAdvisor
Areas of Focus
- Client relationship management
- Small business accounting
- QuickBooks Online support
- Team coordination and service delivery
Our Latest Insight
Between tracking fluctuating material costs, managing subcontractor fees, and juggling multiple active jobs, contractors face a unique set of financial complexities. At the heart of keeping these moving parts organized is the Chart of Accounts (COA), the foundational index of every financial transaction your business makes. For a contracting business, a well-structured COA does far more than just keep the tax preparer happy. It serves as the backbone for accurate job costing, allowing you to see exactly which projects are driving profits and which ones are eating into your margins. This article will guide you through the essentials of building a specialized Chart of Accounts tailored specifically for contractors, highlighting the unique categories you need to track, and sharing best practices to streamline your bookkeeping and elevate your business insights.
Fractional accounting gives your business a bookkeeper and controller for a flat monthly fee. Below you will find what it covers, what it costs, and how to know if it fits.
In the contracting world, where projects can span months or even years, managing cash flow and financial reporting is a unique challenge. Unlike traditional businesses that recognize revenue at the point of sale, contractors must choose how and when to account for their income and expenses. Two of the most common frameworks used to navigate this are Progress Billing (often paired with the Percentage of Completion Method ) and the Completed Contract Method (CCM). Progress Billing allows contractors to invoice clients and recognize revenue incrementally as milestones are met throughout the project. Completed Contract Method defers all revenue and expense recognition until the entire project is officially finished. Selecting the right method goes far beyond basic bookkeeping; it fundamentally shapes your tax obligations, cash flow health, and how creditworthy your business appears to lenders and investors. This article breaks down the core differences between these two methods, explores their pros and cons, and helps you determine which strategy is the best fit for your business.
