At this size, it still depends on the type of work and contracts you handle. If you’re a service-based company that handles a ton of service contracts, you’ll need a tool that tracks and organizes a large number of service contracts. Whether you’re an independent electrician or run your own team, it is easy to look like the professional you are with FreshBooks. For example, the software can help you track your expenses and generate reports that you can use to file your taxes. You can also use the software to generate invoices and receipts that are compliant with tax regulations. This saves you time and reduces the risk of errors, ensuring that you comply with tax regulations and avoid penalties.
Popular Bookkeeping Software Options
Electricians face unique tax compliance needs, and specialized accounting software can help simplify the process. With the right software, you’ll be able to track expenses, invoices, and receipts, making it easier to file your taxes accurately and on time. Properly managing your tax compliance helps you avoid unnecessary penalties and keeps you on the right side of the law. One of the biggest benefits of specialized accounting software is that it allows electricians to streamline their business operations. With the right software, you can manage your finances, track your expenses, and stay on top of your billing and payments. Streamlining these processes frees up your time to focus on other aspects of your business, such as marketing and client engagement.
WorkWave Service
You need software for accurate financial record keeping that includes tracking sales, expenses, and profits. When tax season hits you’ll need to have software that helps you prepare and file tax returns. QuickBooksOnline does all of this and more and is a great place to start your journey into bookkeeping and accounting. By having access to detailed financial reports and insights, you can make more informed decisions about budgeting, forecasting, and growth strategies for the business. So there you have it, everything you need to know about bookkeeping for electricians. Whether you’re an independent contractor or the owner of an electrical contracting business, you need affordable software.
Important Features to Look For in Accounting Software For Electricians:
This will simplify your bookkeeping process and make it easier for your bookkeeper to categorize your transactions. It will also make it easier for your accountants to identify any tax deductions that you may qualify for. When you separate your business and personal accounts, it makes your business look much more professional and adds credibility to your operation.
Time Tracking and Scheduling
- Taking care of the team of people that work for you is vital to the health of your business.
- FreshBooks makes it easy for your clients to pay you quickly and easily with simple, secure online payments.
- Additionally, you can reach out to professionals and request word-of-mouth recommendations.
You’ll need a time tracking feature to record hours worked by employees, subcontractors, and equipment on-site over several days to ensure accurate billing and payroll. Knowify ensures you can quickly view construction project schedules or dispatch work and assign jobs or tasks to the right individuals or crews from your team. Knowify’s real-time data and insights into project costs, profitability, and productivity. This information will help you make better business decisions and identify areas for improvement. If you exclusively handle jobs that last less than a day, such as service work, then your best bet is to go with a tool like ServiceTitan or Jobber.
Job scheduling and work order management
This includes creating a system for tracking income, which is crucial for determining your profitability and tax liability. Subscription rates for electrical contractor software solutions start at $7 per month on a per user basis for single-application solutions. More expensive plans with ERP-suite functionality reach $169 per month per user.
This includes e-signable contract management for fixed-price, cost-plus, and American Institute of Architects (AIA) style contracts. Beyond basic scheduling capabilities, you need a tool that allows you to keep track of everything. Look for features that allow you to track time on-site, expenses, and bonus points for any software that gives geofencing capabilities.
Electrical estimating software helps electricians, electrical engineers, and contractors plan out expenses related to upcoming and current projects. Cloud-based electrical contractor software lets you take service calls anywhere and get back to clients faster. The best electrical contractor software solution lets you create job estimates from pre-generated templates instead of making them from scratch. Faster job estimating means you’re more likely to submit job estimates before the competition.
It allows you to analyze data and gain insight into your business, leading to better decision-making and ultimately, growth. To keep your financial records accurate, update your bookkeeping regularly. QuickBooks and FreshBooks are popular software options for electricians to manage their finances efficiently. QuickBooks is a well-known and widely used software that offers customizable reports and cloud-based options.
Then sign on for the electrical business software that fits your business needs. Two of the biggest benefits of using electrical business management software are that it reduces manual errors and empowers you with detailed, real-time reports. Making estimates in QuickBooks for electrical contractors is an option for many businesses. The issue is that QuickBooks does not have a work order form to transition an estimate into a work order.
If you want to save time and money when you bid on a big construction project, calculate potential costs using an estimating module provided by electrical contracting software. As an electrical contracting business owner, you have projects on the go that will take you and your team all over town. Using desktop accounting software can be problematic if you need to access your financial data while on the go. Efficient scheduling and dispatching tools provided by both ServiceTitan and Jobber are essential for managing single-day house call contracts. This includes the ability to assign electricians to specific jobs, track their progress, and communicate with them in real-time.
You likely have a lot of invoices from different suppliers and need to keep track of your costs to ensure that you can make all of your payments on time. When handling both job types, you’ll need a tool that gives you a full view of project timelines. Knowify automatically updates project costs as your team logs time, material purchases, and any other expenses from the field. Knowify enables fast and accurate estimate and quote creation for both single-day and contract work.
