In order to succeed in your electrical contracting business, you need to know which jobs are the most profitable. You need to track costs, pay employees, use subcontractors at times, and manage your materials inventory. The best bookkeeping software to keep track of all this is QuickBooks for electrical contractors. This accounting and bookkeeping software is the best for small and medium-sized businesses and comes both as a stand-alone, desktop version and an online version that lets you stay in touch with your information even when you at a job site by using your smartphone or tablet. Exigo Business Solutions, the top accounting firm in the Kansas City area, offers QuickBooks ProAdvisor Services to set up your QuickBooks, train and other personnel, and provide support as needed along the way.
The accounting/bookkeeping process can be difficult for someone without the proper experience and expertise. Your electrical contracting business can end up overpaying on income taxes, miss out on a return on investment possibility of 36%, end up paying late penalties and fines for quarterly tax estimates that were wrong, and miss all sorts of small business hidden costs that eat up your profit. By outsourcing your bookkeeping to an expert like Exigo Business Solutions and using QuickBooks, you can increase your electrical contracting profits.
Competent bookkeeping with QuickBooks and a good accountant is not just about getting the taxes right. It is also about getting the insights you need to run your electrical contracting business successfully. An excellent feature of QuickBooks is the custom reports that it offers. There is information hidden in your bookkeeping numbers. Using QuickBooks to sort these out gives you reports that are insightful and lead in the right direction for choosing the right jobs, getting the bidding right, keeping costs in line, and increasing your bottom line. And, QuickBooks integrates with other “business intelligence” solutions like Microsoft Power BI to give you the answers you need to propel your business to the top.
First of all, you can either buy QuickBooks or lease it. There are several versions of QuickBooks depending on the size of your electrical contracting business, the features that you wish to have, if you want to have access to the program when out of the office, if you want to use it to track your inventory, and more.
For a growing business, the QuickBooks suite of bookkeeping solutions is an ideal fit because you can upgrade seamlessly to more powerful editions when needed. QuickBooks Online is a great bookkeeping solution when you work so much out of the office but want to be able to access data in the QuickBooks file. QuickBooks Online helps you work with subcontractors, manage inventory, and (with QuickBooks Contractor Pro) get precise job contracting reports. And, with the online version, you are always in touch with the necessary information, able to do job estimates and have them immediately in your QuickBooks file, and are able to work with others on your team at a distance but in real time.
Talk to us at Exigo Business Solutions in the Kansas City area about your business and we can help you choose the version that best fits your needs.
The point of getting the best job done on your bookkeeping is that when you know what the numbers mean you can run your business more profitably. It is a fact that you can outsource your bookkeeping and it can pay for itself if you choose an expert like Exigo Business Solutions and the best bookkeeping software, QuickBooks. And, QuickBooks integrates very nicely with the best way to ensure a profit in your electrical contracting business, the Profit First method. Profit First is a disciplined financial system that allocates profit, owner’s pay, taxes, operating expenses, and more to designated bank accounts twice a month. The system guarantees a profit from the first time you use and encourages the discipline to use tools like QuickBooks custom reports to manage budgeting, improve cash flow, and ferret out the continual inefficiencies that sap the strength of a business.
If you would like to know more about Profit First, how to outsource your bookkeeping, or which QuickBooks version is right for your business, contact us today.