As a plumber, you are familiar with the fact that you need to have the right tools on hand to get the job done right. The same rule applies to your bookkeeping and accounting.
Having the right accounting software and other tools will make the bookkeeping process a lot easier. Still, it will also make the entire process faster, saving you a significant amount of time and allowing you to focus more of your attention on your customers and the growth of your operation.
Some of the best accounting software and tools for your plumbing business include:
1. QuickBooks Online
When you first start your plumbing business, you may be able to get away with using Excel to manage your expenses, sales data, and payment records. However, as your business grows, Excel can be cumbersome to manage and may not provide the accuracy that your business needs.
Plumbing contractors involved in residential and commercial new construction have QuickBooks reporting needs that may include work-in-process, job deposits, change orders, progress billing, payment applications, and retention tracking. Plumbing contractors involved in residential remodel and light commercial tenant improvement have a different set of reporting needs. Finally, plumbing contractors that deal with service and repair have a completely different set of reporting needs.
Fortunately, QuickBooks Online allows for complete customization of reporting depending on the type of plumbing business you are running. The top QuickBooks Online features that are great for plumbing contractors include:
- Projects - This program can keep all job-related information such as invoices, expenses, estimates, payments, timesheets, bills, and reports all in one place. It can also easily track your profitability on individual projects.
- Invoicing - You can send customers invoices and set up automatic payment reminders when invoices are almost due.
- Reporting - With QuickBooks Online, you can quickly generate profit and loss statements, balance sheets, receivables listings, payables listing, cash flow statements, and more.
- Third-party integrations - This program integrates with some of the most popular plumbing apps like Jobber, Service Titan, HouseCall Pro, and more.
Jobber is a great end-to-end solution for managing all of your jobs in one place. This program can do everything from managing online bookings to creating quotes, assigning and scheduling jobs, invoicing customers, and accepting payments.
Its invoicing tool is beneficial for your plumbing business, and it can:
- Automatically send out invoices to customers via email after a job is done. This means faster payments and an improved cash flow.
- Collate paper invoices for customers that prefer snail mail and generate envelope labels for you to print.
- Easily track invoice statuses to see which are sent or outstanding and which ones still need to be sent.
- Integrate with QuickBooks Online, so you don't have to manually enter invoices into your system twice.
3. Dext Prepare
A good chunk of your time is likely spent working on job sites as a plumbing contractor. You may often find yourself having to purchase last-minute supplies for a job, gas up the work van, or buy coffee to fuel up your team.
All of these receipts and invoices are expense documents that need to be recorded on your accounting software and stored safely for audit purposes. Unfortunately, it can be hard to stay organized with all of this paperwork when you're on the road. Small receipts can easily get lost or misplaced.
A good way to manage your expense documents is by using Dext Prepare. Dext Prepare is a valuable program that allows you to take a photo of your receipts or invoices when you get them, upload it to the mobile app, and all of the pertinent information will be extracted from the image. You can review the information, code the transaction, and then export it to your accounting software.
The image of the document will also be saved to the transaction, leaving a clear audit trail, so you don't have to worry about losing them or having to file them away in a filing cabinet.
Plooto is a program that can help you streamline your payables process. You want to ensure that you don't miss a payment deadline to keep a good relationship with your vendors. You also need to always make sure that you pay on time to get the supplies and materials that you need.
Plooto works by allowing you to automate your accounts payables process. You can easily set up all of your recurring payments to pay regularly and authorize all payments with the click of a button. This ensures that you never have a late payment again and simplifies your accounts' payables process.
Using the right tools will help get the job done faster and more accurately. By utilizing this technology and streamlining all of your processes, you can ensure your plumbing business is set up for success.
For more information on ways to take advantage of the best tools and software programs for your plumbing business or how our professional bookkeepers can help you manage your books, contact Enkel today.