As a plumber, you more than likely know a thing or two about the ins and outs regarding homes’ and businesses’ internal workings. However, how well do you know the ins and outs of your finances? More than you might think goes into ensuring that the numbers you see properly reflect your business’ financial wellness.
Sales are usually the backbone of your business. So whether you require a deposit or offer upfront services while billing later, it's important to keep track of who's paying and who's not. Some programs can make this process easier by tracking your jobs, creating invoices, and monitoring when those invoices were sent and paid. Our team has experience working with a few programs with these features and is willing to assist in setting up for your specific needs.
Parts and labor are going to be your two main expenses. Customer repairs typically each require specific parts for each job, so when purchasing these supplies, you'll need to accurately record the price paid for the parts, where the parts were purchased, and which job the item was purchased for. In addition, bigger jobs take more time and may take more people to complete, so knowing how much you're spending on labor for one job can be crucial. Finally, understanding where your money is going for different types of jobs allows for you to ensure proper billing so that your business thrives and grows rather than barely keeping you above water.
There are ways to break out those items to keep track of business purchases and labor costs to see a more detailed report. There are also programs and different apps that can integrate with your books to make the process simpler. For example, payroll applications can track where your employees are to assign their time to a job. Also, there are programs for capturing and storing receipts related to the business so that they're all in one place, always there, and easily accessible. Waterford can work with you to integrate applications and programs that would most benefit your company.
Detailed Accounting for Home Service Professionals
Waterford Business Solutions is fully equipped to address all of your bookkeeping needs and is available to provide both virtual and in-house bookkeeping services.
Waterford Business Solutions
55 Beattie Pl. Suite 1601 Greenville, SC 29601
Phone: 864 351-0852
Email: info@waterfordbusinesssolutions.com
