One of the biggest challenges in any small business is taking care of any aspect of the job that falls totally out of your expertise. In the case of HVAC accounting, you may know everything that matters about HVAC installations and maintenance, but that knowledge won’t be of any use when it’s time to balance the company’s books.
What’s more, the kind of business you’re running, in which you sign contracts with customers all the time, adds an extra layer of difficulty to the already complex process of managing taxes, employee wages and general costs in the company.
Fortunately you can apply certain tactics and use special tools to make this whole process a little easier, so that HVAC accounting doesn’t take up much of your time and you can focus on what’s really your area of expertise.
Here are a few tips you can follow:
- Don’t let time go by: track your income and expenses regularly and accurately
- Use a field service software such as Synchroteam to help you with invoices
- Track the company’s inventory and equipment
- Keep an eye over credit card statements, especially those used by employees
- Outsource HVAC accounting if it reaches a point where it’s too much for you!
Trust and book accounting
The hardest part of HVAC accounting is that, as with any other employee-based business, you trust your technicians with company’s assets on a daily basis. You send them out in the field driving the company’s vehicle, loaded with expensive parts and equipment, and in some cases, with a company credit card for fuel and other expenses.
Of course, I’m not saying here that you shouldn’t trust your employees, or even your associates. But in order to prevent any possible abuses that may end up in mistakes in your HVAC accounting, it’s important to keep a close eye on your assets. Revising expenses statements and catching possible discrepancies on the spot can help reduce future harm to your business.
Also, if things get too complicated for you, there’s no shame in hiring a professional book accountant. In fact, there are also several side benefits. For instance, when the time comes to manage the year’s taxes, a professional accountant will surely know all the legal tricks you can take advantage of to save a little money.
With a little help from… software
That said, perhaps you’re not happy with the idea of outsourcing your finances, and that’s fine too. Luckily in these times technology can also be helpful in HVAC accounting, if you feel brave enough to handle the whole thing on your own.
There are many accounting software solutions out there, but one of the most popular ones you’ll find is QuickBooks. This application helps you track income and expenses, manage invoices and bills, and maximize tax deductions. But the most interesting part about QuickBooks is the possibility to use it together with your field service software.
Synchroteam, for instance, is fully compatible with this accounting software. With these two tools working together, you can take full control of your business – including the accounting part! Time-consuming tasks can now be automated, and possible billing or invoicing mistakes that could ruin your HVAC accounting are erased for good.
The thought of having to balance the books in your company can be certainly intimidating. But as you can see, there are ways to take control of it: either by hiring a professional accountant, or by taking care of it on your own, with the help of software like Synchroteam.
Download the free demo now and start taking hold of your finances today!
Image by 401(K) 2012. No changes were made to the original image.