If you run a field service business, it’s likely you opened the business because you have a passion for the industry and not because you wanted to wade knee-deep into the bookkeeping and accounting behind the industry. Still, accurate field service business bookkeeping, accounting, and tax planning are needed if your business will survive, thrive, and grow. QuickBooks has several unique features that may ease some of the challenges associated with field service business accounting.
Using QuickBooks to Manage Sales and Income
Managing sales and income is usually an essential focus of any field service business. QuickBooks allows you to create invoices that your technicians can bring to clients and then track sales by customers. QuickBooks’s “Accounts Receivable Aging Report” allows you to get an overview of your field service business accounting at a glance. It includes details of past due invoices and current invoices.
How QuickBooks Helps Keep Track of Your Bills and Expenses
When accurately done, field service business bookkeeping may help you keep track of the bills and expenses your business generates. Manually recording all the vendors that your field service business interacts with may be time-consuming and can lead to costly errors. QuickBooks allows you to link your bank and credit cards to the software, so your expenses are automatically downloaded and categorized. Checks and cash transactions can be recorded in QuickBooks in a matter of minutes. QuickBooks allows you to generate an accounts payable report. This gives you the details of your current and past due bills.
Setting up Sales Tax in QuickBooks
Online stores and cash registers have been set up to automatically include sales tax on the customer's receipt. However, if your service tech tallies a bill by hand and gives it to your clients, they may forget to enter taxes in the equation. QuickBooks takes the guesswork out of charging sales tax by allowing you to create a sales tax item in your data file.
QuickBooks can also assist your field service business CPA with your field service tax planning by generating reports for your sales tax liability, displaying the sales tax you owe for unique time periods, and editing or recording sales tax payments. Our tax professionals at Fusion CPA specialize in using QuickBooks and can walk you through setting up tax reports with the software and/or manage your account.
Accept Payments Online with QuickBooks
In the field service industry, following through and billing for a job can fall through the cracks. A technician may leave the office in the morning with a pristine invoice. By the end of the day, though, the invoice may get lost, damaged, or forgotten. QuickBooks may eliminate this problem while helping improve your cash flow by providing your customers the option to pay for their invoices online. This allows your field service business CPA to send invoices directly to your customers that includes a “Pay Now” button. Your customer can use a major credit card or authorize a withdrawal from their bank account.
Helping Your Business Grow
QuickBooks is a valuable tool that may help you with your field service business tax planning. Our team of field service financial advisers at Fusion CPA are experienced QuickBooks users and can help you and your team understand how to use the software to create invoices, track spending, track inventory, and run payroll.
Our field service business CFO advisory services include helping you manage sales and income and creating tax strategies that maximize deductions and minimize tax liability. We offer proactive financial planning, profit coaching, and other specialized field service practice accounting designed to help you achieve your short-term and long-term goals. If your organization needs help in developing a growth strategy, mitigating a tax liability, or creating a financial plan for the future, we want to help. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.