Enterprise Resource Planning (ERP) Software versus Field Service Management (FSM) Software versus Customer Relationship Management (CRM) Software
If you are in the HVAC, plumbing, electrical industry, or another contracting business, you have likely heard terms like āFSM softwareā, “ERP software” and “CRM software” used to describe software programs you might have heard about. Have you ever wondered what these terms are used for and what they mean? In this article from James R. Leichter, we will unravel the mystery of these terms and tell you what they all mean.
Understanding Deferred Revenue in Contracting Business Accounting
Deferred revenue, also known as unearned revenue, is a crucial concept for HVAC and plumbing companies that often receive payments in advance for services. It represents money received for goods or services yet to be delivered, making it a liability on your balance sheet. Understanding and managing deferred revenue ensures accurate financial reporting. This guide will walk you through the definition, accounting treatment, and importance of deferred revenue, complete with an example journal entry. By the end, you’ll be equipped to confidently handle deferred revenue, ensuring your business remains financially sound and trustworthy.
Is This the Beginning of the End for QuickBooks Desktop?
QuickBooks Desktop will soon no longer be sold or supported but there are similar and better alternatives, and you will keep your QuickBooks financial transactions and other records within the new software program.
A Contractor’s Guide to State Filing Requirements for S-Corps and C-Corps
This guide provides an overview of the essential filing requirements with the Secretary of State for businesses in California, Texas, Florida, Ohio, Pennsylvania, Washington, New York, Georgia, Kansas, and Missouri. Let me know if you want me to add information about your state.
A Contractor’s Guide to Federal Filing Requirements for S-Corps and C-Corps
Navigating federal filing requirements can be daunting for any business owner, especially in the field services industry. Whether you’re managing an HVAC or plumbing company, understanding the specific forms and deadlines for S-Corporations and C-Corporations is crucial for maintaining compliance and avoiding penalties. This comprehensive guide breaks down the essential monthly, quarterly, and annual filings, ensuring your business meets all IRS obligations seamlessly. From payroll tax forms to annual reports, we’ve got you covered with all the information you need to stay organized and focused on growth.
Owner’s Compensation in the Field Service Industry: Salary vs. Draw
Introduction: Navigating Owner Compensation in the Field Service Sector For any business owner in the field service industryāwhether youāre overseeing HVAC, plumbing, or electrical servicesāmaking informed decisions about your compensation is vital. The choice between an owner’s salary and an owner’s draw is not just a personal decision but one that can significantly impact the […]
A Contractorās Guide to Certified Payroll
Certified payroll is a specialized form of payroll reporting required for some government-funded projects, particularly in the construction industry.
10 Massive Predictions for the HVAC Industry In 2024, and an Analysis of Why You Should Consider Ignoring 5 of Them.
The HVAC industry is a rapidly evolving field, with advancements in technology and shifts in consumer demand driving significant changes. Would you believe that it has been 121 years since Willis Carrier invented modern air conditioning? As we look towards 2024, numerous predictions are being made about the future of this industry. These predictions should […]
Understanding Corporate Shareholder Basis and Why You Should Care
As a small business owner, understanding the concept of Shareholder Basis is crucial, especially if your business is structured as an S Corporation or a partnership. Many shareholders have found themselves owing a considerable amount of taxes because they did not understand this concept. Here is everything the average S Corporation business owner needs to know on this important topic.
Managing Credit Cards in Total Office Manager
Managing Credit Cards simply means you track any charges and credits applied to your merchant Credit Cards and verify this activity against your statements each month.Ā Ā Credit Card activity is track by entering each transaction into Total Office Manager as a Credit Card Charge or Credit Card Credit when the charge/credit occurs.Ā Ā Anytime someone uses the company […]