Best ERP Software for HVAC, Plumbing, Field Service Businesses

How to Create a Construction Budget in 7 Easy Steps

Key Takeaways Learning how to create a construction budget may feel intimidating if you’ve never tackled a large project before. Even small renovation jobs can involve juggling material costs, labor expenses, and unexpected fees. In this article, you’ll discover practical strategies for drafting a construction budget in spreadsheet software (Microsoft Excel, Google Sheets, Zoho Sheet, […]

Enterprise Resource Planning (ERP) Software versus Field Service Management (FSM) Software versus Customer Relationship Management (CRM) Software

Image of office worker and employee.

If you are in the HVAC, plumbing, electrical industry, or another contracting business, you have likely heard terms like “FSM software”, “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 Used 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.

A Contractor’s Guide to Federal Filing Requirements for S-Corps and C-Corps

Confused Housecat Doing Taxes

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 industry—whether you’re overseeing HVAC, plumbing, or electrical services—making 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 […]

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