It requires hard work, perseverance, and above all, strategic planning. But to increase your revenue over time, what you need the most is a careful approach to the capital you have. For any business, money management is more crucial than anything else.
Evidently, managing your account demands the utmost attention. Painting businesses are no exception in this regard. So, if you are a painting contractors and want to make some profit, it is time to ask yourself– what are you doing to ensure your accounts are running smoothly and flawlessly? The answer is simple– invest in the best accounting software for painting contractors.
With that being said, the important question remains which accounting software would be the greatest fit for your painting business? There are a lot of factors to consider in this matter. But worry not! In this blog, you will find the best options available for you at the moment. However, before discussing the best software solutions, let us give you an insight into how accounting software solutions work and how could they benefit your business.
1. The Major Pain Points
When we talk about managing accounts, you are invariably thinking about those big, fat ledgers, cabinets overflowing with paperwork, and the endless excel sheets that haunt you even in your dreams. Not to mention the pressure of going over and over every minute detail, making sure not a single expenditure has been left out.
Despite all the hassle, balancing the account is still a nightmare for many business owners and managers, for regardless of how careful you have been with your spending, there is still room for errors if you are doing things manually.
This is especially relevant for painting contractors. Usually, there are multiple projects going on at a time, involving several field technicians working in different places. Each project needs its own set of tools, parts, and other necessary equipment; each technician is to be paid according to their respective billable hours, and any emergency expenditure might come up at any of the job sites at any given moment. Then there are the standard overhead costs that you cannot do without.
While the spending part is as complex as it can ever be, the payment part is no cakewalk either. You need to come up with as many invoices every day, modifying and checking them with the clients as you go. Then comes the hardest part. You need to track those invoices and make sure they are paid on time. But, with the multiple clients to be tracked, it could be a cumbersome task. And if any one element goes wrong in this whole ordeal, you will never be able to manage your accounts.
2. The Solution: Accounting Software
As challenging as it may sound, there is an easier alternative to take care of the process– automation. That is, you need to ditch your usual pen-and-paper method and go paperless to manage your accounting process. The current market offers various software solutions for painting businesses, and accounting software rules the space for its invaluable role in maintaining profitability.
As discussed, account management in the painting business involves a lot of factors. And the best part of accounting software is that it takes care of it all, leaving no room for errors or mismanagement. With the whole process automated and streamlined, you will have complete transparency and scalability in your operations. Thus, you can account for every penny spent or earn in your business, thus ensuring maximum profitability. Therefore, if you are yet to have one for your business, it is high time you invest in it.
3. Accounting Software: What is This and How Does This Work
Accounting software is a computer program that assists business owners, managers, bookkeepers and accountants in recording and reporting a firm’s financial transactions. In simple words, Accounting software is a tool that helps businesses track and manage their finances. It manages and records the day-to-day financial transactions of an organization, including fixed asset management, expense management, revenue management, accounts receivable, accounts payable, sub-ledger accounting, reporting and analytics, and tax filing.
There are two types of accounting software: cloud accounting and desktop software. Cloud accounting software is internet-based software that you can access anywhere, anytime. Desktop accounting software is a program you download to your laptop or desktop computer. With desktop software, you are generally limited to using solely the device that you downloaded the program onto. Both types of software can be used to do the following tasks primarily:
- Record transactions
- Download financial statements and reports
- Manage customer information and payments
- Create and send invoices
- Share reports and financial information with an accountant
- File business taxes
Get the Best Cloud-Based Accounting Software Solution for Your Painting Business. Book a Free Demo to Learn More.
4. The Best Accounting Software Solutions for Painting Contractors
QuickBooks Online– The Best Choice Overall
QuickBooks is an industry leader, used by millions of small businesses worldwide. It is undoubtedly the most popular choice for painting businesses as well. Not only do the majority of small business accounting professionals use QuickBooks Online, but there are also endless online training resources and forums to get support when needed. It is designed to meet the needs of businesses of all sizes.
If we are to talk about its features, it will be easier to list off what QuickBooks cannot do! It has probably got all the features that you might need to manage your accounts, and then some. For example, you can create invoices, track expenses, accept payments, and keep track of your cash flow with just a click of a button. Moreover, all features can be conveniently accessed on one main dashboard, making bookkeeping more fluid and efficient.
Zoho Books– The Most Comprehensive Option
Zoho Books is the best all-in-one accounting solution for businesses of all sizes. It meets all your basic needs: send invoices, reconcile accounts, track expenses and generate reports. Where Zoho Books shines is its integrations. You can connect your bank account, payment processor, e-commerce platform and more to Zoho Books. This gives you a real-time view of your finances. The software also offers advanced features such as project accounting and time tracking.
One of Zoho’s biggest draws is its accessible, user-friendly interface. It comes with an easy-to-read dashboard that virtually any member of your organization can make sense of. It also offers benefits like excellent customer support and the ability to accept payments online.
FreshBooks– Best Known for Ease-of-Use
FreshBooks is one of the easiest accounting software to use. The software is designed for small business owners who don’t have an accounting background. You can create and send invoices, track expenses, manage projects and clients and view reports. Besides its primary plans, it also offers a custom plan with custom pricing for businesses with complex needs.
It is also an extremely pocket-friendly choice. The basic plan, i.e. FreshBooks Lite costs only $6 per month. The plan includes unlimited expense tracking, estimate for painting job, and invoices for up to five clients. It also accepts credit cards and bank transfers, tracks sales, and provides comprehensive reports and analytics. If you go up for the $10 premium plan, you can extend your operations up to 50 clients.
FreshBooks also offers a mobile app. It is intuitive and feature-rich, making it a great choice for entrepreneurs who spend more time on the phone than at a desk.
Xero– Best Choice for Advanced Features
Xero stands out by allowing unlimited users at every subscription tier, a potentially valuable feature for businesses where several users may need at least limited access to the system to run reports or analyze performance. Xero lets you get financial performance reports sent straight to you, and connect your bank account for a seamless experience.
One of Xero’s most impressive characteristics is its mobile experience, making it an excellent option for business people who work on the go. The software allows you to send custom invoices, track inventory, and create purchase orders to attach to bills — all from your phone or tablet.
Wave– The Most Pocket-Friendly Choice
Wave is a powerful accounting solution for small businesses and individual contractors. It places significant emphasis on ease of use and synchronicity —letting you link your bank accounts, track your expenses, and balance your books without any trouble. It also lines up with Wave’s additional resources, providing you with an all-in-one solution if you opt to invest in its other products.
The best part of Wave accounting software is that most of its services are free, including invoice- and transaction management. If you want to add payroll and other advanced services, you will need to pay extra charges, which is also very affordable for most small businesses
Different firms have different accounting software needs. Some may only need generic, off-the-shelf accounting software, while others will need customized, complex accounting software. To this end, let us introduce you to a phenomenal digital solution for your accounting needs.
While regular accounting software is only designed to manage your bookkeeping and accounting tasks, painting contractors require automation for several more aspects of their operations. This includes scheduling, estimating, time-tracking, monitoring, and so on. What if we tell you that you can get access to all these features, including the cutting-edge service of QuickBooks Online, all in one package?
Sounds incredible, right? That’s true. Field Promax brings you the ultimate painting business software that supports two-way synchronization with QuickBooks, the best software for painting contractors there is. So, hurry up and get the best digital support for your business.
Also Read: Top 5 Field Service Management Software Compatible with QuickBooks
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Originally Published On: Painitng contracting estimating software