Managing your accounts can often feel like a job in itself when you're trying to grow your contracting business. While handling everything on your own might seem like the most cost-effective approach at first, many contractors eventually realise that small errors, missed deadlines, and overlooked tax benefits in their accounting can end up costing them in the long run. Integrated accounting software simplifies your admin by:
- Providing valuable insights into your financial management.
- Ensuring you're well-prepared for tax season.
- Minimising the time spent entering the same data across different tools and spreadsheets.
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1. Xero
Xero is a cloud-based accounting software made specifically for small to medium-sized businesses. With its easy-to-use interface, it simplifies invoicing, expense tracking, and works seamlessly with job management software like Tradify. It's a popular choice for contractors who need flexible, mobile financial management.
Manage all your jobs with Tradify and easily sync accounts through to Xero and back!
Pros
- Cloud-based: Access financial data anywhere, anytime.
- Real-time financial tracking: Monitors your cash flow in real-time
- Easy integration: You can sync your invoices and payments between Xero and Tradify, automatically.
2. Quickbooks
QuickBooks, based in Mountain View, California, is one of the most popular accounting software options for contracting businesses worldwide. It offers a full suite of accounting features, including payroll, invoicing, and advanced reporting.
One of QuickBooks' standout advantages is its large user base, providing a strong support network. It also immediately syncs with bank accounts, making it an excellent choice for contractors who need reliable, easy-to-use accounting software.
Tradify integrates with QuickBooks to make running jobs and accounts automatic!
Pros
- Support network: Because of its popularity, Quickbooks is known for its quick response time and wealth of how-to guides and support.
- Bank syncing: Automatic syncing with bank accounts and financial services for real-time financial updates.
- Invoicing and expense tracking: With simplified invoicing and expense tracking tailored for contacting businesses, you can automatically sync quotes, invoices, and payments
3. Sage
Sage, a UK-based global software company, is ideal for growing contracting businesses that need advanced accounting solutions. It offers powerful tools like inventory management, project costing, and compliance features tailored to local regulations. For example, UK electricians working under the Construction Industry Scheme (CIS) can use Sage to automatically calculate and deduct the right tax percentages from subcontractor payments, ensuring everything is in order when it’s time to file.
Sync with Sage for easy job management and finance tracking!
Pros
- Scalability: Offers features that grow with your business.
- Inventory management: Advanced inventory management features, which help to manage materials and supplies.
- Project costing tools: Useful for accurately estimating job costs and managing budgets.
- Local compliance features: Offers features tailored to local tax and financial regulations.
4. MYOB
Designed for contracting businesses in Australia and New Zealand, MYOB (Mind Your Own Business) provides an all-in-one accounting solution. It covers invoicing, payroll, and detailed financial reporting, making it easier for contractors to manage their business finances. One of the key advantages of MYOB is its tax compliance tools, which help contractors stay aligned with local regulations, simplifying tax management across the board.
Let MYOB simplify your accounting and tax management tasks for your business!
Pros
- Strong local presence: Particularly suited for Australian and New Zealand markets, MYOB understands local business needs.
- Tax compliance tools: Tailored for local tax compliance, including GST and payroll tax.
- Customisable: Offers a range of customisable options to fit the specific needs of an electrical business
5. Tradify
Accounting software is critical to streamline your business’ books. For your day-to-day job management, there’s Tradify. Tradify can manage everything from:
Ready to take your business to the next level?
Tradify is a cloud-based, all-in-one project management software that's here to help streamline the paperwork and the processes, so you can focus on what’s important. Whether that’s more work on the tools or more time with those you care about — we’re here to help you make a life and a living.
Start your 14-day free trial today. No credit card required. No pressure. Or take a look at Tradify in action during one of our weekly 30-min live walkthroughs.
