Keeping a handle on your expenses can often feel like an extra job on top of growing your electrical business. Doing it all yourself may initially feel like the cheapest option, but many people find that down the line, simple mistakes, missed deadlines and missed opportunities for tax breaks can hurt their bottom line.
Your business relies on how fast you’re able to move. Integrated accounting and job management software streamlines your business admin by -
- Offering insights into how you’re managing your money.
- Making sure you're ready for tax season.
- Reducing the time spent adding the same data across software and spreadsheets.
Looking for the best tool to manage your business? Try Tradify free for 14 days.
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1. Xero
Xero is a global cloud-based accounting software specifically designed for small to medium-sized businesses. It’s known for having the most user-friendly interface, offering straightforward invoicing, expense tracking, and integration with any existing job management software. It’s become the go-to option for businesses who need flexibility and mobility while managing their finances.
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: Xero easily integrates with job management software like Tradify. You can sync your invoices and payments between Xero and Tradify, automatically.
2. QuickBooks
Based in Mountain View, California, USA, QuickBooks, is one of the most widely used small business accounting software globally. It offers a full set of accounting features and tracking, as well as payroll and invoicing and some pretty high-tech reporting.
One of the best features of QuickBooks is the amount of people who use it! With a massive support network and its ability to sync with bank accounts it’s an excellent choice for electricians who require straightforward yet powerful accounting software.
Tradify integrates with QuickBooks to make running jobs and accounts seamless!
Pros
- Support network: Because it’s popular among small businesses, 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 electrical businesses, you can automatically sync quotes, invoices, and payments
3. Sage
From the UK, Sage is a global software company particularly well-suited for businesses that are scaling up and require more complex accounting functions. They offer detailed inventory management, project costing tools, and compliance features tailored to local financial regulations, for example, UK-based electricians may need to keep records of their tax obligations under the Construction Industry Scheme. Accounting software like Sage can automatically deduct the correct percentage from a subcontractor’s bill, making sure you’re set when it’s time to file a return.
Sync with Sage for easy job management and finance tracking!
Pros
- Scalability: Ideal for businesses looking to scale, offering features that grow with your business.
- Inventory management: Advanced inventory management features, which are beneficial for electricians who 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
MYOB, an acronym for "Mind Your Own Business," is a leading accounting software provider in Australia and New Zealand. For electricians, MYOB's all-in-one business solutions combine invoicing, payroll, and detailed reporting. One of the key benefits of MYOB is its comprehensive tax compliance tools which are specifically designed to help businesses operate within Australia and New Zealand.
Merging with MYOB simplifies business account management and tax compliance!
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 an important puzzle piece in running your electrical business’ books. For your day-to-day job management, there’s Tradify. Tradify can manage everything from the first enquiry and quote to final payment.
When you create an invoice in Tradify, uploading to your accounting software is as simple as a single click.
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.
Take Tradify for a free 14-day test-drive or pop over to one of our live demo webinars to see the app in action. Want a chat? Get in touch.
