Financials

A well-defined Chart of Accounts (COA) is crucial for small business success in the home services trades, including plumbing, electrical, HVAC, and landscaping. This financial roadmap organizes all financial transactions, enabling clear financial reporting, effective expense tracking of costs like fuel costs, material costs, and subcontractor fees. Building a tailored COA involves understanding asset, liability, equity, revenue, and expense categories, customizing for specific service revenue and cost of goods sold, and implementing it in accounting software for improved budgeting, simplified tax preparation, and better decision-making. Regularly reviewing and refining your financial foundation ensures long-term business health