We'll regularly communicate with you regarding your appliance repair shop's bookkeeping updates. Have urgent inquiries that simply can't wait? Be assured, we'll respond to you within one business day or even less.
Our platform enables appliance repair shops to automate data entry from multiple industry-leading providers, eliminating frequent errors. We have partnerships with service providers such as Gusto, Stripe, Shopify, and Square—ensuring your financial records are consistently precise.
Wave farewell to the mounds of invoices and burdensome manual record-keeping—we automate inputs straight from your connected accounts. Get your business insights from one centralized dashboard designed for appliance repair shops, enabling you to effortlessly gauge the health of your business and make effective strategic decisions.
DR. BUKKY KOLAWOLE
Running an appliance repair shop comes with unique accounting considerations. Here are a few specific practices you may need to think about:
- Inventory Management: Parts and supplies for appliance repairs must be meticulously tracked. Your bookkeeper should always have a clear picture of your inventory to determine costs, identify reorder points, and assess inventory turnover.
- Job Costing: Each repair job can have different costs depending on the time spent, parts used, and the technician's rate. Your bookkeeper needs to accurately allocate costs to each job to pinpoint profitability.
- Depreciation: Your business likely owns various expensive tools and equipment. Your bookkeeper should handle the depreciation of these assets correctly to balance your books and to aid in tax deductions.
- Revenue Recognition: Depending on your billing structure, you may need to recognize revenue in different ways. Your bookkeeper will need to understand when to recognize revenue from repairs, warranties, and maintenance contracts.
Note that every business is unique, and your accounting needs may vary. At Bench, our expert bookkeepers will work with you to understand your business and customize our services to your needs.
Some of the most common tax deductions available for an appliance repair business include:
- Business-related vehicle mileage
- Tools and equipment required for repairs
- Office expenses, such as rent, utilities, or a home office deduction
- Insurance and liability coverage
- Continuing education and certification
- Marketing and advertising expenses
- Employee salaries and benefits, if applicable
It is advisable for businesses to keep detailed records of these expenses throughout the year to simplify the tax filing process. Consulting with a professional bookkeeper or accountant is also highly recommended to ensure all deductions are accurately handled and the maximum benefits are obtained.
Managing the inventory costs of spare parts in your appliance repair shop's bookkeeping can be accomplished by incorporating a dedicated inventory management system. This can track the purchase, storage, and usage of spare parts. Each time you buy or use a spare part, record it in the system. The costs of these parts are then integrated into your overall bookkeeping system. These costs can be tracked as both a direct cost of providing your repair services and as an operational expense, depending on the accounting methods you choose to use.
Inventory management can sometimes be complex, so using professional bookkeeping services can greatly help in accurately tracking these costs. An expert bookkeeper can provide guidance and manage this aspect of your finances, facilitating the reconciliation of your inventory and ensuring your books are always up-to-date. With Bench Accounting, you can be sure to have professional help to manage your inventory costs efficiently and effectively.
Nope! All bookkeeping is completed in-house.
Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.
We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.