In the alarm business, you know that cash flow is everything. Maybe your truck’s on its last leg, or you need some new tools to keep things moving. Or maybe you’re starting to think about selling your business one day. Whatever the reason, your recurring monthly revenue (RMR) is the key to unlocking that cash when you need it. Here’s why keeping good track of your RMR—and all the info around it—is the smartest thing you can do to set yourself up for success.

RMR: Your Built-In Cash Machine  

In the alarm industry, there’s a unique perk we’ve got that not everyone thinks about: when you need quick cash, you can sell off accounts. Those accounts with RMR bring in steady money every month, which makes them valuable. And when you’re tracking all your accounts, contracts, and costs in one place, like WorkHorse, it’s even easier. You know what you have, you know what it’s worth, and that means you can get a deal done fast—sometimes in as little as two weeks.

Imagine this: you’re thinking about a new vehicle, or maybe you need funds to grow your business. With solid RMR records, you can sell a handful of accounts and have cash ready to go. This is possible because anyone looking to buy accounts or even your whole business will see the clear, reliable numbers on each account, and they’ll know exactly what they’re getting.

Why RMR is the Real Deal When Selling Your Business  

Here’s the big picture: when you’re ready to retire or move on, the first thing a buyer is going to look at is your RMR. This is what puts value on your business because it shows the income that will keep coming in every month. Good RMR tracking means you’re not just hoping for a fair price; you’re setting yourself up to get it.

When you’ve got WorkHorse, all the details a buyer needs are right there in one place:

• Accounts and Contracts: No hunting around. A buyer can see every account and every contract, including how much each one’s worth.
• Third-Party Costs and Terms: Clear costs and terms make it simple for a buyer to understand expenses.
• Central Station Info: Every Account, Zone, Emergency Contact and more is right there.
• Attrition: Check and track your attrition and compare that against your Central Station and Communication Partner Billing.

When a buyer can see this info in one place, they’re willing to pay more because they can trust the numbers. And because WorkHorse is built specifically for the alarm industry, we know what a buyer wants to see. We can even help with a smooth transition, either by moving your data to their system or helping them take over your WorkHorse setup. The result? You get top dollar, and the buyer gets a seamless switch.

Having Good Data Matters  

Good RMR records mean options. Whether you’re selling accounts to raise cash or selling the whole business, your value is in those records. At WorkHorse, we’re here to make it easy to keep everything in one spot so you can focus on running the business.In short, keep track of your RMR and set yourself up for a solid future. And when the time comes, you’ll be glad you did.

The post Need Cash? How Your RMR Can Be a Lifeline   appeared first on Alarm Company Billing Software | WorkHorse.

We will be hosted the Fall Road Show for Southwest Regional Meeting of Integration Association of Florida!

Date: September 18th, 2024

Time: 11:00 AM – 1:00 PM

Details in the link below:

https://members.iaf-safe.org/Calendar/moreinfo.php?org_id=AAFL&eventid=114500

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Why QuickBooks Isn’t Ideal for Recurring Monthly Billing and Why WorkHorse is a Game-Changer for Alarm Companies?

Managing recurring monthly billing can be a daunting task, especially for businesses in the alarm industry. QuickBooks, while a powerful accounting tool, has some limitations when it comes to handling recurring billing efficiently. Here’s why QuickBooks may not be the best fit for this specific need and why WorkHorse, an alarm company software that seamlessly integrates with QuickBooks, is the superior choice.

The Limitations of QuickBooks for Recurring Billing

QuickBooks utilizes memorized transactions for recurring billing. While this feature might seem convenient at first glance, it has several drawbacks:

1. Lack of Service Date Tracking: Memorized transactions in QuickBooks are essentially sales orders set on repeat. They do not include specific dates of service, making it challenging to track when services were provided. This can lead to confusion and potential disputes with clients over billing periods.
2. No Detailed Account Information: These transactions do not show detailed account information, which is crucial for both the business and the customer. Without this information, managing customer accounts becomes cumbersome and prone to errors.
3. No ACH Transaction Tracking: QuickBooks does not track the status of Automated Clearing House (ACH) transactions. This limitation can make it difficult to monitor and manage electronic payments effectively.
4. Manual Updates Required: Changes in billing amounts or service details require manual updates to each memorized transaction. This process is time-consuming and increases the risk of human error.
5. Lack of Industry-Specific Reporting: QuickBooks does not offer the specific reporting and information that the alarm industry needs. This can limit your ability to gain insights into your business operations and make informed decisions.

Why Choose WorkHorse for Recurring Billing?

WorkHorse is specifically designed to address the unique needs of alarm companies, offering a more robust solution for recurring monthly billing. Here’s why WorkHorse stands out:

1. Detailed Service Records: WorkHorse includes the dates of service and comprehensive account information for each transaction. This ensures that both the company and the customer have clear, accurate records of services rendered and billed.
2. Seamless Integration with QuickBooks: WorkHorse integrates smoothly with QuickBooks, combining the best of both worlds. You can enjoy the detailed, industry-specific features of WorkHorse while still leveraging the accounting power of QuickBooks.
3. Automated Updates: With WorkHorse, changes in billing amounts or service details are automatically updated across all relevant transactions. This reduces the need for manual intervention and minimizes the risk of errors.
4. Industry-Specific Features: Designed with the alarm industry in mind, WorkHorse includes features tailored to your business needs, such as tracking installation dates, monitoring service contracts, and managing customer support efficiently.
5. Linked RMR Billing: WorkHorse links your recurring monthly revenue (RMR) billing to your central station and communication providers, giving you better insight and control over your operations.
6. Comprehensive Reporting: WorkHorse offers the specific reporting and information that the alarm industry needs, helping you make informed decisions and improve business efficiency.
7. Unified Receivables Management: By working with WorkHorse and QuickBooks, you can keep all your receivables in WorkHorse with all the necessary alarm industry and payment tools, while maintaining your general ledger in QuickBooks. This ensures that your accountants can easily manage your taxes during and at the end of the year.

Conclusion

While QuickBooks is a fantastic tool for many accounting tasks, it falls short when it comes to recurring monthly billing for alarm companies. The lack of service date tracking, detailed account information, ACH transaction tracking, and industry-specific reporting can create significant challenges. WorkHorse, with its seamless integration with QuickBooks and industry-specific features, provides a comprehensive solution that streamlines recurring billing and enhances overall business efficiency. Choose WorkHorse to ensure accurate, detailed, and hassle-free billing for your alarm company.

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Thank you Alarm Association Of Florida for this award!

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With our eAgreement Mapping Service, we can import and map YOUR agreement into our system, making it easier for your sales team to complete agreements with customers.

If you are interested in using our eDocument service, please do not hesitate to contact us or fill out this form.

We are always here to help you streamline your business operations and make your sales process more efficient.

WH Team

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WorkHorse Service Company Software serves as a Single Point of Data Entry, so Alarm Companies can manage their entire business from one location via sales, eAgreements, RMR billing, Field Service, and In-Field Billing functionality. Featuring integrations with more than 30 monitoring centers as well as Alarm.com, Alula, SecureCom, and SecureNet, the software now offers real-time integration with QuickBooks Online.

By linking and syncing data for real-time financials with QuickBooks Online—the most widely used accounting software in the market, WorkHorse is your Single Point of Data Entry. The WorkHorse QB integration creates customers, products, parts estimates, invoices, and payments. When customers are created in WorkHorse, they automatically sync in Quickbooks Online, cutting down the time it takes for your back office to enter the data and keep up with financial audits.

WorkHorse handles RMR Billing and Merchant Service processing, which allows companies to continue to use Quickbooks Online and have best in class RMR/Subscription billing. All invoices can automatically be paid through an email, and through text messaging (coming December 2022). With WorkHorse auto reminders and statements, collecting money from your customers has never been easier. 

Don’t see your Central Station? Let us know and we will be happy to integrate with them. 

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Click here – 2023 AAF Annual Convention Highlights—New Officers & Award Recipients Announced.

The AAF Convention held in Orlando Feb. 6-8 featured 60 exhibitors/sponsors and over 200 industry professionals coming together to network, learn, and attend association meetings!

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