Best ERP Software for HVAC, Plumbing, Field Service Businesses

What is an EIN? When do You Need it? And How do You Get One?

An Employer Identification Number (EIN), also known as a Federal Tax Identification Number, is a nine-digit number that the IRS assigns to business entities. The IRS uses this number to identify taxpayers that are required to file various business tax returns. EINs are used by employers, sole proprietors, corporations, partnerships, non-profit organizations, trusts and estates, […]

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Top Three Mistakes to Avoid When Selling Service Agreements

Service agreements (SAs) are critical to increasing the value of your company, increasing cash-flow, improving profitability, and decreasing employee turnover. SAs increase the value of your business because potential buyers usually value them over anything else. SAs improve cash-flow because you get paid for services you have not yet provided. SAs improve profitability by increasing

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Complete Accounting Dictionary to Benefit Your HVAC Company

The following glossary is from our book “Simple Accounting Principles for Small Contractors“. This book is available for purchase at mrhvac.com. It contains the most common HVAC related accounting and bookkeeping terms. Seek additional accounting resources for more comprehensive and detailed information. Please also see our Technician’s Dictionary of Proper Grammar. A Account: A record

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Escrow Accounting Solutions for Service Businesses

Any service company that sells planned maintenance and service agreements, especially HVAC service companies, should be setup for business  escrow accounting solutions.  However, many service companies do not know what escrow accounting is or how to implement this practice within their business model. What is Planned Maintenance and Service Agreement Escrow Accounting? Explained simply, escrow

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Protect Your Money with 4 Quick Bookkeeping Tips

Protecting your money is one of a business owners top priorities.  Unfortunately many owners fall victim to financial loss which could have been prevented.  Below are four primary things every business should understand and create processes and oversight to protect your money. Know Your Financials Accounting is the basis of good business decisions. For that

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Understanding the 5 Types of Accounting to Grow Your Business

Whether you run an HVAC Software, Plumbing Software, electrical, janitorial, or any other field service business, it is important to know and understand the 5 types of accounting required for success.  The most successful business owners know these numbers and are empowered with the knowledge to make sound business decisions.  If you’re not a numbers

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