When businesses struggle, it’s usually because of two reasons: either they were not able to satisfy their customers, or their marketing strategy needs a lot of work. No business can grow without the consumers; that’s why it makes sense for business owners to capitalize on brand promotion. And nowadays, there’s no better way to get […]
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, […]
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 […]
How did people do bookkeeping before there was software? Well, they filled out a lot of forms, double and triple entered information, wore out adding machines, spent a huge amount of time preparing reports, and thought carbon paper was awesome. First a Little History Accounting’s history can be traced back thousands of years to the […]
Many service companies under pay overtime which creates an ever-increasing financial burden that will catch up to many companies. We all know that we must pay regular time plus 50% when employees work more than forty hours in a work week. Some states require overtime after 8 hours in one twenty-four-hour period. What many […]
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 […]
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 […]
Key Takeaways Selling in the HVAC industry is both art and science. You’re not just pushing products—you’re offering solutions to people’s comfort problems. That’s why mastering HVAC sales tips can mean the difference between struggling for leads and building a thriving, customer-first business. In this guide, you’ll discover a blend of classic and fresh sales […]
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 […]
Key Takeaways You’ve got a team of managers orchestrating daily chaos—juggling service calls, scheduling employees, smoothing out client relationships, and wrestling with inventory. The job is taxing. Though, a well-designed manager bonus structure can keep them fired up rather than burnt out. After all, a good reward is like rocket fuel for productivity and workplace […]
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