As an HVAC industry pro, you know the importance of building a customer base. Tips and tricks and marketing tools abound, and you likely have a good idea what works and what doesn’t in your market. But what if there is an untapped market for your business, one that doesn’t require additional work making contacts […]
Ever struggle with employee management? If we’re honest, challenges with employees are something that most business owners have faced, regardless of their size. After all, employee productivity is directly tied to your business’ profits, while generally your employees just don’t have the same level of vested interest in your company. This then, is where the […]
Key Takeaways Payroll might seem straightforward—pay your employees the correct amount on time. Yet, if you’ve ever managed a business or handled HR tasks, you know payroll errors can pop up unexpectedly, creating headaches for your team and your bottom line. In this article, we’re counting down the most frequent payroll mistakes, from oversights in […]
Discover the reasons why every contractor should have proper contractors insurance coverage. Being a contractor is a dream job for many people, which isn’t really surprising. After all, who wouldn’t want to be your own boss, with full control over your work hours and substantially better pay than a regular, salaried employee? However, for all […]
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 […]
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