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 […]
It a began in 1996; James R. Leichter, a well-respected Kansas City contractor decided he wanted to help other contractors with the same issues he encountered with best business practices and sharing advice with other contractors. After working in the HVAC field since 1985, James started his own successful HVAC company, Envirotech. In 1996, he […]
Key Takeaways What’s the Best Way to Make Sense of Your Revenue? Navigating the world of business accounting can feel like wading through a jungle with no map. When it comes to field service companies, the choice between cash vs accrual accounting can shape how you perceive revenue and strategize for growth. This article lays […]
Introducing the Z-Score Bankruptcy Model This famous and widely used model (or ratio) represents the important work of New York University’s Professor Edward I. Altman. Originally, Altman studied 33 public corporations that filed for bankruptcy and 33 control firms selected at random. Using a very sophisticated statistical technique referred to as multiple discriminate analyses (MDA), […]
The bank reconciliation process provides assurance that a company’s accounting records and balance sheet reflect the proper amount of cash. Bank recs are also a vital step in reducing your risks against theft, fraud, and embezzlement. Terms associated with the “bank rec” include: 1. Outstanding checks. Checks that were written (and have been recorded on […]
Key Takeaways Organizing your files and folders can feel like taming a wild job site, especially if you’re wearing multiple hats as a contractor or field service business owner. Fortunately, having a clear naming strategy dramatically cuts down on wasted time, frustration, and confusion, and will ultimately help boost employee productivity. If you’ve ever wondered […]
There are many Key Performance Indicators (KPIs) and Key Financial Ratios (KPIs) available to managers. The key to profitability in the contracting industry is controlling labor. One of the most important labor rations, if not the most important, is the Labor Efficiency Ratio. Labor Efficiency Ratio This productivity measurement compares the labor hours paid versus […]
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