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 […]
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 […]
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 […]
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 […]
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