5 Ways to Maximize Sales Leads Getting qualified sales leads for your HVAC, electrical, plumbing, or really any field services business is critical for success. Creating these leads should be your single most important objective. The more quality leads you are able to get, the more likely you are to get long-term customers.
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
How to Create a Bonus Plan for Managers There are 5 components to creating a successful bonus plan for managers. Every bonus plan is different, but the following core components are key to ensure success. Sales Growth Drives Bonuses We expect our management team to implement the financial plan laid out by the
Financial Reporting Structure for a Contracting Business. Part 3 Imagine giving a technician a significant raise and being 100% certain you will be able to afford it and that they are still highly profitable. Well, you can. This is part three of three in my series of posts talking about the importance of financial structure.
Financial Reporting Structure for a Contracting Business. Part 2 This is part two of three in my series of posts talking about the importance of financial structure. Chart of Accounts Financial transactions are recorded with a set of codes called the chart of accounts. These codes are classified by assets, liabilities, equity, income, cost of
Financial Reporting Structure for a Contracting Business. Part 1Accounting is the basis of business decisions. While you may not be an accountant, or even like accounting, you are likely a decision-maker. You are asked to make numerous business decisions every week and your decisions need to be correct the vast majority of the time.Will we
Cash versus Accrual Accounting. The Difference Could Kill Your Business. I sometimes receive questions on why Total Office Manager does not allow for cash basis financial reports (like we do for sales tax reports). Cash basis accounting is not GAAP compliant and has NO PLACE in business management. A cash basis is how a person
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), he discovered
The Importance of Bank Reconciliations 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
Computer File and Folder Naming Rules This article deals with the topic of how to name computer files and folders. When you manage a contracting company, setting up an electronic file system is a necessary and important part of your management system. Naming Files and Folders with Special Characters It is important to use standard