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You Can Thank Us Later – 10 Types of Invoices for Home Services Businesses It’s Friday again, and we hope your day is not going as chaotic as ours. If you are having a chaotic day and one of your clients has sent you an email saying, “Can you resend the invoice? I can’t seem […]
Is A Sinking Fund the Same as a Reserve Fund? Let’s say you have the sinking and reserve funds. You’ll buy a coffee machine from the sinking funds and pay emergency bills from reserve funds. Let’s break down both terms. Sinking Fund A sinking fund is a specific pool of money set aside for planned […]
Do Property Management Companies Pay Up Front For Roof Replacement? Property management companies typically don’t pay upfront for roof replacements. Instead, they use funds from the property’s reserve account, which is the owner’s fund. In addition, they can coordinate with owners to cover the cost directly. They can arrange a payment plan or special assessment […]
Don’t Waste Time! 5 Tips to Improve Bookkeeping for Small Construction Businesses From time to time, Wayne, the CEO of Batcave Construction, looks at his finances. However, every time, his bookkeeping isn’t complete, and the number doesn’t seem to add up. This is the situation many construction businesses face, and if you can relate to […]
Cash Flow vs. Appreciation Cash flow and appreciation are two players on the same football team, but they score differently. The two terms are synonymous with the real estate business. Cash flow is the money coming in and out of your business, such as profit/loss from property. A positive cash flow occurs when rental income […]
What Are Costs in Excess of Billings? Costs in excess of billings happen when you’ve spent more on a project (materials, labor, etc.) than you’ve billed your client. In accounting, it shows up as an asset because it’s money you’re expecting to recover soon! For instance, say you are building a treehouse for a friend. […]
5 Ways to Take Advantage of HVAC Business Coaching We know summer is the busiest season for HVAC business owners. The calendar seems to be booked for weeks. This is good news for any HVAC business. But behind the scenes, if you are barely holding it or summer feels cold for cash flow, you need […]
5 Ways to Improve the Landscape Company Workflow Friday Mornings are always busy and who can understand better than all the busy landscapers out there. The pressure mounts as the day goes by. It’s completely ok as this is part of the business, but if every day is messed up for you and you can’t […]
Why is Accounting a Service Industry? Well, it’s simple: accounting doesn’t provide any tangible goods. Accountants use their expertise to keep businesses on track and help manage taxes, balance books, and plan budgets. Unlike product-based industries, where value is derived from tangible goods, accounting delivers value through financial insights, accuracy, and strategic planning. In addition, […]
What is Net Receivables? Net receivables refers to the amount you expect to collect from your customers. It’s your total accounts receivable (all the money owed to you) minus any amounts you think you won’t get, like unpaid invoices or discounts. Imagine giving your friend $100, but you know they can only pay $80 now. […]