Since contractors’ skills are typically in HVAC maintenance and business management, accounting may be a skill better left to someone else.

Unfortunately, many HVAC contractors ignore financial statements until they have to pay attention.

Artificial intelligence has a place in the back office too.

There are all kinds of bad actors who target small businesses like HVAC contractors.

Balance sheets are the unsung heroes of our industry’s accounting management tools. Love ‘em or hate ‘em, they’re vital to your business, and learning to read them correctly will supply you with information that can keep your company out of financial trouble, as well as show you some important growth opportunities.

There’s a reason the most successful companies all practice accrued payroll in their accounting department.

Understanding that contractors are busy, The NEWS talked to both accounting and HVAC industry experts in an effort to improve every contractor’s chance of business survival.

Labor and wages are a huge part of your expenses, and without an accurate figure, it will be difficult to truly gauge your business’s performance.

There is no doubt that we’ve come a long way from the 1990s, when there were very few people who knew the tax code and could fill out a paper IRS form properly. Now, technology is widely available, and many can create and file their own returns in a matter of hours and avoid any issues going down the road.

HVAC industry experts advise that no business owner should underestimate the importance of setting up and following good accounting practices.