How Can I Grow My Business Rapidly?

A Contractor University Member recently utilized the Ask-The-Expert Q&A feature within the member dashboard by submitting the following question and received the response below.

Contractor Question:

“Should we look for a home service specific bookkeeper over a general CPA? If so, any suggestions with proven experience?”

Contractor University Expert Response:

“Many small and newer HVAC companies have the same question. The short answer for you is you need both a bookkeeper and a CPA as each provide a different service. I would suggest a bookkeeper with home services experience and even better, one with HVAC experience. I don’t have a recommendation for either in your area, but I would suggest you start your search for each locally and widen from there if you are not able to find someone local that you like.

I did get the P&L you emailed to me yesterday and it is impressive however I think we need to do a deeper dive into your COGS and talk about splitting your revenue into profit centers (some call them classes) specifically Replacement/Installation and Service. A bookkeeper can help you achieve this. We can discuss this at length during our next scheduled call. A CPA is important as you are showing profit over $100,000, and a general CPA firm can help you determine and pay only what you owe to taxing authorities. A CPA can also help with IRS compliance and bank compliance, and financials should you ever need to borrow a significant amount of money for a large project. A lending institution will want you to provide CPA reviewed financials if not audited financials depending on the type and value of the loan.”

Contractor University members can click here to log in to their member dashboard and submit a question through the Ask the Expert portal.