HVACR Business

JUN 2017

Help hvacr contractors master the critical components of business management.

Issue link: http://digital.hvacrbusiness.com/i/833679

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6 HVACR BUSINESS JUNE 2017 www. hvacrbusiness .com Two Great Ways to Protect Your Money P utting systems in place keeps the honest people honest. I discov- ered this really sneaky and in- genious way to steal from your company when a contractor called me and asked if I would help him make sure his pricing was correct. Keeping your hard earned money safe is your responsibility as the owner of your company. You shouldn't be giving it away, nor should you make it easy for anyone to simply take it from you. Here are two ways to protect your hard earned cash. Don't Give Out Bonus Checks Many HVACR contractors give em- ployees bonuses based on company prof- itability. Many owners give the bonus aer the Christmas holidays because they don't want employees to think it's a "Christmas Bonus" that should be expected, even in years where company profitability is not good. For one company, the bonuses were large this year because the company was highly profitable. It was fun for the own- er to share the profits with the employees. ey had a company meeting where we handed out the checks. Unbeknownst to the owner, one of the employees was so thrilled with the amount of his check that he bragged to all of his friends about it. How did he brag ? e same way everyone brags nowadays: he took a picture of his check and posted it on Facebook! And yes, the check amount, account number and bank routing number were clearly visible on the picture. He got a call from the banker who questioned some large withdrawals from the company's bank account to an unusual location. e owner told him they didn't authorize any withdrawals and the bank- er immediately shut down their accounts. Luckily, the the was caught in time be- fore too much damage was done. When they investigated, they found out about the Facebook post. e owner told the employees what happened, but didn't say who did it. From now on, bonus checks will be direct deposited into employees' bank ac- counts so this cannot happen again. It's important to note, employees who are emotional do not think rationally. is employee wanted to prove to his friends that he got a great bonus. He wasn't thinking about the consequences when he snapped a picture and put it on Facebook. Consider direct deposit for your pay- roll checks too. When you use direct deposit, employees get a notice of their gross wages and deductions. ey see that a certain amount was put in their ac- count. Employees cannot see the compa- ny's checking account and bank routing numbers. If direct deposit is not an option, have a separate payroll account where you keep only enough money in it to fund payroll each period. en, if an employee puts a picture of his payroll check on Facebook, the hackers can get little or no money. Don't Use Signature Stamps ree HVAC industry personnel de- cided to open their own business. One was focused on sales, one on operations and BY RUTH KING PRESIDENT OF HVAC CHANNEL TV FINANCE Employees who are emotional do not think rationally … most don't consider the consequences of posting on Facebook.

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