HVACR Business

OCT 2017

Help hvacr contractors master the critical components of business management.

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6 HVACR BUSINESS OCTOBER 2017 www. hvacrbusiness .com Do You Have a Loyal Bookkeeper? Watch out! M ake sure your loyal book- keeper is loyal to your company. You know the type: she has done the books for the company for a very long time. She is usually accurate. She comes in early and stays late to ensure you get finan- cial statements on time every month. You have the perfect employee: hard working, dedicated and accurate. But do you? What if she never takes a vacation? Sure, maybe she takes a day here or there, but she never takes a full week. Her reason is that payroll is due every week and no one else can do it. at could actually be a red flag. Here's the story of one company owner who had the "perfect, dedicated bookkeeper." As it happens, one day this "perfect" bookkeeper got sick. She didn't come in to work. is was rare, but the company survived the day without her. en she was still sick for a second and third day. By this time, the contractor needed to get checks sent to vendors and payroll was due. Someone had to do it so he went into her office to do it himself. While stumbling around in the ac- counting soware, he discovered there were many payments made to vendors with direct payments. He saw loan pay- ments, credit card payments, office supply company payments, gas card payments and others he recognized. en, there was one he never saw before. He found consistent payments to this vendor for years! When he added it up, it was more than $90,000. None of the payments were huge, so he never would have noticed it unless he did what he had done: go into the bookkeeper's comput- er accounting soware. So, who was this vendor? It turned out this "perfect, loyal" book- keeper had been embezzling for years. A little every month, not noticeable to BY RUTH KING FINANCE Small, direct payments every month may go unnoticed if you're not reviewing your balance every day — and it can add up to a lot of money over the years. 60 Years of Excellence PURCHASE: a testo 320 or 330 Combustion Analyzer RECEIVE: 1 Year Additional Sensor Warranty PLUS a testo 770-3 Clamp Meter, FREE* FR E E! Clamp Meter* *For full redemption details visit www.testo.com/promo Offer valid: 8/1/17-12/31/17

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