PHCC’s New Finance Bootcamp: A Training Must for Any Business Owner

After much anticipation by its member contractors, the  Plumbing-Heating-Cooling Contractors—National Association (PHCC) has launched all nine modules of its new Finance Bootcamp. Developed as basic training for business owners and their staff, these self-paced courses will help learners understand the fundamentals of finance so they can make informed, strategic decisions for the financial health of their businesses.

“For plumbing and HVAC technicians, opening their own business is a logical next step, and they may be masters of their craft, but many owners don’t completely understand the financial part, and they could fail miserably as a result,” says Laurie Crigler, PHCC Education Committee chair. “By the end of the Boot Camp, business owners not only will be better prepared to manage and understand financial performance, but they will be more creative and innovative critical and strategic thinkers.”

Business owners and their finance staffs can take one or take all nine of the following modules (about 45 minutes each):

1. Introduction to Finance – a basic overview of the Boot Camp covering topics such as chart of accounts (COA) and cash vs. accrual accounting.
2. Understanding a Profit and Loss Statement – a focus on profit vs. loss, net vs. gross (sales), operating income, and net income.
3. Understanding a Balance Sheet – an overview of how to read and interpret balance sheets, covering current, fixed, long-term, and other assets, as well as current and long-term liabilities.
4. Determining Actual Billable Hourly Rates – an understanding of how to determine actual hourly rates for technicians, understand a profit and loss calculator, and how to accurately determine the cost of doing business.
5. Importance of Financial Ratios – an overview to help learners understand financial ratios and what they show, which are the most important to follow and why, and how to identify a business’ KPIs monthly.
6. Understanding Your Tax Rights and Responsibilities – an overview of basic business taxes, tax credits, fixed assets, the difference between S and C Corps, and IRS notifications.
7. Preventing and Identifying Theft – a session that will help explain what fraud is, common types of employee fraud, how to prevent and detect fraud, and how to create a culture of accountability.
8. Financial Software and Basic Business Skills – a session geared to address the different types of products to help businesses make the right accounting software choices; will also cover basic business practices to prevent expensive and painful solutions.
9. Creating Budgets for Your Business – an understanding of why budgets are important, covering topics such as income, fixed costs, variable costs, financial goals, and more