FRAXN is launching its Moneyball Series with a free virtual event called “Is Your Current Chart of Accounts Working Against You?” on June 15 at 3 p.m. Eastern.
This series is designed to help pest control owners and operators uncover the secrets hidden in their financial and operational data. During the kickoff event, FRAXN co-founders Patrick Baldwin and Seth Garber and FRAXN director of finance Cameron Smith, CPA, will explore the importance of establishing an accurate chart of accounts specific to the pest control industry, including revenue and direct-cost categories.
“There are a lot of tools and measurements out there, but financial success all starts with the basic building block of an accurate chart of accounts,” said Baldwin, a former pest control owner/operator who also hosts the industry podcast The Boardroom Buzz. “Owners and managers often settle for the defaults that are provided by Quickbooks Online. Are they good enough? Or even worse, could they be hurting your business?”
Event attendees will have the opportunity to learn about the importance of using key performance indicators, benchmarking and budgets to take their businesses to the next level. They’ll also gain insights on why it’s critical to understand the financial data in their business and how to establish the correct revenue and expense categories specific to the industry.
“Pest control business owners agree that not all revenue is created equal,” Baldwin said. “The industry holds steady at an 80-percent-plus recurring revenue benchmark, but is that number reflected in monthly financial statements? Not necessarily.”
Garber, an industry consultant and lead contributor of e-learning platform Pest Daily, said he is excited to be part of the Moneyball Series and looking forward to providing relevant, actionable tips to business owners who may find finance intimidating.
“A lot of people I work with have big plans for growing their pest control companies,” said Garber, a former owner/operator. “However, they often end up holding back because they don’t have the data they need to make major business decisions and they’re not comfortable leaving their company’s future up to chance.”
Through the Moneyball Series, Smith said, he is eager to show owner/operators what can happen when they have the confidence to take control of their financial futures.
“With enough determination and a little bit of strategy, many owners can find themselves with a profitable business,” he added. “But the magic really happens when you start to understand your numbers and what they mean. That’s when the sky truly becomes the limit.”