Michael Bohinc

Michael
A.
Bohinc
CPA and CFO,
Keeping Score Inc. and Norhio Plumbing
12

Michael Bohinc is a Certified Public Accountant in Cleveland, Ohio, and the owner of Keeping Score Inc. He has served as the Chief Financial Officer of Norhio Plumbing Inc., his family’s plumbing company in Aurora, Ohio, since 1988. A veteran speaker, he's trained hundreds of contractors in the basics of accounting and on fraud prevention. He also currently serves as the Interim Director for the Service Nation Alliance – Plumbing Group. He's also a die-hard Cleveland Indians fan. You may contact him via e-mail at mbohinc@keepingscorecpa.com.

Articles
5 last minute 2016 year-end tax planning tips to reduce your tax bill 
As you finish preparations for your holiday dinner and put a bow on the gift-wrapping, here are five year-end tax-planning tips to put a little more green in your stocking.
Accounting Basics for Small Contractors — Benchmarking  2
In this installment of Accounting Basics for Small Contractors, we’ll look at specific KPIs (Key Performance Indicators) (aka benchmarks) that contractors should be monitoring. In order to calculate and monitor KPIs, you first have to keep score!
Basics of Accounting for Small Contractors – Benchmarking Your Business 
Benchmarking is the process of comparing your performance to that of a standard, goal or “benchmark” (number). The benchmark can be an “average” or it can be “the gold standard” (the best).
Tax Filing Emergency! Final IRS regulations on tangible property are game changers 
As we prepare for what many in the industry are calling “game changing” rules in the manufacturing of water heaters due to the latest updates to the National Appliance Energy Conservation Act (NAECA), there are similar game changing IRS regulations that have been finalized in the tax code on tangible property that will impact almost all businesses.
Online Exclusive: Accounting Basics for Small Contractors — Fraud Schemes and Internal Controls 
In the last installment in this series, we talked about the leg of the fraud triangle that we can control — opportunity. I also introduced you to the term “internal controls” and why it’s important to have them established in your company.
Online Exclusive: Accounting Basics for Small Contractors — Fraud Prevention 
In the last installment in this series, we introduced the topic of fraud. We discussed what fraud is and what is needed for it to occur. I ended it by saying that you can’t completely eliminate the possibility of fraud occurring. We can, however, reduce the chances that fraud will occur. So, how do we do accomplish that?
Online Exclusive: Accounting Basics for Small Contractors — Employee Fraud 
In some of the previous installments of this series, we’ve discussed the importance of proper job costing, the industry’s dismal 3.5% profit percentage before taxes, the difference between profits and the cash in your bank account, and why cash flow is so important to the company.
Online Exclusive: Accounting Basics for Small Contractors: How to Control Inventory  2
When I was growing up, I remember my dad asking my mom to save the empty milk cartons. She’d wash them out and set them on the counter in the laundry room.
Online Exclusive: Accounting Basics for Small Contractors — Job Costing  1
One of the most common financial issues I find contractors dealing with is properly determining what it costs them to be in business.
Online Exclusive: Accounting Basics for Small Contractors — The Balance Sheet  1
Previously, we discussed some ways to improve cash flow within a company. This evolved from a question that was posed by contractors on a message board regarding the difference between profits and cash. Now, let’s go back and take a detailed look at the balance sheet as previously promised. What is the balance sheet? It’s the financial statement that summarizes the company’s assets, liabilities and equity at any moment in time.
Online Exclusive: Accounting Basics for Small Contractors — Improving Cash Flow 
Previously, we addressed a question posed by a number of contractors on message boards regarding the difference between profits and cash. Specifically, “my income statement shows $50,000 but I don’t have $50,000 in my bank account. Where did the money go?” I introduced you to the Statement of Cash Flows, the financial statement that answers this question. As promised, in this installment of the series we’ll look at some ways that cash flow can be improved.
Online Exclusive: Accounting Basics for Small Contractors, Part 2 
In the first installment of this series we discussed the importance of having at least a basic understanding of accounting and financial concepts to properly operating a plumbing-heating-cooling (phc) business.

What's Hot
Photos & Videos
Recent Supplements

 
 

Leaders in HVACR/Hydronics Innovations

Radiant Living

2016 AHR At-A-Glance Show Guide

Sponsored Introduction Continue on to (or wait seconds) ×