President, Masters Termite & Pest Control
"Having a better understanding of the numbers has made a big difference."
Masters Termite & Pest Control
Port Jervis, N.Y.
“Sometimes people can be pennywise and dollar foolish and not see the value in spending in a certain area like accounting. There is value in knowing your numbers and having the business perspective PCO Bookkeepers can give you based on your business. They tailor it to you.” —Bob Masters
PCO Bookkeepers Helps Masters Termite & Pest Control Steer the Ship
In 2014, second-generation pest management professional Bob Masters of Masters Termite & Pest Control in Port Jervis, N.Y., realized he needed to know more about the financial side of this business than he did. His father, Bud Masters, founded the company in 1982.
“I was one of those guys who knew about the pest control end but not the business end. When you don’t come from a business background, maybe you shouldn’t rely on your instincts,” he says, joking. “For the longest time, I figured everything was OK, but maybe you’re not as OK as you think.”
To get a second set of eyes on his business, Bob turned to CPA Dan Gordon and PCO Bookkeepers, a firm that works with more than 300 pest control and lawn care companies across the U.S. to provide accounting, bookkeeping and CFO services; tax preparation and planning; and accounts payable management. PCO Bookkeepers also provides in-depth monthly benchmarking reports that compare clients to other firms in the industry.
“If you’re not on top of your numbers, it’s like being in a ship on the ocean without a rudder — you’re going to be drifting in the current,” Bob says. “PCO Bookkeepers gives you a rudder to let you know where you might be able to grow your business.”
Today, Bob says things are going well, and he and the team at Masters Termite & Pest Control have their financials “dialled in.” Every month, they work with the PCO Bookkeepers’ Anthony Pepe to spot trends before problems arise and evaluate what’s going well and “doing more of that.”
For instance, they keep a close eye on labour costs, productivity, windshield time and scheduling to ensure they’re hitting their profit goals.
“At the beginning with PCO Bookkeepers, it was very critical to get a handle on all of this,” Bob says. “Now it’s just a matter of continuing what we’re doing because we’re going in the right direction now.”
Pricing adjustments are another area where PCO Bookkeepers advised the Masters’ team.
“You don’t want to race to the bottom of the pricing pool,” Bob says. “You’re not looking to gouge people, but you need to know where to price to be profitable.”
Having access to pest control industry-specific benchmarking data also is another benefit of working with PCO Bookkeepers, and Bob appreciates the fact that this information is delivered with context.
“A small startup’s margins are going to be different than a larger business’s,” he says. “They’re in tune to where you should be. When I review financials with Anthony, he’s not just looking at my numbers, he’s looking at how they relate to a business of my size. That’s cool stuff.”
All in all, Bob says he has a better connection to his business, and if he has any questions, he knows the experts at PCO Bookkeepers are just a phone call away.
“They return phone calls and are always good if I have questions,” he says. “Having a better understanding of the numbers has made a big difference.”