Financial Basics

Financial Basics

Thursday, May 13

10:00AM - 2:00PM PACIFIC (1:00PM – 5:00PM EASTERN)


Virtual Event


The goal of this class is to have dealers to understand how to get accurate and timely financial numbers so their companies can grow without losing control. We review Financial Terms, the Chart of Accounts for our trades based on GAAP, Cash Accounting versus Accrual and why, the basics of Inventory systems, Income Statement basic, departmental to GP Line, Balance Sheet, and Cash Flow Statement. We also review key performance indicators by segment.

Course Materials:

  • WORD Course Manual Defining All Topics in Objective
  • Electronic Files – Sample Income Statement, Sample COA, Sample Cash Flow, Sample BS, Budget Tool with Ratios and KPI’s, Article on Warranty Reserves. Departmental Time Cards, Invoices, Material Requisition and a Sample Dashboard.

Topics Covered:

  • Chart of Accounts – the Definitive Chart of Accounts
  • Cash Vs Accrual – Double Entry Accounting
  • Balance Sheet Discussion and Review
  • Reserve Accounts – Deferred Liabilities
  • Inventory – Various Methods and How to Choose
  • Income Statements – Basic and Detailed, Timing, Accuracy
  • Ratios – Understanding and Calculations
  • Understanding Business Metrics (KPI’s) and use in a company – performance
  • Departmentalization to the GP Line
  • Cash Flow Statement – Structure – How to, Examples

What to bring (Dealers):

  • Profit & Loss Statement Year to Date, Year End Previous
  • Balance Sheet Current
  • Chart of Accounts List
  • If they have a Budget and Cash Flow Statement

Follow up Homework:

  • Watch the Financial Videos on Site
  • Study All Financial Documents on Site
  • Restructure Chart of Accounts
  • Begin Producing Monthly BS and Income Statements
  • Adjust Prices if Necessary
  • Use KPI’s

Who Should Attend

Owners of Trades, Bookkeeping Function, Mid Managers of any company wanting to grow and empower managers


EGIA Event Services





Event Details

Start date: May 13, 2021

End date: May 13, 2021

Start time: 10:00 a.m. PDT

End time: 02:00 p.m. PDT

Venue: - Meeting ID: 920 7515 3066

Directions: Financial Basics

Premium Members: FREE Registration Plus Members: $99/Person
EGIA Members must log-in to take advantage of the above discounted workshop pricing


Gary Elekes

President, EPC Training

Gary Elekes is serial entrepreneur with a passion for helping others become more successful by sharing what he has learned over the past 3 decades working closely with all facets of the contracting industry. During his career, Gary has held senior management positions at Lennox and Service Experts. In 2000, Gary moved into entrepreneurship and started his training and consulting business EPC. Today, EPC continues to support growth oriented businesses aspiring to reach 20% EBIT. He also designed the very first web based learning platform for the residential contracting industry, which acts as a support system for training and learning in HVAC and plumbing trades, and has over 5,000 subscribers.

In 2003, Gary began acquiring contracting firms with a focus on developing turn-around opportunities. He also opened and operated several start-up businesses. In 2010, he added web design/SEO and online marketing to his company portfolio starting Imarket Solutions as a co-founder. Gary graduated from Ohio State University with a BSBA and also holds a Master's Degree in Business and Finance.