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Episode 133


Topic: Budgeting Mistakes & What to Do Instead

Guest: Brian Post, CPA, managing member, PCO Bookkeepers & M&A Specialists

In this episode we discuss:

  • The common misconceptions and mistakes PCOs make around budgeting

  • Why you should reference your budget — not revise it over the course of the year

  • How Donnie's approach to budgeting has changed over time

  • Why a standard chart of accounts is so important

  • Why you need timely reporting showing budget vs. actuals

  • Where to start with the revenue budget, including recurring revenue, historical attrition rates, annual average customer value and time period sales typically occur

  • The rule of 78 and how it comes into play with pest control budgeting

  • Why some companies hit sales goals but not revenue goals

  • Brian's approach to the labor and material budgets

  • Why labor and sales are most important for smaller firms

  • How to approach the sales and marketing budget

  • Why you must know your cost per sale and cost per lead

  • The importance of having a process to review your budget with managers

Resources mentioned:

Notable: "There are three things I want to connect in the budgeting process: the process, the people and the data." —Brian Post

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