Natalie Paris started the topic Is Your Auto Repair Shop Like Tom Brady, The GOAT? in the forum Marketing For Auto Repair Shops 4 weeks, 1 day ago
Whether you like Tom Brady or not, you have to admit he is the Greatest Of All Time. I’m not a football person, but when I hear or read about his accomplishments, I’m amazed.
If your shop isn’t the greatest, do you know why? What is your vision for your auto repair shop?
One lesson I’ve learned is that you have to see where you want to be in the future. See where you want your shop to…Read More
Natalie Paris replied to the topic Three key financial reports every business should review monthly in the forum Expense Control & Financial 1 month, 3 weeks ago
You’re welcome! I’m glad things are working more smoothly now
Natalie Paris started the topic What You Need To Know about the Employee Retention Credit in the forum Expense Control & Financial 1 month, 3 weeks ago
Whew! We’re moving on from the PPP loan blog series to dispensing knowledge about the Employee Retention Credit. Hello IRS!
With all of the changes and tax time approaching ~2 months away, I hope you’re ready to go. If you haven’t already filed, here is some information that’s about two weeks old, so grab a cup of coffee as we dive into a summary of this credit.
This credit is desi…Read More
Natalie Paris started the topic SBA Issues New PPP Regulations, What You Need To Know Part 4 in the forum Expense Control & Financial 1 month, 3 weeks ago
We ended Part 3 of this blog series with “Second Draw PPP Loan Application and Documentation Requirements”. As this second draw is being distributed, the rules are changing. I encourage you to check out the SBA’s website http://www.sba.gov or go to your local SBA office for additional information.
You may also contact me if you would prefer to have a conversation with someone outside the g…Read More
Natalie Paris started the topic SBA Issues New PPP Regulations, What You Need To Know Part 3 in the forum Expense Control & Financial 1 month, 3 weeks ago
We ended Part 2 of this blog series with “Calculation of Average Monthly Payroll Costs for NAICS Code 72 Entities That Qualify as Seasonal Employers or as New Entities:” This is another great reason to check out the SBA’s website http://www.sba.gov or go to your local SBA office for additional information.
Beginning Part 3, we start with expanding on this rule from the New PPP Regul…Read More
Natalie Paris started the topic SBA Issues New PPP Regulations, What You Need To Know Part 2 in the forum Expense Control & Financial 2 months, 1 week ago
Hi, Natalie here.
We ended Part 1 of this blog with the SBA’s definition of gross receipts which is consistent with SBA’s size regulation 13C.F.R. 121.104. This is another great reason to check out the SBA’s website http://www.sba.gov or go to your local SBA office for additional information.
Beginning Part 2, we start with expanding on this rule from the New PPP Regulations:
“Any Forgive…Read More
Natalie Paris started the topic SBA Issues New PPP Regulations, What You Need To Know Part 1 in the forum Expense Control & Financial 2 months, 2 weeks ago
Hi, Natalie here. There is wealth of information to clear up confusion about the new regulations regarding PPP loans. There will probably be changes, so this is summary is based on the best information currently available. Before you take action, I encourage you to check for updated rules and make sure you are fully informed before signing any paperwork.
As with any government program,…Read More
The new 5,500+ page Covid Relief Bill is massive, and it will take many weeks to digest everything included in the legislation.
Here’s what we know about business relief and PPP funds:
There is now streamlined forgiveness for PPP loans under $150K. This is a significant development for many so check with your lender about how they want that now to be handled.
There is also now an…Read More
Natalie Paris started the topic Annual Reports – How 2020 Was And How To Prepare For 2021 in the forum Expense Control & Financial 4 months ago
With the end of 2020 fast approaching, we’re going to look at annual financial reports. Your shop’s financial report is being prepared and there are some steps for you to take. There are also steps you can take to
prepare for a solid start to the new year.
The content of this blog comes from two checklists provided by Three Rivers Bookkeeping. If you would like copies of these che…Read More
Natalie Paris started the topic 10 Top Financial Tools Your Auto Repair Shop Need Today in the forum Expense Control & Financial 4 months, 3 weeks ago
Hi, Natalie here. You have a great selection of tools on hand that will cover every job a customer will bring into your shop. Whether it’s Mac Tools, Snap-on, OTC, or Wright, the right tool for the job is priceless.
The tools we’re talking about in this post are for finances, but the same strategy holds true. If you’re planning to do your own bookkeeping, the right tool for your finan…Read More
Natalie Paris started the topic The TOP DIY Bookkeeping Mistakes Shop Owners Make… and How To Avoid them in the forum Expense Control & Financial 5 months, 2 weeks ago
First off, we encourage you to add a professional bookkeeper to your team. However, sometimes that’s just not an option so here are some tips and a sample checklist should you decide to “Do Bookkeeping Yourself”.
The goal of this post is to show you how to avoid costly mistakes in your books. These mistakes will cause you stress, worry, loss of sleep, and extra tax burden you don’t n…Read More
Before this installment, I talked about the balance sheet and before that I educated you about the income statement. Let’s learn about your statement of cash flows and how to read it. My goal today is for you to totally understand the statement of cash flows
The statement of cash flows is also called the cash flow statement. It is a general-purpose financial statement and the numbers a…Read More
Natalie Paris started the topic WARNING: Here's What Every Shop Owner Needs To Know About Their Balance Sheet in the forum Expense Control & Financial 7 months ago
Check out this post to learn about the three parts of your balance sheet; Assets, Liabilities, and Equity. We’ll break them apart but first here’s a statement about a balance sheet in general.
A balance sheet is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by owners, investors and/or shareholders. In other words, the bal…Read More
Natalie Paris started the topic How Shop Owners Can Know How Long to Keep Tax Information in the forum Expense Control & Financial 8 months ago
We’ve talked about how important accurate and timely financial records are, but these are also critical if you ever get audited or sued.
These financial records are also an IRS requirement.
Let’s take a look at which records you’re required to keep, how long you should keep them and to make sure you don’t loose them.
A general rule is to keep tax records and receipts for three y…Read More
Natalie Paris started the topic What Is The Income Statement And How Is It Useful For Business Owners? in the forum Expense Control & Financial 8 months, 1 week ago
Last time we took a quick look at three financial reports:
Statement of cash flows.
We talked about how you should read/review each of these monthly like reading the financial GPS to your repair shop’s finances. How financially healthy is your shop?
Not-so-subtle hint, if you haven’t talked to your bookkeeper about the three reports, book an app…Read More
Natalie Paris started the topic Three key financial reports every business should review monthly in the forum Expense Control & Financial 8 months, 2 weeks ago
Let’s take a look at three financial reports, balance sheet, income statement, statement of cash flows. You should read/review each of these monthly. Looking at the numbers from these three reports is a clear picture of your shop’s financial health. This is a road map to planning your future.
Let’s begin with the balance sheet.
A balance sheet is a snapshot of your shop’s financial con…Read More
Natalie Paris started the topic If You Want Keep More Money In Your Bank Account – Read This in the forum Expense Control & Financial 8 months, 3 weeks ago
Many small businesses use the owners personal checking account for all of their business transactions. This can cause problems when it comes time to balance the books, pay taxes, and create an bookkeeping nightmare.
Piercing the Corporate Veil
Another, perhaps more critical consideration is that using a personal account for business has the potential of opening your business up to…Read More
What To Try When Your Receivables Are Slowing Down
“Action is the fundamental key to all success.” – Pablo Picasso
Many different types of businesses suffer from the problem of accumulated “past due” receivables.
And it’s a problem which shouldn’t *just* be addressed by “normal means” (calling, pestering, etc.).
The good news is that you don’t have to accept the normal status…Read More
How are you and your business hanging in there these days?
“When the storm has passed, put your energy into rebuilding your life, don’t waste time looking back.” -Leon Brown
Entrepreneurship is the conversion of your knowledge, talents, guts, and time into money.
Time is valuable, although the value differs from person to person. And while I talk about the best way to think about the v…Read More
A lot of businesses are suffering tremendously and while many shops seem to be seeing a slow down in numbers, overall, auto repair shops seem to be faring much better than some other industries during this time, like the restaurant industry or the tourism industry.
However, that doesn’t mean that things aren’t difficult but there are still several things that shops can do to help eas…Read More
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