Natalie Paris

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

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

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

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

Last time we took a quick look at three financial reports:

Balance sheet
Income statement
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

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

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

With the PPP funds drying up, if you haven’t seen the funds yet are you feeling antsy? I don’t blame you! That money seemed to dry up pretty quickly. That means that there are millions of small business owners just like you that are scrambling to keep the doors open.

If you haven’t submitted your application with your bank or the SBA or are still waiting to hear back, I want to let you k…Read More

I know there are several small businesses out there that are receiving money from the PPP loan and there are even more that are in line to receive money in the second round. If you’ve applied for this loan or are considering it, remember, the purpose of this loan is to save jobs! I also want to make sure that if you receive the money for the loan that you track the money correctly so t…Read More

I had such great feedback from this event last week that I wanted to offer it up again for anyone that might have missed out…

It takes a lot to run a business from day to day and that doesn’t even include the whole financial side of things but hey, I get it, I’m a small business owner too.

We all want to see our businesses thrive and be successful. That’s why this webinar is…Read More

In 2017, the Tax Cuts and Jobs Act eliminated carrying back of Net Operating Losses (NOLs). However, with recent economic hardships from the Coronavirus, new provisions in the CARES act now waive that and businesses can now carry back a NOL arising in a taxable year beginning after Dec. 31, 2017, and before Jan. 1, 2021. Revenue Procedure 2020-24 provides guidance to taxpayers with net…Read More