Expense Control & Financial
The TOP DIY Bookkeeping Mistakes Shop Owners Make… and How To Avoid them
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…
WARNING: Here’s What Every Shop Owner Needs To Know About Their Balance Sheet
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…
How Shop Owners Can Know How Long to Keep Tax Information
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…
What Is The Income Statement And How Is It Useful For Business Owners?
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…
Three key financial reports every business should review monthly
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.…
If You Want Keep More Money In Your Bank Account – Read This
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…
Your most valuable asset
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…
Four Powerful Tips to Save on Shop Expenses
Four Powerful Tips to Save on Shop Expenses Given the uncertainty many businesses around the world are currently experiencing, we must look for ways to save as much money for our shops as possible, while also making sure we are maintaining and building a more profitable business in the long haul. Here are 4 powerful…
CARES Act: Guidance for Shops with Net Operating Losses
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,…
5 steps to manage business finances during a crisis
The last few weeks have been extremely stressful for business owners across the world but not to fear, this won’t last forever. I want to fill your financial toolbox with the information you need to pull through the next few months and come out on top when this storm blows over. So let’s dive right…