Expense Control & Financial
Why you need to manage cash flow and how to do it
Ok, this is going to be a long post but it’s an extremely important one for business owners of all sizes. Today, we are going to talk about cash flow forecasting. The main reason I chose this topic today is because of the current situation that has business owners across the world wondering if they…
Keeping Business and Personal Finances Separate
Let’s talk briefly about a business best practice that I’ve encountered numerous times… keeping business and personal finances separate. There are some serious consequences but more importantly, there are some fantastic benefits of following this best practice. I don’t think a single one of us started a business to have it run us into the…
Get That Security Up to Date
Let’s take some time to talk about the security measures for your business. Now you might be thinking, why does my business need to think about this? Why is someone who does financial work feel the need to talk to me about my security measures? I hate technology, its the bane of my existence, can…
Should You Lower Your Prices in Your Auto Repair Shop?
Every auto repair shop can expect slow periods now and then, especially in a slow economy. When this happens—particularly when it drags on—a lot of shops might be tempted to lower their prices in an effort to bring in more business. There may be reasons to lower your prices in some circumstances, but generally, it’s…
What Every Shop Owner Needs to Know About Accountants
What Every Shop Owner Needs to Know About Accountants In order to build a successful auto repair shop, there are a number of things you will have to do. You will need to have clearly defined goals, a plan, and you will need to surround yourself with successful people. You will need gifted techs and…
Thinking of Dropping Your Shop’s Prices?
Thinking of Dropping Your Shop’s Prices? Whenever a customer tells you they can’t afford to do the repairs, and they ask you if you can help them out “this one time’”, you need to give careful thought before you lower your price. First of all, there is a cardinal rule in sales that says before…
The Dark Side of Cash – How Cash Can Destroy Your Shop
The Dark Side of Cash – How Cash Can Destroy Your Shop When we had our first taste of cash, we realized its beauty. Regardless of whether it was a weekly allowance for doing household chores, or payment for mowing a neighbor’s lawn, we can all recall someone paying us with cash. It put a…
How Shop Owners Should Review Financial Statements – VIDEO – 2 Minutes
#autoshopfinancials
Accounting – Your Balance Sheet Explained in Simple Terms
There can be a lot of confusion when it comes to all of the different financial reports that a business needs to look at in order know if it is operating at peak performance. The balance sheet is just one of the top three financial reports that every business owner should be looking at. The…
How much does it REALLY cost to hire a virtual bookkeeper?
Are you thinking about hiring a bookkeeper to handle the day to day finances of your business but not sure of the price tag? What is the initial cost? When outsourcing a new bookkeeper there might be some up front costs that are incurred and they can range anywhere from $200 – $5000. Why can this range be…