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 financial job is also priceless. They can take what may appear to be a daunting challenge and save you a ton of time. You’ll be back to running your shop before you know it.
Stick around until the end and I’ll outline what’s in my bookkeeping toolbox. Here is an overview with some suggestions on how to choose great financial tools
Here are the top 10 categories:
1. Accounting Software
QuickBooks has been the go-to software for accounting for decades. There are online tools that may be a better option for you. The most popular choice is Xero and the numbers of small business owners that are using Xero is increasing. Compare several and pick the one that is both robust and flexible.
According to the 2015 edition of the Business News Daily’s Buyer’s Guide here are the features you should look for:
Client/Vendor Contact Management
Billing and Recurring Payments Automation
Quote and Estimate Creation
Integration with Programs Such as Point-Of-Sale Software, Credit Card
Processing, and Google Apps
2. Budgeting Tools
Creating a budget is the cornerstone of your shop’s financial success. Staying on task within your budget is equally as important. If your accounting software has this feature, you may already have the proper tool to create that budget. If your preference is a tool dedicated to this task, a recommendation is PlanGuru.
3. Payroll Management System
Payroll management can occupy so much of your time and mistakes are easy to make. Look for tools that streamline the payroll process and cut costly errors. A tool that integrates with your other tools is another feature to look for. Some tools like SurePayroll can calculate and pay payroll taxes. Simple. A couple of other tool suggestions are ZenPayroll and ADP. These combine payroll and HR functions in one.
4. Agile Billing
Speed and flexibility in your billing process means quicker cash flow back to you. With a tools like FreshBooks or Bill.com the billing process will be quicker and give your customers an easy experience. Improving the billing process will serve you and your customers better and shorten delays in receiving payments.
5. Financial Dashboard
The dashboard gives you a quick look at your shop’s financial health. See at a glance if your shop is thriving or surviving. Tools such as LivePlan or InDinero give you clear visuals and show you if you’re starting to go off course. Then you can take the actions to keep moving towards your financial destination.
6. Cash Flow Analysis
Your accounting software should have cash flow statement capability. As with the budgeting tools there are specialty tools for cash flow tracking. A couple of suggestions are Float or a simple spreadsheet. These give you patterns from the past to offer a forecast of your shop’s financial future.
7. Inventory Management
This is all about efficiency and tracking. From the purchase of parts and consumables to generating sales reports and low inventory alerts, this is a very valuable tool. A couple of cloud-based options are SOS Inventory and Scout’s top Shelf.
8. Expense Tracking
Those tiny expenses can quickly add up and may be hard to track. Using an expense report tool such as Expensify or Xpenditure makes this much easier. Track those meals, gas, and incidental expenses by scanning receipts and typing in cash expenses. Some tools have the capability to link to mobile devices helping to track these instantly..
9. Business Credit Card
A business credit card, when used properly has several benefits
Improve your shop’s credit history
Earn higher credit limits
Receive rewards and discounts
Manage employee cards (ease of tracking expenses)
Boosts employee morale due to convenience and trust
10. E-commerce Solutions
Imagine your customer paying for their oil change before the service is completed. They need a couple of quarts of oil to tie them over. It’s easy to buy them online from their trusted repair shop.
Many businesses have seen an increases in cash flow since the beginning of the pandemic by using E-commerce solutions. These are powerful and create revenue streams that you may not have thought of.
11. Three Rivers Bookkeeping
With my 5-years of experience, these are the tools I use:
Accounting software – QuickBooks
Payroll Management System – ADP
Agile Billing – bill.com
Financial Dashboard – LivePlan
I’m passionate about books and service to my clients. If you’d like to have a conversation about tools and why I selected the one’s above, contact me. I can also outline the services I provide and why adding me to your team may make perfect sense to you.
Saving you time and headaches is the value I bring to you, the Auto Repair Shop Owner.
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Hey guys looking for a little advise for people that have been in my situation. We are a smaller shop but really starting to transition to doing more volume in the past 2 years. Been in business for 10 years now and currently have 2 full time tech's and myself. I manage most of the office and service writing stuff and even occasionally help wrench in the back when required. Looking to hire a service advisor soon to help with the work load on the counter.
Currently we just use a a mix of excel spreadsheets for invoicing and customer history, as well as Google calendar. My questions is will I see a big benefit from moving to a all in one management program? Is it worth the monthly fee's for a smaller outfit like mine?
Should mention we are in the powersports arena (mostly boat repair with some other rec equipment) so some of the platforms out there are not 100% tailored to our industry with the ones that are not offering up everything you would get out of a automotive program. Thanks in advance for the help!
By Elite Worldwide Inc.
Keep Your Shop's Summer Momentum Going!
Elite's Supercharge Your Shop, a series of 4 live online courses for shop owners, starts Sept 14th!
Learn to master your shop's numbers, recruit the top techs & advisors, maximize employee productivity, fill up your bays with your ideal customers and more!
These live online courses will be taught by industry superstars Joe Marconi and Kevin Vaught, who have both experienced extraordinary success as shop owners, so everything you'll learn has been proven to generate extraordinary real world results!
You have the option to either enroll in the whole Supercharge Your Shop course series, or pick and choose the individual courses that will help your shop the most. Here's the course schedule:
Sept 14-15 - Mastering Your Shop's Numbers and Cost Control
Sept 16-17 - Hiring America's Top Techs & Advisors
Sept 21-22 - Maximizing Employee Morale, Productivity and Profits
Sept 23-24 - Filling Up Your Service Bays with the Ideal Customers
To enroll in the complete series of these 4 live online courses, just visit our Supercharge Your Shop Page to reserve one of our last openings!
By Joe Marconi
We, automotive shop owners of America, must take the opportunity of a lifetime and turn it into a bunch of success stories. What opportunity? Look around you. The world is in turmoil. COVID-19, social unrest, uncertainty about the presidential election, the economy, how are we going to get out kids back to school, on and on and on.
While the world is spiraling out of control, we have the power to make big changes to our auto repair shops. And it can all be positive!
First, the average age of a car in the U.S. is about 12 years old, attaining well over 200k on the clock.
Second, Uber, taxis and limo companies are suffering. Guess why?
Third, the motoring public in the foreseeable future will be traveling by car, taking road trips like they have never did before.
Fourth, the roads are packed with motor vehicles, as more and more people prefer their own car as their primary means of transportation.
Fifth, as the cars get older and older, more of them will be out of factory warranty.
Sixth, independent auto repair shops have a vast amount of training, resources and replacement parts.
Seventh, the overwhelming majority of cars being build and sold today are still internal combustion engine powered cars. If you factor in the expected average age of car these days, we can safely bet that those gas engine cars being sold today will still be on the road in 2033 and beyond!
Eight, You need more? That's not enough!
Get your plan in place. Get your prices in line with making a profit. Don't give anything away anymore (I am mostly referring to checking, testing, diags of any sort!) Offer world class customer service. Be a leader of your employees. Show the world what you are made of!
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By Joe Marconi
Most of you probably already know what I am about to say: The Service Advisor position is the most crucial position in the shop. I know, I know, what about the mechanical work done by the techs? Well, that's important too, of course.
For the most part, customers spend their hard-earned money and most of time don't really know or see what was done to their car. Let's face it, the customer can't see the water pump or T-belt. And most of the time, the customer does not feel any difference with the car as they drive out of your parking lot.
What the customer does see (or experience) is how she was treated. And that makes all the difference in the world.
Plus, great service advisors also motivate the technicians, because great advisors are also great leaders of people.
Think about this...Six months from now, your customer will not remember the fuel injection relay or the mass air sensor that was replaced....but she WILL remember how she was treated.
And trust me, that OE-quality fuel injection relay install by a certified A-level Master tech using Snap On tools and a Launch Scanner IS NOT the reason WHY your customers return to you....She returns because of the level of service your provide.
By Joe Marconi
Today is the first day of summer, and we are still dealing with the dreaded COVID-19. However, there are positive indicators that business will be better than expected this summer. People will be taking more road trips, will avoid airplanes, trains and Ubers and will take to the roads in record numbers.
Gear up for a great summer and look for opportunity with each vehicle visit. Perform those multipoints as if your business depends on it….why?....Because it does!
We have a lot to be thankful for. Keep positive, be a leader and thrive!
The tight labor market can be a boon for blue-collar workers: They are more likely to find good-paying jobs and experience rapid wage growth. More employers are trying to tackle the aversion to manual labor jobs by offering workers higher salaries, tuition reimbursement and apprenticeship programs. Technology is also transforming blue-collar workplaces, making more advanced skills in demand. Across the country there are more drivers on the road, and many of them hanging on to their vehicles longer than ever. That means workers like Michael Gerhart are in demand.
Gerhart, a master auto technician at Pep Boys, has been fixing cars for nearly three decades, keeping on top of his skills as technology advances and learning how to do his job in a new way. Today, his focus is on engine diagnostic work, including things like the driveability of vehicles and emissions testing for the state of New Jersey. He works on different vehicles throughout the day, flexing his knowledge base on makes and models of all kinds.
“Cars have changed a lot, even in the past 10 years as far as the diagnostic end of things, and training has become more advanced as far as what’s required to fix the current vehicles,” Gerhart said. “It definitely doesn’t get boring and it’s always changing.”
Some 46,000 automotive service technicians and mechanics will be needed to fill roles through 2026, according to the Bureau of Labor Statistics, at a time when the skills gap and worker shortage is particularly acute for blue-collar jobs. As economic growth is expected to continue in 2019, so too is a labor shortage both blue-collar and low-paying services occupations, a recent study from The Conference Board found. Baby boomers are aging out of the workforce at the same time the pool of available labor has become more educated, and thus less interested in blue-collar jobs.
Automotive mechanics and technicians like Michael Gerhart are in high demand as a blue-collar worker shortage is expected to continue this year. Kate Rogers | CNBC “In the U.S., more than most other advanced economies, the American dream is to go to a four-year college and not have a manual job. For a while it was a not a problem because there was no shortage. Now, there is a big shortage, and people with a bachelor’s degree are just not interested in those jobs. There is a stigma connected to manual labor that is very hard to break,” said Gad Levanon, chief economist at The Conference Board. The report says the shortage will be most visible in transportation, production, health-care support, food services, cleaning and maintenance occupations.
To help bridge this gap of available workers, Icahn Automotive, with brands like AAMCO and Pep Boys, recently launched its “Race to 2026” program, to invest in and support future automotive technicians and students who might have an interest in the trade. The program will offer scholarships, tuition reimbursement and apprenticeship programs, along with job placement and continuing education opportunities in partnering with schools like Lincoln Tech and Universal Technical Institute.
Part of the message is that this isn’t the blue-collar work of years past.
“I think there’s a stigma around, you know, the type of work and it’s still this old, kind of get-your-hands-dirty, greasy job. But as you look around, there’s been dramatic change in the way that a shop looks. And today’s shop is really more of a house of technology where students today should be thinking about that role as really a STEM career,” said Brian Kaner, Icahn Automotive Service and Real Estate president.
While the median salary for auto service technicians and mechanics was around $40,000 a year in 2017, those with experience and more advanced certifications can potentially earn six-figure salaries during their career. The Conference Board study points out that continued tightness in the labor market, while frustrating for employers, can actually be a boon for workers: They are more likely to find good-paying jobs and experience rapid wage growth. For technicians like Gerhart, it can also foster a passion.
“It’s been great doing this — I raised a family on this. It’s a challenging field to get into, but at the end of the day, I think it’s worth it. As long as you can keep up with the technology that’s out there and you’re given a chance to use it, it can be a very rewarding career,” he said.
By Joe Marconi
I remember being at a meeting with my staff where I voiced my opinion on an important issue. When I was finished, I asked if everyone was in agreement. Everyone nodded their heads yes.
After the meeting, one of my service advisors told me that half of the employees did not agree with me. When I asked why did they agree, he replied. “You’re the boss, you intimidate others.”
This made me think about my leadership style. Being unapproachable will prevent you from hearing other opinions; which is important to the success of the company.
When speaking with your employees, ask a lot of questions. Avoid giving your opinion until you have heard from others. Praise suggestions and the opinions of others, and thank others for speaking up.
The most successful teams are those that build strategies through a collective effort.
By Ron Ipach
Do you want the The HARDCORE TRUTH to Finding, Attracting, Hiring, And Keeping Top Techs?
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