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.
View full article
HYANNIS – Proponents of Question 1 on the November 3 ballot say that independent auto repair businesses need access to data collected by cars in order to fix vehicles, while opponents say that Question 1 could risk owner’s personal data as well as safety.
If Question 1 is approved, cars 2022 model or newer must be equipped by manufacturers with a standardized, open access platform that would allow auto repair shops to wirelessly access mechanical data using a smartphone-based app with owner’s permission.
Currently, telematics data generated by sensors in the cars is transmitted to servers only the automakers can access.
Supporters of Question 1 say that the telematics data only being available to the manufacturer means car owners must take the car to its original automaker to receive service and make repairs, diminishing consumer choice in where they can take their cars.
“If a person goes out and buys a car, they should own the data that enables that car to be fixed, and they should be able to choose where they want the car fixed. If shops like mine don’t have that information, then we can’t fix the car, which kind of forces someone to go to a place where they don’t want to go,” said Robert Wallace, President and Treasurer of Cape Tire and supporter of Question 1.
Wallace said that the limits on customer choice on where they can receive service for their car will lead to a monopolization of the industry by car manufacturers, with a rise in prices and a drop in quality service.
Wallace said that he and other supporters would be willing to purchase the data, similar to how the auto repair shops already purchase parts, and that they are not requesting that the data be made available for free.
“We’re willing to pay for it, we just want the information to keep our customers rolling.”
Conor Yunits, spokesperson for the Coalition for Safe and Secure Data which opposes Question 1, said that the issue of telematics is already covered under the right-to-repair-law that was introduced in 2013.
“It specifically says that any information necessary to diagnose and repair a vehicle that is provided to dealer repair shops and only available through telematics must be made available to local repair shops. This is already covered,” said Yunits.
Yunits said that currently data is only sent to secure servers owned by manufacturers, then to repair shops or customers through secure systems developed with the automaker.
According to Yunits, Question 1 would prevent manufacturers from being a part of the development process of security systems and apps that share the information in the future, sacrificing a layer of security for consumers.
Yunits also said that Question 1 unnecessarily risks owners’ personal data by creating opportunities for bad actors outside as well as inside repair shops to access personal data wirelessly.
While mechanics or others may be able to intercept and use the data for malicious purposes, Wallace said that is a risk that comes with a lot of modern technology, such as cellphones and other smart devices that collect data on their users, and that it is up to the customer to decide whether they want to take that risk.
Yunits also said that Question 1 would also force car manufacturers to comply with an unrealistic timetable which would be impossible to do in a safe and effective manner, with new requirements that would be enforced as early as January 2021.
By Joe Marconi
The governor of California last week proposed a ban on all internal combustion vehicles by the year 2035. A very aggressive move that the EPA is questioning if this is even legal. We all know that the electric vehicle will make an impact in the future, but with the overwhelming of cars being build and sold in the next decade, how practical is the proposed ban?
Your thoughts on this?
Here's a article from Motor Trend:
By Joe Marconi
Due to COVID-19, many repair shops experienced a severe economic downturn, some with a drop in sales over 50%. Without a strong cash reserve and/or SBA funding help, many shops would have gone under.
My 40 years as a shop owner has taught me to always have a cash reserve. However, never would I have ever imagined a downturn like the one with COVID-19.
So, how do we plan for the next financial crisis. And, it will happen. Perhaps not as bad as the the virus crisis, but it will happen.
Here are a few things to consider: Have a separate, and hard to access, cash reserve bank account that has least two months of expenses. Also, secure a line of credit for at least one to two months of expenses. Also, know your numbers, keep payroll in line, and make sure your prices are fair to you too, not just your customers. Keep in good standing with all your vendors and keep your credit score high!
The bottom line here, is truly the bottom line. To weather the next financial downturn, you need a strong balance sheet and net profit to the bottom line.
What other strategies are you considering or implementing?
By Joe Marconi
As part of our debt reduction, I revamped all of our usual marketing and advertising and put those dollars into customer service and social media. For example, we ramped up our shuttle pickup and delivery service, extended our hours of service, made sure we spend a lot of time with each customer and made sure we called as many customers as possible. We also stepped up our meet and greet process and made sure will followed up with customer after the repair. Lastly, we increased our social media posts and increases ads and boosting. This has made a huge impact on our customer and already starting to pay dividends.
What changes have you made to your marketing strategy since the Virus Crisis hit?