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
By Joe Marconi
In my 40 years as a shop owner, I have battled the age old dilemma: Is it my car count, my customer count or some other reason why some weeks I find it hard to hit my sales goal.
It always comes down to production. Now that's really simplifying it, I know. But, when you look at the numbers, with the right jobs and a balanced schedule, the ARO goes way up and car counts become not as important as we thought.
Another thing to consider, this is not 1995. Cars do not come in 5 to 6 times a year for an Oil Change Service. You are lucky to see some customers every 10,000 miles as they wait for that Oil Change Percentage light on their dashboard to tell them...NOW IT"S OK TO GO TO YOUR REPAIR SHOP. Isn't it funny how so many people will listen to the dash board light, and not you!
Anyway, what are your thoughts. How do you reach your weekly sales goals and what KPI's are important to you?
By Elite Worldwide Inc.
Superstar shop owner and Elite Business Development Coach Ed Cushman shares an excerpt from a book that will change the way you view leadership.
For additional help building a more successful auto repair business, learn how you can team up with a superstar shop owner like Ed through Elite Top Shop 360: One on One Coaching
View full article
By Joe Marconi
NEWS BREAK: Workers at a Mavis Discount Tire shop falsified records to make it look as if they completed brake work on a limousine before it crashed and killed 20 in Schoharie, New York, last year, when in actuality the work was never performed, according to the shop's former manager.
Below is a link to the article:
By Elite Worldwide Inc.
Although COVID-19 has brought our industry plenty of challenges, it has also taught us a valuable lesson. Many of us have seen a drop in our car counts, but have simultaneously witnessed an increase in our AROs and happier customers. These slower days give us the opportunity to spend more time with each and every individual and vehicle that enters our shop, yielding positive results for both our business and our customers.
From this point forward, in order to maximize every single opportunity at your shop, I recommend you implement the following three items.
First, I recommend you hold a meeting with your employees as soon as possible and make sure they know that each vehicle that comes in should be properly, professionally and ethically inspected. Make sure they also know that everything should be documented.
Next, it’s important that every single customer that enters your facility gets full disclosure on what is going on with their vehicle. This includes what needs to be done now, what should be done in the near future, and what may need to happen in the long run.
Lastly, make sure that everyone in your company believes in all of your products and services. When a tech or advisor is on the phone with a customer, they must truly believe in their recommendations in order to really get through to that customer. The customer will be far more likely to listen if they know the recommendations are coming from a place of honesty and care.
If you can implement the three items above, not only will you see sales go up, but you will have happier customers as well. I can assure you that the more time you spend on each vehicle and with each customer, the more successful you will be.
For additional help making the most of your shop’s opportunities, visit the Elite website or call 800-204-3548.
View full article