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!
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 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!
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A new law in New Jersey forbids the sale of unsafe used tires. The legislation, signed by Gov. Chris Christie on Aug. 7, 2017, was supported by the U.S. Tire Manufacturers Association (USTMA), Tire Industry Association and the New Jersey Gas Station-C-Store Automotive Association.
The law fines businesses that sell tires that exhibit any of these unsafe conditions:
— tread depth of less than 1/16 inch measurable in any groove;
— damage exposing the reinforcing plies of the tire, including any cuts, cracks, bulges, punctures, scrapes or wear;
— improper repairs, including, but not limited to:
any repair to the sidewall or bead area of the tire; any repair made in the tread shoulder or belt edge area of the tire; any puncture that has not been sealed or patched on the inside and repaired with a cured rubber stem through the outside of the tire; any puncture repair of damage larger than 1/4 inch; — evidence of prior use of a temporary tire sealant without evidence of a subsequent proper repair;
defaced or missing tire identification number;
— inner liner or bead damage; or
— signs of internal separation, such as bulges or local areas of irregular tread wear.
Violators will be subject to a fine up to $500 for a first offense. A second offense will be considered a violation of the Consumer Fraud Act and subject to a penalty up to $10,000. Additional violations will be subject to a penalty of up to $20,000.
Anne Forristall Luke, CEO and president of the USTMA, said, “New Jersey has taken a bold step to protect motorists from high-risk used tires that have no business being put back into service on New Jersey roads."
The USTMA says its research shows more than 30 million used tires are available for sale nationally. The legislation does not ban all used tire sales. It targets used tires that have specific, well-established, unsafe conditions
The National Highway Traffic Safety Administration (NHTSA) says worn-out tires are three times more likely to be involved in a crash than tires with sufficient tread depth. NHTSA crash statistics indicate about 200 fatalities and 6,000 injuries are attributed to tire-related causes annually.
The law was sponsored by Democrats Shavonda Sumter and Raj Mukherji.
Sumter said, "What initially seems like a good deal ultimately can be deadly in the market for tires. Retailers who sell damaged tires to consumers endanger not only their customers but also everyone else on the road. Banning the sale of damaged tires simply is a common-sense matter of public safety."
Mukherji said, "Drivers in New Jersey should be able to buy tires and rest assured that the items they've purchased are safe. The lower cost of used tires does not warrant putting lives across the state at risk. Damaged goods that put consumers in danger simply should not be on the market, especially when it comes to tires."