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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By Joe Marconi
TODAY IS THE 76TH ANNIVEARY OF D-DAY. LET US ALL REMEMEBER: Codenamed Operation Overlord, the battle began on June 6, 1944, also known as D-Day, when some 156,000 American, British and Canadian forces landed on five beaches along a 50-mile stretch of the heavily fortified coast of France's Normandy region.
By Elite Worldwide Inc.
By Bob Cooper
During difficult times like these it's important to look for creative ways to keep your shop's name in the minds of your community members. Here are 3 easy-to-implement tips that will help your shop build its brand recognition in today's climate.
1. If you have a shuttle or any type of vehicle that features the name of your shop, it's important to get that vehicle out in your community. There are plenty of charitable organizations you could partner with that may need delivery assistance, such as Meals on Wheels. You could also provide a shuttle service for local retirement homes and any other group that may need assistance getting around your community, or you could even deliver groceries or household items to these groups. Getting your business's name out there and helping your community will certainly help people remember your shop.
2. Host an online course for people who are currently stuck at home. One specific idea is to host an online car care clinic for new drivers, teaching them things like how to maintain a car, how to deal with a flat tire, how to read and use their car's owner manual, and other similar topics. Not only will this help them learn vital information, but it will give them an indoor activity to focus their attention on, which I'm sure their parents will thank you for.
3. Now more than ever, it's important to have the right attitude each day. This is crucial not only for your own well-being, but for the well-being of everyone around you. A positive outlook will permeate throughout your staff and your community, and show people the type of business you have; one that views each day as a new opportunity to build a wonderful life and a wonderful company.
For additional help building a more successful auto repair business, feel free to give us a call at 800-204-3548 or visit the Elite website.
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USA Today article (Friday September 27, 2019 by Nathan Borney - USA Today) shows that “the average age of cars and light trucks on U.S. roads reached an all time high of 11.8 years in 2018.”
The article goes on to claim... “By 2023, there will be about 84 million vehicles on the road that are at least 16 years old, reflecting a 240% increase from 35 million in 2002, according to IHS.”
Are you getting your share?
There’s only 90 days left in 2019 and the market is changing. Sorry, it HAS changed. Are you ready? Do you have your plans laid out for marketing your shop in 2020?
Auto Service Marketing - Fix Your Car Count FAST!
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The average age of light vehicles in operation in the U.S. has risen again as consumers continue to hold onto cars and light trucks longer.
Driven by technology and quality gains, the average age of light vehicles on U.S. roads is 11.8 years, based on a snapshot of vehicles in operation Jan. 1, an analysis by IHS Markit found. That's up from a light-vehicle population that was, on average,11.7 years old in 2018.
The number of registered light vehicles in operation in the U.S. hit a record of more than 278 million this year, an increase of more than 5.9 million, or 2.2 percent.
IHS Markit began tracking the age of vehicles in 2002, when the average age was 9.6 years.
"The average age of a vehicle has continued to grow ever since cars started coming out from Henry Ford's production line, if you will," said Mark Seng, director of the global automotive aftermarket practice at IHS Markit. "People are hanging onto them longer because they're lasting longer."
From 2002 to 2007, the average age of light vehicles in the U.S. increased 3.5 percent, he said, but from 2008 to 2013, the average age rose12.2 percent.
"We're kind of back to that same pace that we saw from 2002 to 2007," Seng said. "The average age of light vehicles in the U.S. accelerated so much because we were coming out of the Great Recession back in 2008 to 2009 and new light-vehicle sales fell like 40 percent over a two-year period. Even during the recovery years there were fewer vehicles being sold, so that just accelerated the average age of the fleets in the U.S."
For the first time, the analysis included a review of various regions around the country. The oldest light vehicles are in the West, at 12.4 years, an increase of 1.5 percent from a year earlier. The Northeast had the youngest light vehicles at 10.9 years, which increased 1.1 percent from a year earlier. Weather and road conditions, driving habits and household finances and affluence can have a major impact on the average age of vehicles in a state and region, IHS said.
IHS Markit found that the number of older cars and light trucks is growing fast, with vehicles 16 years and older expected to grow 22 percent to 74 million from 2018 to 2023.
In contrast, there were less than 35 million vehicles 16 years or older on the road in 2002, according to the analysis.
Seng said the growing number of older vehicles on the road provides more repair opportunities for dealers and aftermarket parts providers that focus on automotive service repair beyond warranty coverage.
"There's many more older vehicles on the road than there was in 2002, which means there's going to be all different kinds of repairs -- oil changes, brake jobs and new wiper blades -- that's going to be done to that vehicle cycle," he said. "That's more revenue opportunities for aftermarket repair people."