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
I can't speak about all businesses in my area, but the repair shops are doing ok. In fact, most had a normal or near normal summer. A few weeks back we had a major storm that knocked out power for nearly the week. That killed the week. But aside from that, we had a very good June, July and August. With a miserable March and April, this was a great morale lift and financial boost.
The only down side is the affect COVID is having on other businesses, like restaurants, deli's, sport businesses and other businesses. Will this have a trickle down effect on our industry. No one can tell for sure.
I will be shoring up my finances and preparing for the unknown.
We have a rather small waiting room and have removed a few chairs to aid in social distancing (we now have only 4 chairs total). I wanted to know if your shop is requiring customers to wear a mask while they are inside the waiting area? How is your experience? Do you have a sign up on the front door stating they must wear a mask?
Stay safe and healthy!
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
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Working as a ride-hailing service driver definitely puts added wear and tear on your vehicle, and in an effort to help drivers lower their maintenance costs, Lyft announced on Tuesday that it opened the first of several planned service centers for its drivers in San Francisco.
This service center is the first of over thirty such facilities planned to open their doors in 2019. The center will offer vehicle maintenance and repair for less than what a driver could expect to pay at a regular shop, or at least that's the idea.
The San Francisco location has a planned hourly repair rate of $95 dollars, which, depending on the marque of the car being serviced, is slightly below average. The repair services offered will be mostly aimed at basic stuff like brakes and alternators.
Lyft also plans to offer package deals for certain services. For example, an oil change paired with a tire rotation and a car wash will set a driver $70. Part of Lyft's intent with these service centers is also to save drivers time, so they can spend more time driving and less time at a shop.
In his blog post outlining the decision to offer more driver services, Lyft COO Jon McNeil explained that these service centers would be staffed by Lyft employees and that at least some of these would be certified mechanics.
Lyft didn't immediately respond to requests for comment.
News source: https://www.cnet.com/roadshow/news/lyft-car-repair-service-center-san-francisco/
Official Uber Vehicle Inspection Form
BRING THIS FORM WITH YOU TO A CERTIFIED MECHANIC.
Once your vehicle is inspected and receives a “PASS”, simply
take a photo of the filled out form and upload it at
http://partners.uber.com/ to complete the signup process.
More bad news for Uber: one of the ride-hailing giant’s self-driving Volvo SUVs has been involved in a crash in Arizona — apparently leaving the vehicle flipped onto its side, and with damage to at least two other human-driven cars in the vicinity.