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 Elite Worldwide Inc.
· When? December 3-5, 2020
· What? Online 3-Day Event + 6 Months of Coaching
· How? Call (800) 204-3548 to enroll
· Enrollment Deadline: November 20, 2020
The Elite Masters Program offers 3 days of intensive sales training, followed by 6 months of sales coaching to ensure that your shop sees permanent results.
All training and coaching is delivered by Ratchet & Wrench All-Star Award winner Jen Monclus, and has been proven to increase sales by an AVERAGE of $10,750 per month after the training!
Better yet, this is a rare opportunity for your advisors to receive the initial 3 days of training online, so you can save on travel and hotel expenses.
This is your last chance to enroll in the course beginning Dec 3-5, so to reserve your advisor's spot, just give us a call at 800-204-3548 or click below to learn more.
About our Masters Program
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!
Massachusetts voters are deciding in this year’s election on whether they---and not the vehicle manufacturers---have control over the repair data generated by the vehicle they purchased.
The Auto Care Association and the Coalition for Auto Repair Equality (CARE) have supported efforts by the Massachusetts Right to Repair Committee to obtain public support for ballot Question 1, which would give the consumer choice in vehicle repair.
“While the battle has been hard fought and expensive, the Auto Care Association is pleased that the most influential publications in the state have seen through the negative advertising campaign being funded by the vehicle manufacturers and have unanimously urged their readers to vote ‘yes’ on Question 1,” said Bill Hanvey, president and CEO, Auto Care Association. “We trust that voters in the state will agree with these publication that the right to repair is important and that advances in vehicle technology should not be used to limit the ability for owners to have their vehicle repaired by the shop of their choice."
These “‘Yes’ on Question 1” endorsements include:
The Boston Globe on Oct. 13 declared, “The reason the new Right to Repair measure should pass is simple: It is inherently unfair for car manufacturers to have sole access to a vehicle’s mechanical data, because it gives their dealerships an advantage over independent auto-repair shops. That ultimately hurts consumers, because with limited options come higher prices.”
The Boston Business Journal on Oct. 15 maintained, “Without the ability to repair cars equipped with wireless electronics, repair shops will see declines in business in coming years as car owners are forced to get repairs done at more expensive dealerships. In the end, more of the millions of dollars that Bay State residents spend every year to fix their cars would go to out-of-state manufacturers. More neighborhood car-repair shops will go out of business."
The Sun Chronicle on Oct. 21 stated, “…we think the opponents of the law have done themselves no favors by overhyping the risks it poses. For example, the ‘No’ campaigners lean heavily on a statement from ‘Jane Doe Inc.,’ a Massachusetts advocacy group against domestic violence and abuse. But, on its website, that group now says its position on the referendum has ‘evolved’ and, while saying it’s staying neutral, complains that it’s wrong to use the fears of abuse survivors to promote a political position. For that alone, we think the opponents of Question 1 deserve to get their comeuppance at the ballot box.”
The Berkshire Eagle on Oct. 21 stated, “Question 1’s opponents had ample opportunity to explain why this lobby should keep a monopolistic grip on your car’s telematics. They instead spent their campaign dishonestly fear-mongering in an attempt to distract consumers from asking why carmakers should be able to flout the spirit of the extant Right to Repair law to drive more repair jobs to their dealership garages. Hopefully voters will see through this charade.”
For more information about the Right to Repair ballot initiative in Massachusetts, visit massrighttorepair.org.
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By Ron Ipach
Fellow shop owners and entrepreneurs,
Over the last several months, I've spoken to hundreds of shop owners and managers who have all seemed to have a different issue in their shop, resulting in slow business (or sometimes, no business at all). These issues seem to range from not enough car count, disgruntled employees, inability to turn a profit, can't find a good tech, high turnover, marketing isn't working, and the list goes on. For most of these shops, the conversation I've had with them has either been able to assist in solving their biggest problem, or at the very least, steer them in the right direction.
I wanted to take this topic over here to AutoShopOwner and generate a better understanding of the biggest problems that shops are having right now - whether they are based on season, shop placement, or circumstance. Please leave your reply below and I am sure that I'll either be able to help, or steer you in the right direction.
By Ron Ipach
Let me start off by asking you a very important but very quick question: what BS story are you telling yourself? Let me repeat that: What BS story are you telling yourself? We all have these stories and shop owner excuses that we keep telling ourselves that we think are true, that when you really look at it, they're really utter bullshit, but we've been telling ourselves the same story over and over that we actually believe it's true.
Case in point, now if you've ever been on one of my live webinars, you know that because I'm live, I can have a conversation with some of the people that are on the webinar. The other night, a gentleman was complaining about car count. He said because cars are made better (another thing I hear A LOT), there are no cars out there and there's a lack of car count, and that's a big problem.
I took that as an opportunity to tell him what I've probably told you before, if you've been watching these videos, that I don't believe that there's a car count problem out there at all because in every city all over the United States, all over Canada, there are cars sitting on lifts right now in your own town, dozens, maybe even hundreds of them, every single day that are being repaired and maintained by other shops, other shops collectively, but on any given day, there are tons of opportunities to repair cars. The problem is they're just in somebody else's shop, they're not in yours.
It's not a lack of cars out there to be repaired, there's just a lack of cars in your auto repair shop. It's a marketing problem, it's not a problem caused by cars being made better. Now I've told that story before. In case this is the very first time you've heard that, please believe me it is a marketing problem, not cars are made better. That's the reason why you don't have enough cars. Now we're past that.
Because I can go back and forth with them, I told that same story. He'd so believed that it was a problem that he wasn't able to fix, that he told me about the shop owner that was less than a mile away from his shop that said the very same thing, that his shop was down with cars as well. I guess the two of them got together and commiserated about the car count being down, and now both of them believe that there's a car count problem out there. That's an example of the BS story we keep telling ourselves that simply isn't true.
I want you to go back and think of all the things you say on a daily basis, maybe, "I can't find good techs," or, "There are no good techs out there anymore." There are good techs out there, they're just not working for you. What you look for, you're going to find. It's just the truth. Let me give you an example, and this is a story I've told my clients over and over. It's a great example of what you look for, you will see in abundance right there in front of you.
A few years back, we bought a beach condo down in Florida. We thought it'd be fun to have a Jeep, to be on the beach, and just the perfect car to have down there. I never owned a Jeep before, but guess what? As soon as I decided I was going to buy a Jeep, I saw Jeeps everywhere, all shapes and sizes and colors driving everywhere. I've been seeing them every single day go by, but I didn't see them until I decided I want to buy a Jeep.
Did everybody all of a sudden go out and buy a Jeep when I decided? No. It's because I was looking for Jeeps, all of a sudden I saw them. There was an abundance of Jeeps driving by me every single day. I just didn't notice them because I wasn't looking for it.
Then I decided I was going to buy a blue Jeep. You guessed it; pretty soon everybody was driving a blue Jeep. There were blue Jeeps everywhere. Everybody didn't go out and decide that they're going to buy a Jeep, and then they didn't decide if they're going to buy a blue Jeep. It's just I started focusing on it and I started finding exactly what I'm focusing on.
If you're saying that there are no good techs out there, you're going to focus on all the bad hires that you've had, you're going to focus on all the bad interviews you've been on, and you're going to say, "See? I told you so. There are no good techs out there." The same thing with your car count.
If you're going to constantly complain and look at the lack of cars that are out there in your own shop, you're going to keep seeing the same problem over and over and over. It's going to become etched in your mind. It's going to be a BS story, but if you start looking around, start driving around and realize there are dozens, if not hundreds, of cars sitting on lifts every single day in other people's shops and not in your shop, you'll realize you have a marketing problem and you'll start to tackle the big problem that you have right there.
I hope this helps. Go and think of all those things that you tell yourself so often that it's now etched in stone and it's true, and see if you could find the opposite. I guarantee you'll find it everywhere. Thanks for watching. Oh, by the way, I really appreciate all the comments.
By Ron Ipach
I’d like to officially welcome you to the second half of 2017. That’s right, the year is half over. Let me ask you a question; How’s your business doing? Is it exactly where you thought it would be right now? Are you on track to meet your goals? Or do you need to tighten up the bootstraps and get rocking and rolling on there to get the year to where you really need it to go?
I’d like to wind the calendar all the way back to January 1st. You know, the day that everybody comes up with all those great New Year’s resolutions. They have resolutions about how the business is going to go, how much time they’re going to spend with their family, how much vacation they’re going to take this year, how much money they’re going to make, how much weight they’re going to lose, all of those things.
Do you remember that day? Do you remember actually sitting back and making another New Year’s resolution? Well, if you’re like most people, yeah. You figured this year was going to be the year, the year that everything is going to get on track. And I really, really hope it is for you. But if it’s not, well, it’s half over with, and I want to point that out to tell you that it’s okay. It’s okay if you’re not nearly where you thought you would be, because we have another six months to go to be able to pull it out.
So don’t get discouraged if you’re not where you thought you would be. Congratulate yourself if you are exactly where you think you’re going to be, or where you should be. So you’re doing great this year, fantastic. Go out and celebrate. Celebrate the victory. And if you’re not where you need to go, it’s time to tighten up those shoelaces and get really rocking. Don’t beat yourself up. It’s okay. We have a full six months to pull this out.
It’s time to start taking action on everything you’re learning. If car count is your problem, and for most shop owners it is, get going on all these strategies that I’m giving you here for free. Every single day in your email box I’m giving you tons of strategies to help you move forward and keep plenty of car count coming in the door. If it’s about profitability, if it’s about finding that technician, look, we have lots great information, lots of videos that we can share with you, if that’s where the problem is.
Don’t let it be an impending storm. The second half of 2017 is going to be a great year, but you need to start taking action. If you need information, fantastic. We’ll be here to give it to you, but in most cases it’s just a matter of you needing to go and take action.
Time to really start rocking and rolling to get this 2017 to be everything you thought it would be; to lose the weight you want, get the car count you want, make the money you want, have the dream shop that you always knew your shop could be. You got a half a year left. Let’s get rolling.
By Ron Ipach
Every day during a shop owner's work week I'm going to deliver one tip, trick, tactic, strategy or insight that can be put to use right away to immediately start to boost the car counts in every shop.
That means over the next year you're going to get over 250 videos, audios, and blogs that you can consume in less than three minutes per day and then act on them in less than two.
CLICK HERE TO SUBSCRIBE TO CAR COUNT DAILY
I am a quite a young guy (20 years young to be exact) and I am currently working as a mechanic. I really want to start my own repair business in the next couple years so I would love to hear how you guys got into it and what education is needed to become an independent shop owner.
Did you go to business school in college? Or did you work as mechanic before and decided at one point to become self employed? Did you just open your own business and just learned everything along the way?
I would really like to hear your stories!