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nptrb

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Everything posted by nptrb

  1. Whether you like Tom Brady or not, you have to admit he is the Greatest Of All Time. I’m not a football person, but when I hear or read about his accomplishments, I’m amazed. If your shop isn’t the greatest, do you know why? What is your vision for your auto repair shop? One lesson I’ve learned is that you have to see where you want to be in the future. See where you want your shop to be in 3 years or 5 years. When you see this picture of your shop the way you want it to be, what does that look like? Does it bring a smile to your face or fill you full of satisfaction? Another te
  2. Whew! We’re moving on from the PPP loan blog series to dispensing knowledge about the Employee Retention Credit. Hello IRS! With all of the changes and tax time approaching ~2 months away, I hope you’re ready to go. If you haven’t already filed, here is some information that’s about two weeks old, so grab a cup of coffee as we dive into a summary of this credit. This credit is designed to make it easier for businesses that chose to keep employees on their payroll through all the challenges that COVID-19 brought and is still brining. For those of you who kept your employees, thank you
  3. We ended Part 3 of this blog series with “Second Draw PPP Loan Application and Documentation Requirements”. As this second draw is being distributed, the rules are changing. I encourage you to check out the SBA’s website www.sba.gov or go to your local SBA office for additional information. You may also contact me if you would prefer to have a conversation with someone outside the government. My contact information is at the bottom of this post. Beginning Part 4, we start with expanding on this rule from the New PPP Regulations: For Second Draw PPP Loans of $150,000 or Less, Rev
  4. We ended Part 3 of this blog series with “Second Draw PPP Loan Application and Documentation Requirements”. As this second draw is being distributed, the rules are changing. I encourage you to check out the SBA’s website www.sba.gov or go to your local SBA office for additional information. You may also contact me if you would prefer to have a conversation with someone outside the government. My contact information is at the bottom of this post. Beginning Part 4, we start with expanding on this rule from the New PPP Regulations: For Second Draw PPP Loans of $150,000 or Less, Rev
  5. We ended Part 2 of this blog series with “Calculation of Average Monthly Payroll Costs for NAICS Code 72 Entities That Qualify as Seasonal Employers or as New Entities:” This is another great reason to check out the SBA’s website www.sba.gov or go to your local SBA office for additional information. Beginning Part 3, we start with expanding on this rule from the New PPP Regulations: “Bankruptcy Prevents Borrowers from Receiving a Second Draw PPP Loan:” The Interim Final Rules (IFR) state that if your business is in bankruptcy, you will not be approved for a PPP loan. Congress ga
  6. We ended Part 2 of this blog series with “Calculation of Average Monthly Payroll Costs for NAICS Code 72 Entities That Qualify as Seasonal Employers or as New Entities:” This is another great reason to check out the SBA’s website www.sba.gov or go to your local SBA office for additional information. Beginning Part 3, we start with expanding on this rule from the New PPP Regulations: “Bankruptcy Prevents Borrowers from Receiving a Second Draw PPP Loan:” The Interim Final Rules (IFR) state that if your business is in bankruptcy, you will not be approved for a PPP loan. Congress ga
  7. Hi, Natalie here. We ended Part 1 of this blog with the SBA’s definition of gross receipts which is consistent with SBA’s size regulation 13C.F.R. 121.104. This is another great reason to check out the SBA’s website www.sba.gov or go to your local SBA office for additional information. Beginning Part 2, we start with expanding on this rule from the New PPP Regulations: “Any Forgiveness Amount” of a First Draw PPP Loan is Excluded from a Borrower’s Gross Receipts.” Simply stated, you can breathe a sigh of relief. Forgiveness amounts from your first draw PPP loan are not inc
  8. Hi, Natalie here. We ended Part 1 of this blog with the SBA’s definition of gross receipts which is consistent with SBA’s size regulation 13C.F.R. 121.104. This is another great reason to check out the SBA’s website www.sba.gov or go to your local SBA office for additional information. Beginning Part 2, we start with expanding on this rule from the New PPP Regulations: “Any Forgiveness Amount” of a First Draw PPP Loan is Excluded from a Borrower’s Gross Receipts.” Simply stated, you can breathe a sigh of relief. Forgiveness amounts from your first draw PPP loan are not inc
  9. I'm so sorry to hear this but I'm glad you're making a good recovery!
  10. Hi, Natalie here. There is wealth of information to clear up confusion about the new regulations regarding PPP loans. There will probably be changes, so this is summary is based on the best information currently available. Before you take action, I encourage you to check for updated rules and make sure you are fully informed before signing any paperwork. As with any government program, there are a lot of details that need to be understood. So this may be spread out over two-to-three blogs, as my goal is to deliver this information in bite-sized chunks. For additional information, I sugges
  11. Hi, Natalie here. There is wealth of information to clear up confusion about the new regulations regarding PPP loans. There will probably be changes, so this is summary is based on the best information currently available. Before you take action, I encourage you to check for updated rules and make sure you are fully informed before signing any paperwork. As with any government program, there are a lot of details that need to be understood. So this may be spread out over two-to-three blogs, as my goal is to deliver this information in bite-sized chunks. For additional information, I sugges
  12. You're absolutely right about that. I'll keep posting new information from the accounting community as it becomes available. We're all rallying together to make it as easy to understand as possible.
  13. This is all very well said. Even with how tough this year has been, if I look at what was accomplished this year it shows many steps in the right direction. Helping shops financially survive and make it to 2021 has been one of the greatest and most humbling experiences of this year.
  14. The new 5,500+ page Covid Relief Bill is massive, and it will take many weeks to digest everything included in the legislation. Here's what we know about business relief and PPP funds: There is now streamlined forgiveness for PPP loans under $150K. This is a significant development for many so check with your lender about how they want that now to be handled. There is also now an additional $284B in PPP funding for impacted businesses to access. More on this in days to come...
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    With the end of 2020 fast approaching, we’re going to look at annual financial reports. Your shop’s financial report is being prepared and there are some steps for you to take. There are also steps you can take to prepare for a solid start to the new year.
  16. As you plan for your giving budget in this holiday season, remember that THIS YEAR ONLY (per the CARES Act), you can take the standard deduction, as well as up to $300 of cash donations. It has to be cash though, and it's up to $300 per return, so if you file jointly, it's still only $300. (Since most people use the new higher standard deduction, charitable giving is not deductible. But this year, you can claim up to $300 on top of that standard deduction.)
  17. 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’l
  18. 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’l
  19. With the end of 2020 fast approaching, we’re going to look at annual financial reports. Your shop’s financial report is being prepared and there are some steps for you to take. There are also steps you can take to prepare for a solid start to the new year. The content of this blog comes from two checklists provided by Three Rivers Bookkeeping. If you would like copies of these checklists, ask by phone or email at the bottom of this post. I would love to deliver these useful tools to you. Let’s start with a quick explanation of the annual report. Annual reports contain your repair sho
  20. Within this post we’re going to pull back the covers and take a look at what goes into a quarterly report. For this conversation we’ll be talking about privately owned auto repair shops only. By definition a quarterly report is a summary or collection of unaudited financial statements. These include balance sheets, income statements, and cash flow statements. These are prepared by your bookkeeper every quarter (three months). Some quarterly reports may also include year-to- date figures and compare last year’s quarter to this years quarter results. Companies fiscal years may begin on
  21. Before this installment, I talked about the balance sheet and before that I educated you about the income statement. Let’s learn about your statement of cash flows and how to read it. My goal today is for you to totally understand the statement of cash flows The statement of cash flows is also called the cash flow statement. It is a general-purpose financial statement and the numbers are related to the information on the balance sheet. When the balance sheet changes, so does the cash account on the cash flow statement for the same time (for this blog we'll be using a month. It also reconc
  22. Check out this post to learn about the three parts of your balance sheet; Assets, Liabilities, and Equity. We’ll break them apart but first here’s a statement about a balance sheet in general. A balance sheet is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by owners, investors and/or shareholders. In other words, the balance sheet shows a shop owner(s) the shop's net worth. Now let’s talk about assets. Within the assets segments, accounts are typically listed from top to bottom in the order they convert into cash.
  23. Last time we took a quick look at three financial reports: Balance sheet Income statement Statement of cash flows We talked about how you should read/review each of these monthly like reading the financial GPS to your repair shop’s finances. How financially healthy is your shop? Not-so-subtle hint, if you haven’t talked to your bookkeeper about the three reports, book an appointment with her today. In this day and age, this is a bare minimum service that your bookkeeper should be providing for your business. Your bookkeeper should also be able to easily expl
  24. Let's take a look at three financial reports, balance sheet, income statement, statement of cash flows. You should read/review each of these monthly. Looking at the numbers from these three reports is a clear picture of your shop’s financial health. This is a road map to planning your future. Let’s begin with the balance sheet. A balance sheet is a snapshot of your shop's financial condition at a moment in time. In the this article, we’re going to use a month as the bookkeeping period. Assets and liabilities are short- and long-term obligations. These include cash accounts such
  25. Are you thinking about hiring a bookkeeper to handle the day to day finances of your business but not sure of the price tag? Not to worry, here at Three Rivers Bookkeeping, we want to give you as much information as possible so that you can make an informed decision about hiring a great bookkeeper. What is the initial cost? When outsourcing a new bookkeeper there might be some up front costs that are incurred and they can range anywhere from $200 - $5000. Why can this range be so big? There are several questions and considerations that a bookkeeper will have for you that wil


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