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. […]
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 […]
Many small businesses use the owners personal checking account for all of their business transactions. This can cause problems when it comes time to balance the books, pay taxes, and create an bookkeeping nightmare. Piercing the Corporate Veil Another, perhaps more critical consideration is that using a personal account for business has the potential of […]
A lot of businesses are suffering tremendously and while many shops seem to be seeing a slow down in numbers, overall, auto repair shops seem to be faring much better than some other industries during this time, like the restaurant industry or the tourism industry. However, that doesn’t mean that things aren’t difficult but there […]
With the PPP funds drying up, if you haven’t seen the funds yet are you feeling antsy? I don’t blame you! That money seemed to dry up pretty quickly. That means that there are millions of small business owners just like you that are scrambling to keep the doors open. If you haven’t submitted your […]