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.)
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.
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
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 accoun
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 as
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 yo
If you had known then what you know now, would you have opened your own shop?
Every day new shops open in North America. Many of them from technicians who have a dream and desire of opening up their own. For many, it is a life long dream to own their own business. For the majority of new business owners, they are great at the skill but do not understand how a business works.
Some owners will lose a team member to the dream of opening their own. They are talented techs and want to build a busin
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.
Customers want a great experience. They have preconceived expectations on how their experience with you is going to happen. Will it be as good as in the past. Will it be better than the dealer or the shop they patronized who is now closed?
Every time we set out to do business, even a trip to Macy’s to buy a shirt, we have a preconceived notion on the shopping experience. I recall getting a special discount because I hadn’t brought in the coupon from the newspaper. I didn’t even know about it.
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 b
Are change forces blowing harder and faster than we realize? And are we creating them?
A restaurant in my town decided to rent some space in an office tower next to our AAA Ball Park. It just happens that the Toronto Blue Jays are playing there because of the pandemic (Canadian/US border lockdown). All US teams will play Toronto in Buffalo. There are no fans allowed in the park
Fans are desperate to see sports and watch a major league team. Did I mention the space the restauranter rented as a
Superstar shop owner and Elite Business Development Coach Chris Monroe shares a fun tip that will not only improve communication in your shop, but productivity as well.
For additional help building a more successful auto repair business, learn how you can team up with a superstar shop owner like Chris through Elite Top Shop 360: One on One Coaching
Superstar shop owner and Elite Business Development Coach Greg Skolnik shares a tip on how to provide your employees with a detailed outline of all their benefits.
For additional help building a more successful auto repair business, learn how you can team up with a superstar shop owner like Greg through Elite Top Shop 360:One on One Coaching
In this quick video tip industry superstar Jim Murphy shares the importance of maintaining a balance with your parts-to-labor ratio.
Jim Murphy heads up Elite Pro Service, a peer group made up of 90 of the industry's top shop owners. To learn more about this caring community, visit https://elitepeergroup.com/
Superstar shop owner and Elite Business Development Coach Nick Sallas shares a quick tip on increasing your productivity with the help of your service advisors. This great tip is sure to be effective for you and your shop.
For additional help building a more successful auto repair business, learn how you can team up with a superstar shop owner like Nick through Elite Top Shop 360: Top Shop 360
Superstar shop owner and Elite Business Development Coach Greg Skolnik shares a tip on managing payroll and staying prepared in case of emergencies.
For additional help building a more successful auto repair business, learn how you can team up with a superstar shop owner like Greg through Elite Top Shop 360: Top Shop 360
Superstar shop owner and Elite Business Development Coach Nick Sallas shares a tip on how to handle upset customers in your shop, and turn them into satisfied ones!
For additional help building a more successful auto repair business, learn how you can team up with a superstar shop owner like Nick through Elite Top Shop 360: Top Shop 360
Superstar shop owner and Elite Business Development coach Rudi Rudloff explains the critical difference between “training” and “coaching” your auto repair shop’s employees.
For additional help building a more successful auto repair business, learn how you can team up with a superstar shop owner like Rudi through Elite Top Shop 360: Top Shop 360
Superstar shop owner and Elite Business Development Coach Rudi Rudloff shares a tip on technician training that is not only remarkably effective, but cost-free for your auto repair business.
For additional help building a more successful auto repair business, learn how you can team up with a superstar shop owner like Rudi through Elite Top Shop 360: Top Shop 360
Superstar shop owner and Elite Business Development Coach Rudi Rudloff shares why giving back during the holiday season is a win for people in need, for your community and for your auto repair business.
For additional help building a more successful auto repair business, learn how you can team up with a superstar shop owner like Ron through Elite Top Shop 360: Top Shop 360
Superstar shop owner and Elite Business Development Coach James Stephenson shares a tip on finding & hiring service advisors that has worked wonders for his award winning auto repair business.
For additional help building a more successful auto repair business, learn more about Elite’s new affordable and convenient online peer groups for shop owners: Top Shop 360
Industry leading shop owner and Elite Business Development Coach Gene Morrill shares an easy-to-apply tip that has helped his shop improve customer satisfaction and retention.
For additional help building a more successful auto repair business, learn how you can team up with a superstar shop owner like Gene through Elite Top Shop 360: Top Shop 360
Superstar shop owner and Elite Business Development Coach Ron Haugen shares how your service advisors should handle the age old sales objection "I can buy the part online for less"
For additional help building a more successful auto repair business, learn how you can team up with a superstar shop owner like Ron through Elite Top Shop 360: Top Shop 360
