Quantcast
Jump to content

Business Finances, Taxes, Etc.

tasr
 Share

Recommended Posts

tasr Apprentice

tasr

Posted
Posted

Hi All,

 

I'd like to thank everyone who has helped answer so many questions recently.

 

I'm in the process of finalizing the opening of our Auto Repair shop and I got a call from a CPA offering their services. Basically their offering is a subsription type service that allows me to contact them with any questions etc and they help file taxes each year etc etc.

 

However being new to this I would appreciate any input on how you all manage the finances of your business.

 

I was hoping quickbooks would be sufficient for me but apparently they recomend proffesional help.

 

Our shop consists of 2 full time mechanics and myself to manage and run the whole thing as well as the initial service advisor.

flacvabeach Community Regular

flacvabeach

Posted
Posted

Definitely need an accountant and one that understands your business. Quickbooks is a great product, but you still have to understand accounting principles to make it work. A good accountant can give you advice on large equipment purchases and associated depreciation. Our tax code has made it complicated to run a small business. You don't want to be surprised by a big tax bill each year, so find an accountant who can help you plan for the future.If you want a recommendation for one of the best in the business, email me.

bstewart Collaborator

bstewart

Posted
Posted (edited)

 

Definitely need an accountant and one that understands your business.

 

This is extremely important. Many accountants do not understand this business.

They will say you always need to "reduce your expenses" and they will include your labour as one of those expenses.

In this business, your labour is the ONLY thing that truly makes you money, with no labour, there would be no parts sales, and no business. Your labour is your biggest asset!

 

If you have an accountant that tells you to reduce your labour expense, fire them and find an accountant that understands this industry.

Edited by bstewart
  • Like 1

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share
Go to topic listing

  • Available Subscriptions

    See all Subscription Plans

  • Have you checked out Joe's Latest Blog?

    • Joe Marconi
      The Toolbox is Last to Leave, First is the Heart
      By Joe Marconi in Joe's Blog
         0 comments
      It always amazes me when I hear about a technician who quits one repair shop to go work at another shop for less money. I know you have heard of this too, and you’ve probably asked yourself, “Can this be true? And Why?” The answer rests within the culture of the company. More specifically, the boss, manager, or a toxic work environment literally pushed the technician out the door.
      While money and benefits tend to attract people to a company, it won’t keep them there. When a technician begins to look over the fence for greener grass, that is usually a sign that something is wrong within the workplace. It also means that his or her heart is probably already gone. If the issue is not resolved, no amount of money will keep that technician for the long term. The heart is always the first to leave. The last thing that leaves is the technician’s toolbox.
      Shop owners: Focus more on employee retention than acquisition. This is not to say that you should not be constantly recruiting. You should. What it does means is that once you hire someone, your job isn’t over, that’s when it begins. Get to know your technicians. Build strong relationships. Have frequent one-on-ones. Engage in meaningful conversation. Find what truly motivates your technicians. You may be surprised that while money is a motivator, it’s usually not the prime motivator.
      One last thing; the cost of technician turnover can be financially devastating. It also affects shop morale. Do all you can to create a workplace where technicians feel they are respected, recognized, and know that their work contributes to the overall success of the company. This will lead to improved morale and team spirit. Remember, when you see a technician’s toolbox rolling out of the bay on its way to another shop, the heart was most likely gone long before that.

  • Similar Topics

    • carmcapriotto
      The Unstoppable Framework for Auto Shop Owners Part 5: Build a Resilient Mindset and Plan Ahead [RR 1027]
      By carmcapriotto
      Thanks to our Partners, NAPA Auto Care, NAPA TRACS and Automotive Management Network In the fifth installment of the "Unstoppable Framework for Auto Shop Owners" series, Maryann Croce, a coach from Small Biz Vantage, shares her expertise on building resilience and effective planning for automotive professionals. Maryann emphasizes the importance of a resilient mindset, proactive planning, and continuous improvement. She offers practical tips, such as creating contingency plans and regularly assessing business processes. Maryann Croce, Small Biz Vantage. Maryann’s previous episodes HERE. Show Notes Watch Full Video Episode Unstoppable Framework for Auto Shop Owners Part 1: Core Values and Vision [RR 997]: https://remarkableresults.biz/remarkable-results-radio-podcast/e997/ Unstoppable Framework for Auto Shop Owners Part 2: Mastering Your Finances [RRR 1004]: https://remarkableresults.biz/remarkable-results-radio-podcast/e1004/ Unstoppable Framework for Auto Shop Owners Part 3: Optimize Processes and Empower Your Team [RR 1012]: https://remarkableresults.biz/remarkable-results-radio-podcast/e1012/ Unstoppable Framework for Auto Shop Owners Part 4: Stay Customer Focused and Flexible [RR 1020]: https://remarkableresults.biz/remarkable-results-radio-podcast/e1020/ Here is the downloadable worksheet link: https://bit.ly/4b0Qvtw Welcome Maryann Croce (00:00:00) Building a Resilient Mindset (00:02:34) Embracing a Growth Mindset (00:04:25) Continuous Improvement (00:11:11) Creating Contingency Plans (00:12:27) Planning for the Unexpected (00:16:33) Daily Practices for Building Resilience (18:32) Creating Daily Habits (19:08) Importance of a Support Network (20:17) Key Lessons from Previous Episodes (22:31) Growth Mindset and Contingency Planning (23:49) Emotional Awareness in Leadership (26:04) Practical Application in Business (27:00) Inclusivity in Learning (28:00) Conclusion of the Series (29:04)
      Thanks to our Partners, NAPA Auto Care, NAPA TRACS and Automotive Management Network Learn more about NAPA Auto Care and the benefits of being part of the NAPA family by visiting https://www.napaonline.com/en/auto-care NAPA TRACS will move your shop into the SMS fast lane with onsite training and six days a week of support and local representation. Find NAPA TRACS on the Web at http://napatracs.com/ Get ready to grow your business with the Automotive Management Network: Find on the Web at http://AftermarketManagementNetwork.com for information that can help you move your business ahead and for the free and informative http://LaborRateTracker.com Connect with the Podcast: -Follow on Facebook: https://www.facebook.com/RemarkableResultsRadioPodcast/ -Join Our Virtual Toastmasters Club: https://remarkableresults.biz/toastmasters -Join Our Private Facebook Community: https://www.facebook.com/groups/1734687266778976 -Subscribe on YouTube: https://www.youtube.com/carmcapriotto -Follow on LinkedIn: https://www.linkedin.com/in/carmcapriotto/ -Follow on Instagram: https://www.instagram.com/remarkableresultsradiopodcast/ -Follow on Twitter: https://twitter.com/RResultsBiz -Visit the Website: https://remarkableresults.biz/ -Join our Insider List: https://remarkableresults.biz/insider -All books mentioned on our podcasts: https://remarkableresults.biz/books -Our Classroom page for personal or team learning: https://remarkableresults.biz/classroom -Buy Me a Coffee: https://www.buymeacoffee.com/carm -Special episode collections: https://remarkableresults.biz/collections The Aftermarket Radio Network: https://aftermarketradionetwork.com/ Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion. https://remarkableresults.biz/ Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life. https://mattfanslow.captivate.fm/ Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest. https://huntdemarest.captivate.fm/ The Auto Repair Marketing Podcast with Kim and Brian Walker: Marketing Experts Brian & Kim Walker Work with Shop Owners to Take it to the Next Level. https://autorepairmarketing.captivate.fm/ The Weekly Blitz with Chris Cotton: Weekly Inspiration with Business Coach Chris Cotton from AutoFix - Auto Shop Coaching. https://chriscotton.captivate.fm/ Speak Up! Effective Communication with Craig O'Neill: Develop Interpersonal and Professional Communication Skills when Speaking to Audiences of Any Size. https://craigoneill.captivate.fm/         Click to go to the Podcast on Remarkable Results Radio
    • carmcapriotto
      Balancing Technology to Better Our People with David Boyd [E030] - Speak Up!
      By carmcapriotto
      Thank You To Our Partners The Institute, AutoFlow, AutoLeap, Shop Dog Marketing, In-Bound:
      Craig O’Neill, welcomes his friend and communications expert, David Boyd, as our guest.  Listen up to hear the thoughtful conversation between David and Craig across a variety of topics and questions related to the phones skills of your staff, AI use in the world today, and the outlook for the future.
      A key question:  “Will the job of the service advisor still exist?”
      As AI solutions seem to become more and more sophisticated - the question has career advisors wondering this aloud. 
      The conversation should be encouraging for anyone who takes their professional role as a service advisor seriously, and the future, according to David and Craig, appears bright.
      According to David, the service advisor is the person we should be empowering further, and developing, as this is the role focused on building relationships.
      The conversation draws on additional points related to what we learned during Covid and the real value of actual connection, as well as some of the pitfalls for what occurs when a productive technician is forced to answer phone calls.
      Listeners will walk away with some practical advice from this episode, and more clear vision for a coachable front counter that is focused on connecting!
      The WOTD Today:
      Affable
      Noun-
      Friendly - good natured - easy to talk to
      Thank You To Our Partners The Institute, AutoFlow, AutoLeap, Shop Dog Marketing, In-Bound:
      The Institute at WeAreTheInstitute.com.  "Stop stressing over your business, you deserve a good night's sleep. The Institute’s coaching helps you achieve success and financial peace.
      AutoFlow at AutoFlow.com. Your partner in technology, Autoflow consolidates your client interactions - before, during and after the visit to a single thread. Learn more at Autoflow.com
      AutoLeap at AutoLeap.com. Are you tired of juggling multiple tools to manage your auto repair shop? Say hello to the streamlined efficiency of AutoLeap, the #1 all-in-one Auto Repair Shop Management Software!
      Shop Dog Marketing at Shop Dog Marketing.com. "Want to see your auto repair shop thrive? Let Shop Dog Marketing be your guide. Our customer-first approach, combined with AI-driven creative content, ensures top rankings.
      In-Bound at CallInBound.com. Cover your communication needs and revolutionize your auto repair business with AI-driven call analytics from InBound.
      Contact Information
      Email Craig O'Neill: [email protected] Watch Full Video Episode Join Our Virtual Toastmasters Club: https://remarkableresults.biz/toastmasters
      The Aftermarket Radio Network: https://aftermarketradionetwork.com/
      Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion. https://remarkableresults.biz/
      Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life. https://mattfanslow.captivate.fm/
      Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest. https://huntdemarest.captivate.fm/
      The Auto Repair Marketing Podcast with Kim and Brian Walker: Marketing Experts Brian & Kim Walker Work with Shop Owners to Take it to the Next Level. https://autorepairmarketing.captivate.fm/
      The Weekly Blitz with Chris Cotton: Weekly Inspiration with Business Coach Chris Cotton from AutoFix - Auto Shop Coaching. https://chriscotton.captivate.fm/
      Click to go to the Podcast on Remarkable Results Radio
    • Joe Marconi
      Are You Sure You Want to Charge Your Customers A Fee for Using Their Credit Card?
      By Joe Marconi

      Premium Member Content 

      This content is hidden to guests, one of the benefits of a paid membership. Please login or register to view this content.

    • Freestate Auto and Truck
      Shop Management Software Recommendations
      By Freestate Auto and Truck
      Hello,
      Does anyone currently use TekMetric and do you recommend it? Any glitches, complaints, or concerns or success?
      If anyone is using a different SMS that you have a great experience with that meets your shops needs?
      We are currently using RO Writer and Autovitals DVI, but the reliability and capabilities of RO Writer are extremely lacking and frustrating. 
      Any input or advice would be greatly appreciated!
      Thank you!
      Michelle
    • carmcapriotto
      Marketing Tools and Tech Ideas for Auto Repair Shops [E139] - The Auto Repair Marketing Podcast
      By carmcapriotto
      Marketing your auto repair shop can be overwhelming, but with the right tools, it doesn’t have to be. Brian and Kim Walker break down essential marketing tools and tech to make the process easier, more effective, and even enjoyable.
      Discover how to simplify your social media strategy with tools like Meta Business Suite and Canva, optimize your website performance with SEMrush and Google Analytics, and create better customer engagement with NFC tap technology and HiHello digital business cards. They also dive into practical tips for video content creation, email marketing, and measuring ROI to ensure your efforts are paying off.
      If you’re ready to elevate your marketing without the hassle, this conversation will equip you with the insights and tools you need to succeed.
      Thank you to our friends at RepairPal for providing you this episode. RepairPal’s Certified Network of shops are trusted by millions of customers each month. Learn more at
      RepairPal.com/shops. 
      Are you ready to convert clients to members? App Fueled specializes in creating custom apps tailored specifically for professional auto repair businesses. Visit Appfueled.com to get started today. Keep your shop top of mind on the mobile device they love.
      Show Notes with Timestamps
      Introduction to the Episode (00:00:01) The podcast introduces the hosts and sets the stage for discussing marketing tools. Marketing Tools Overview (00:01:22) Brian discusses the importance of using effective marketing tools for auto repair shops. Social Media Planning (00:02:39) Kim emphasizes the need for strategic planning in social media marketing. Meta Business Suite (00:03:32) Discussion on using Meta Business Suite for scheduling posts on Facebook and Instagram. Social Media Scheduling Tools (00:04:11) Kim shares various tools for scheduling social media content, including Plantable and Hootsuite. Canva for Graphics (00:05:14) Introduction to Canva as a user-friendly graphic design tool for non-designers. Accessing the Meta Planner (00:05:39) Instructions on how to access the Meta planner within Facebook's business settings. Facebook Group for Shop Owners (00:06:07) Promotion of the Auto Repair Marketing Mastermind Facebook group for shop owners to share ideas. Tracking Social Media Engagement (00:08:10) Importance of using link shorteners like Bitly to track social media engagement. Link Tree for Instagram (00:09:12) Discussion on using Link Tree to manage multiple links from an Instagram bio. Search Engine Optimization Tools (00:10:21) Brian introduces SEO tools that can simplify the process of optimizing website content. SEMrush Overview (00:10:57)  Detailed look at SEMrush as a comprehensive tool for SEO tasks. Ahrefs for Backlink Audits (00:12:21) Introduction to Ahrefs for managing backlinks in competitive SEO environments. Local SEO Tools (00:13:51)  Discussion on Local Viking and Local Falcon for tracking Google Business Profile rankings.  UVA's Auto Biz IQ (00:14:37) Mention of a specific tool for auto repair shops to analyze local SEO performance. Digital Advertising Planning (00:14:49) Importance of careful planning in digital advertising to avoid unnecessary spending. Using Google Sheets for Ads (00:15:53) Emphasizing organization with spreadsheets for tracking and analyzing digital ads. Keyword Planning for Ads (00:16:59) Discussing the necessity of keyword planning tools for effective ad targeting. Understanding UTM Tracking (00:17:36)   Explaining UTM tracking parameters for detailed insights into marketing performance. Combining UTM with Link Shorteners (00:19:32) Using link shorteners like Bitly to manage long UTM links effectively. RepairPal Introduction (00:21:05) Highlighting RepairPal as a resource for connecting auto repair shops with new customers. Customer Loyalty Apps (00:22:12) Promoting App Fueled for creating custom loyalty apps for auto repair businesses. Video Marketing Tools (00:22:21) Discussing essential video tools for auto repair shops without needing professional help. Simplicity in Video Creation (00:23:15) Encouraging simplicity in video production to avoid overcomplication and promote consistency. Website Tools for Auto Repair Shops (00:27:17)  Recommending Auto Ops as a top scheduling tool for auto repair shops. Website Building Recommendations (00:28:01)  Suggesting Squarespace for easy website building for beginners in auto repair. Importance of Original Photos (00:29:06)  Encouraging the use of original photography for websites instead of stock images. Photography Tips (00:30:13)  Discusses the value of good photography, even with basic tools like cell phones. Email Marketing Tools (00:30:31)  Introduces Constant Contact and Mailchimp for effective email marketing strategies. CRM Capabilities (00:31:15)  Highlights the importance of utilizing built-in email features within CRMs for customer communication. App Fuelled Overview (00:31:17)  Explains App Fuelled as a comprehensive CRM beyond just app creation for auto shops. Monthly Email Strategy (00:32:14)  Encourages sending monthly emails to clients for better engagement and communication. Marketing Insights (00:33:02)  Discusses measuring marketing effectiveness through Meta insights and analytics tools. Google Analytics Overview (00:35:19)  Explains how Google Analytics and Search Console provide website performance insights. Looker Studio Introduction (00:36:15)  Introduces Looker Studio as a free tool for creating KPI dashboards similar to agency analytics. ChatGPT in Marketing (00:37:17)  Covers the potential and risks of using AI tools like ChatGPT for content creation. Follower Counter Gadget (00:39:33)  Describes a fun gadget that tracks social media followers in real-time at physical locations. NFC Tap Technology (00:41:11)  Explains how NFC technology can simplify sharing contact information for auto repair shops. Digital Business Cards (00:43:36)  Promotes using digital business cards for easy sharing of contact information. Podcasting for Auto Shops (00:45:10)  Suggests that auto repair shops consider starting a podcast to connect with their audience. Digital Notebook Discussion (00:45:15)  Kim shares her experience with the Remarkable digital notebook for note-taking and organization. Organizing Notes (00:46:11)  She explains how she uses the notebook for various categories like faith, business, and conference notes. Features of the Remarkable (00:47:06)  Discussion on the features of the Remarkable, including customizable templates and pen options. Podcast Promotion (00:47:58)  Brian promotes episode 57, discussing whether auto repair shops should have their own podcasts. Final Thoughts and Contact (00:48:12)  Kim invites listeners to share tech tools and podcast ideas via email. Community Engagement (00:49:07)  Brian encourages joining their Facebook group, the Auto Repair Marketing Mastermind. Acknowledging Sponsors (00:49:16)  Brian thanks the sponsors, Repair Pal and App Field, for their support of the podcast.
      How To Get In Touch
      Group - Auto Repair Marketing Mastermind
      Website - shopmarketingpros.com 
      Facebook - facebook.com/shopmarketingpros 
      Get the Book - shopmarketingpros.com/book
      Instagram - @shopmarketingpros 
      Questions/Ideas - [email protected]
      Lagniappe (Books, Links, Other Podcasts, etc)
      https://shopmarketingpros.com/ep-057-should-your-shop-have-a-podcast/ - Should Your Shop Have a Podcast?
      https://remarkable.com/ - Remarkable Notebook
      Thanks to our Partners,
      RepairPal at https://repairpal.com/shops. Quality Car Repair. Fair Price Guarantee.
      App Fueled at appfueled.com. “Are you ready to convert clients to members? AppFueled™ specializes in creating custom apps tailored specifically for auto repair businesses. Build your first app like a pro.”
      Aftermarket Radio Network
      Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion
      Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life.
      The Weekly Blitz with Chris Cotton: Weekly Inspiration with Business Coach Chris Cotton from AutoFix - Auto Shop Coaching.
      Speak Up! Effective Communication with Craig O'Neill: Develop Interpersonal and Professional Communication Skills when Speaking to Audiences of Any Size.
      Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest.
      The Auto Repair Marketing Podcast with Kim and Brian Walker: Marketing Experts Brian & Kim Walker Work with Shop Owners to Take it to the Next Level.
      Click to go to the Podcast on Remarkable Results Radio


  • Similar Tagged Content

  •
    Joe Marconi

    Money Isn’t The Motivator We Think It Is

    By Joe Marconi, in Automotive Management,

    0 comments 715 views
    Joe Marconi

    Isn’t It Time We Rethink What a Master Level Technician Is?

    By Joe Marconi, in Automotive Industry,

    1 comment 968 views
    Joe Marconi

    Five Proven Tips to Improve Your Bottom Line

    By Joe Marconi, in Selling Automotive Repair,

    0 comments 898 views

  • Our Sponsors

Main Sections

More Sections

Discussion Forums

×
×
  • Create New...