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Business Finances, Taxes, Etc.

tasr
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tasr Apprentice

tasr

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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

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  Quote

 

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
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    • Joe Marconi
      The Toolbox is Last to Leave, First is the Heart
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      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.

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