If you are like most independent repair shops, you started 2020 worried about how to find the time to keep your team trained on changes in vehicles and regulations, staying on top of diagnostic advances or finding talent to help you grow your customer base. All of these come in addition to the difficulties of the day-to-day management of your business. And as the year has unfolded, COVID-19 has no doubt increased the number of challenges you have had to deal with.
Faced with so many concerns, what can you do to simplify running your business while also maintaining or growing your operation? What options will allow you to put your energy back into your team and your clients, and still have some time left for yourself?
Automotive Services Companies Should Consider Outsourcing
Outsourcing may be a foreign concept to many automotive services companies. For owners used to handling it all, pushing work activities outside the team of direct employees may feel uncomfortable. But outsourcing can give small businesses access to talent and skills that may not be available within the existing team. Managing your company finances is one area where finding a trusted partner and moving to an outsourced model can provide automotive services companies with big wins.
Outsource Bookkeeping to Regain Focus
There are many administrative needed to keep your automotive services company running well. Bookkeeping in particular can require a significant amount of time. The regular and accurate recording and tracking of all income and expenses is required. For many, this isn’t enjoyable work. Worse yet, it can distract automotive services business owners from other areas that their talents are more suited for.
While business owners may not enjoy bookkeeping tasks, they are very important to keeping the business on track. The accurate entry and tracking of cash, accounts receivable, inventory, loan balances and more all play a part in having accurate financial statements. And accurate financial statements can help you make better decisions about how to grow your business. Interested in learning more about financial statements? Check out our post to learn more about how they can help your business. Or download our InfoGraphic for a great visual reference.
More Outsourced Bookkeeping Benefits for Automotive Services Companies
Many owners of automotive service companies handle administrative and finance tasks themselves. Outsourcing the bookkeeping can allow owners to focus on the areas of the business that they are passionate about. But regaining focus is only one of the benefits that can come from the decision to outsource your bookkeeping.
Working with a professional CPA firm that offers outsourced bookkeeping services also provides access to greater expertise and leading technology. Business owners can expect:
- Up-to-date, reliable financial information
- Guaranteed privacy of your financial data
- Expertise in a variety of financial software programs
- Tax and audit ready financials
- Access to a full team of certified and professional bookkeepers
- Secure online and cloud technology
- Regular monthly bookkeeping expenses that are predictable and easy to manage
What is Included in Outsourced Bookkeeping for Automotive Services Companies
When selecting a partner for outsourced bookkeeping, automotive services companies should keep many things in mind. Look for a firm that is willing to tailor a package to meet your specific needs. Keep in mind that there are many aspects to bookkeeping and an individual business may not need all of them. Items that may be included are:
- Payables and receivables tracking
- Bill paying
- Bank and credit card reconciliation
- Monthly financial statement preparation
- Sales and Use tax filings
- Cash flow management
- General ledger maintenance
- 1099 preparation and filing
- Check writing
- Franchise and other specialized reporting