The automotive industry is fast paced and rapidly changing. Running your business is a complex balancing act. Not only do you need to be the expert on the vehicles themselves, but also the mentor for your team, the scheduling guru, the chief customer service agent and the head of supply chain management to make sure the parts are in when you need them. Whether you sell cars, service them, specialize in collision repair or customization, the variety of day-to-day challenges when running an automotive services company are virtually limitless.
To keep your business running smoothly and maximize your growth potential, you need to find the right partner. The most successful businesspeople know that they need to focus their efforts and energy on the things that they do best and find an expert partner to help them with the rest. From regular bookkeeping to preparing monthly, quarterly, and annual tax filings, Gift CPAs expertise can serve as the complement you need to improve cashflow, efficiency and profitability. With access to great collaborative tools like QuickBooks Online and personalized service from our Outsourced Bookkeeping team, many of our automotive services clients save significant administrative time every month, letting them focus on growing their business.
Organizations We Serve:
From companies that specialize in foreign imports to all-in-one corner garages, Gift CPAs has worked with them all. We know that the automotive services market is dynamic and demanding. And we know how to use our expertise to help you manage your business. From weekly bookkeeping to annual taxes, we are here to help our clients, and we would love to help you.
Financial Tips for Automotive Services Businesses
Whether you specialize in exhaust repairs or body work, or sell vehicles along with providing general service and inspections, these 5 tips will help you keep your finances – and your shop – in order:
- Be a cash management master: learn what your daily, weekly, monthly, and annual cash requirements are, and monitor your cash position at all times.
- Build a business model with your CPA to understand the effects of materials and labor cost changes on your business.
- Establish a target for how much income should be coming from your different income streams (parts, labor, vehicle sales).
- Develop a plan to pay vendors promptly without eroding your cash position.
- Be diligent with recordkeeping and filing. Don’t forget that some records need to be retained indefinitely.
These tips are only the beginning. Contact Gift CPAs to see what other advice and guidance we can provide to help you take your business to the next level.
Services We Provide:
Small Business Accounting
- Provide Regular reports and recommendations
- Review and compile financial statements
- Train your accounting personnel
- Streamline accounting processes
- Prepare and analyze cash flow projections
- Set up Fed ID and assist with sales tax issues
Let’s work together to take your Automotive Services business further!