How To Read And Understand Your Statement of Cash flows In As Little As 1-Hour

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 […]

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WARNING: Here’s What Every Automotive Repair Shop Owner Needs To Know About Their Balance Sheet

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 […]

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How Automotive Repair Shop Owners Can Know How Long to Keep Tax Information

We’ve talked about how important accurate and timely financial records are, but these are also critical if you ever get audited or sued. These financial records are also an IRS requirement. Let’s take a look at which records you’re required to keep, how long you should keep them and to make sure you don’t loose […]

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The Importance of Keeping Proper Records for Your Business

I’ve recently had the pleasure of connecting with another bookkeeper, Vanessa and it’s an honor to have her on as a guest blogger this month. Vanessa is doing great things in the bookkeeping profession and focuses her work with mom bloggers. Today she is going to give us some great insight into The Importance of Keeping […]

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Three key financial reports every business should review monthly

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. […]

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