Experience with automotive repair shops in Canada
Part 1 of “5 things automotive repair shops should look for in their accountant” series.
What did you think the first time you asked your accountant about something specific in your shop’s finances? Did they stare at the wall, shuffle their feet, click the end of their pen in a fit of panic?
Did they tell you what your labour margin should be, maybe analyse your parts matrix, talk to you about recovering shop supplies, review the sales per bay trends, ask about your operating expense compared to sales and then compare all those things with other shops across North America?
It’s okay. They’re very nice people and understand how to file tax returns and prepare financial statements. They may even be a friend of yours, and that is fine.
What your auto repair shop needs is an accountant that understands the unique perspectives of a shop owner and their team.
When your accountant is experienced in automotive repair shops (not just in your town/city, but other places too) you are able to relate with them on a whole new level.
They will have an understanding of your pain points, new opportunities, purchasing decisions, capital requirements, cash flow issues, profit erosion.
Their experience will help find both the grand and the less obvious adjustments so that you can spend time growing your business, not teaching your accountant about what you do.
MoneyWrench has a team and a system to monitor financial performance, minimise and plan for taxes, improve margins and profit, and most importantly will understand the specific needs of you, a repair shop owner.
Connect with us to understand more. We are accountants that understand your business.
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