Financial Best Practices
Mike Anderson, CollisionAdvice.com
Format: MP3 download
While you deal with numbers on a daily basis, it is often difficult to truly understand what they mean and the impact they have on your business. Most owners know how to audit their technicians, but few know how to audit their bookkeeper or accountant. That's where this course can help!
This session starts by reviewing the critical financial terms with a collision industry twist. It explains how to read and understand your Profit & Loss Statement and the Balance Sheet, discusses your financial role and what you can audit to ensure that your accountant or bookkeeper is keeping accurate accounting records. We'll talk about what Key Performance Indicators you should track and how you perform compared to the collision repair industry. In addition, the course covers financial reporting, budgeting and forecasting.
This program includes:
• An overview of critical financial terms
• A clear explanation of the ways repair centers make money (Profit Centers)
• Understanding the difference between cash versus accrual accounting
• A look at Key Performance Indicators in the industry – 30, 20, 10 Rule
• A discussion on your financial role in the business and the need to delegate, not abdicate
• A review and exercises geared to help you understand your Profit & Loss Statements and Balance Sheets
• Understanding the difference between a management system versus an accounting system
• Understanding your numbers and know what to adjust to make improvements (Move the Numbers)
• Understanding flow thru dollars and getting past breakeven