Basic Financials 101:

A person may be certified as a mechanic, but there is no certification for understanding the financial statements. If you are getting monthly, quarterly, or annual financial statements and you are not using them to make decisions for your shop, you need this class to learn the opportunities you can take advantage of, as well as the challenges you can solve, by being able to understand and make decisions from your financial statements.

We will examine what should be on the profit and loss statement as well as the balance sheet, and how to make the information work for you. Attendees will also be directed to usage of several free online tools that will help them understand the information from their current financial statements.

So, that’s where the money goes!

Every shop owner is excited when they can look at their year-end financial statement and see that they made more profit than they did the year before. However, the excitement diminishes when the shop owner looks at the checking account to see the amount of money on hand is significantly less. They may have even experienced times during the year when they struggled to pay the bills on a timely basis.

They are making money, but they don’t have the cash on hand they expect to have, or worse yet, the cash they need to have. A shop owner must understand the ebbs and flows of cash. They need to know when they can afford to have accounts receivable. They need to know when they can afford to buy new equipment. And they need to know when they can afford to grow their business.