Financial SucessAt Instant Auto we use two established and well proven operating systems to manage our finances, XERO and Mechanic Desk. These sync and give us up to date information of where we are at.
Each month we check our profit and loss statement against our projections and decide what went well and what didn’t. This helps us look at both our margins and profitability. We are at a critical stage where we have a lot of work coming in but not the margins to show for it. In the emerging stage of business we’d do anything just to be busy. Now we are carefully considering our pricing structure and new staff are working hard to make sure that we are not carrying too much stock on hand and that unused stock is being returned to suppliers in a timely manner. Actions to timeline. Monthly reports- actual v budget, P&L, Productivity, Annual budget Targeted income. Shared target. Audience (psuedo directors) Daily reconciliations Daily cashflow checks Monthly creditor and debtor statements. |
