Sample Income Statement for your Auto Repair Shop

Here is a sample income statement your auto repair shop can use to get started. At Taxfyle, we connect small businesses with licensed, experienced CPAs or EAs in the US. We handle the hard part of finding the right tax professional by matching you with a Pro who has the right experience to meet your unique needs and will manage your bookkeeping and file taxes for you. These articles and related content is the property of The Sage Group plc or its contractors or its licensors (“Sage”).

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An auto repair shop might be all about engines, tires, and gearboxes at first glance, but beneath the surface, its vitality rests on robust financial management. The Chart of Accounts, correctly set up and maintained, is a pivotal instrument in this endeavor. And while it’s an investment to seek the expertise of a specialized business coach, the returns—in terms of clarity, confidence, and financial health—are undoubtedly chart of accounts for auto repair shop worth it. At its core, the Chart of Accounts is a systematic list of all account names and numbers in an organization’s general ledger. When related to an income statement, the CoA includes categories for revenues (sales), cost of goods sold (if applicable), expenses, and other income or losses. It acts as a foundational tool in financial reporting, ensuring that every dollar earned or spent finds its proper home.

VAT (Value Added Tax)

When you use Taxfyle, you’re guaranteed an affordable, licensed Professional. Free up time in your firm all year by contracting monthly bookkeeping tasks to our platform. With every financial detail covered in organized fashion, you can make faster decisions. Using this information, you can also better allocate your budget to accommodate various aspects of your shop. We love our customers, so feel free to visit during normal business hours. Must reach HMRC no later than the 22nd day of the month, following the month or quarter the payments relate to.

Chart of Accounts for Automotive Sales and Repairs

And, as always, the team at Mobile Tech RX is here for you so that your auto business can thrive and grow. With QuickBooks you can create invoices, track cash flow, pay bills, generate reports, and prepare for taxes. Better yet, for Mobile Tech RX users, Ouickbooks is fully integrated into our app. When you use both at the same time, your estimating, invoicing, and accounting will work together smoothly. Also, regularly reviewing financial performance with a consultant specializing in automotive dealerships can uncover hidden opportunities for increasing profitability.

• You should ask yourself, what do I want to track in my business and how do I want to organize this information?
• With Taxfyle, your firm can access licensed CPAs and EAs who can prepare and review tax returns for your clients.
• With a more secure, easy-to-use platform and an average Pro experience of 12 years, there’s no beating Taxfyle.
• By knowing your spending patterns, you can plan ahead and make sure you’re covering your outgoings like rent and bills.
• Think about the chart of accounts as the foundation of a building, in the chart of accounts you decide how your transactions are categorized and reported in your financial statements.
• You may wish to add more of these accounts, or add new accounts that you cannot find on this list.

While it’s possible to set up a CoA on one’s own or with the help of generic accounting advice, there’s undeniable value in having it crafted by a business coach with expertise in auto repair shops. While the chart of accounts can be similar across businesses in similar industries, you should create a chart of accounts that is unique to your individual business. You should ask yourself, what do I want to track in my business and how do I want to organize this information?

Simple accounting mistakes can impact your auto shop more than you realize. Rather than having additional funds at the ready to allocate towards… Use the sample income statement and insights in this blog post to take your financial planning to a new level. We have the experience and equipment necessary for structural and cosmetic repairs on aluminum bodied vehicles such as the latest generation F-150, Super Duty’s, and Expeditions.

• If you use Mobile Tech RX, you can create estimates and invoices that will be saved in your app and Admin Portal.
• You should consult your own legal, tax or accounting advisors before engaging in any transaction.
• (We’d recommend you break them up into yearly, quarterly, and monthly calculations.)  If you don’t have this information in one place, now is a good time to start.
• An organised set of accounts allows you to keep track of the stock you’ve ordered – meaning you know when you expect a delivery and when to reorder.
• On the other end, long-term liabilities involve what your shop owes and has the responsibility to pay at some point.