Profit Does Not Equal Cash in the Bank – Hunt Demarest [RR 817]
Recorded Live at the Transformers Summit with Aftermarket Radio Network host, Hunt Demarest, CPA at Paar Melis and Associates and host of the Business by the Numbers Podcast. Hunt’s firm specializes in automotive repair clients and he gives us an inside scoop on common new client questions and concerns as well as some behind the scenes about his podcast!
Hunt Demarest, CPA, Paar Melis and Associates, Business by the Numbers Podcast
Show Notes
- Finance and accounting with new clients- “I want to know more about my finances, but I don’t understand them.”
- Clients have to see the value in their numbers themselves
- How do you want to make more money if you don’t even know how much money you’re making right now?
- You need to set up your financials in a way that makes sense to you.
- Profit is used to pay down debt. Profit is used for your distributions. Profit is used for you to buy inventory and equipment.
- Paar Melis gives you a report card at the end of the month. Focus on the red items and that’s going to tell you everything that you need to know.
- Numbers don’t lie, but they can be misleading
- Instead of charging credit card fees, instead, raise your labor rate, and raise your parts margin 3%. Now you’re making that credit card fee on every person
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Learn more about NAPA AutoCare and the benefits of being part of the NAPA family by visiting www.NAPAAutoCare.com
