See Daily Profits via Auto Repair Software’s EOD Payments

Triple check totals within your automotive repair business software

All shop owners, managers and accountants want to simply assess numbers that reflect how the shop is operating. That’s why the new Payment page in Reports shows finance managers that end-of-day snapshot, right in the Shop-Ware Analytics.

In short, you can get answers to these questions without digging out a calculator:

• Does my EOD cash amount match my shop operations in a given date range?
• How much money did I receive in a given date range? For what?
• What are my recorded payments?
• What might have been missed?
• How much cash should be in my register right now?
• What were my cash spendings?

With three views of the day’s payments and receipts, confirm where each dollar came from and that all subtotals balance.

First, the Payments on ROs column gives insight into all payments for the day for your automotive repair business software. This view shows the closed sales for the day and all payments collected, highlighting the day’s change in AR.

Next, it breaks them down by cash, check, credit card or warranty. Having these insights in your CRM auto repair software allows you to see:

• What work led to the sum of payments at the shop that day
• How much of the work was paid
• What amount lies in AR for you to still collect

These options apply to an open invoice, deposit or any vehicle whose owner has paid for and picked it up.

Previously, reports that aimed to itemize everything made it hard to see simple totals for payments for work your shop did that day. Now, it is easy to separate financial information for work you have already completed and down payments for future work.

Catch errors more quickly

Second, you can quickly compare the Sales and Receipts row to see if they balance. Knowing these numbers line up can really end the day on a high note.

With the day-end close adding up cash expenses and drawer counts, you can discover and deal with any discrepancies right away.

The Receipts view shows payments by payment type, regardless of sales source, for easy-to-follow accounting. After all, the totals by payment type balance with the total of receipts on the same page.

These help accountants reconcile all payments by type against all the sales closed in the day. The subtotal should balance with that listed in the Sales view.

This column also shows any cash expenses and any cash drawer count difference. If anything has gone awry and could be fixed quickly, you’ll find it here.

Even better, the day-end close checks your work, then locks it against unwanted adjustments. This adds another layer of auto shop employee management to reining in errant behavior.

Keep track of all cash drawer transactions

Most store managers don’t get an accurate drawer count, especially the first time. As a result, every day is a struggle to resolve a $5 to $10 gap from the expected total.

With the Cash Accounting View, you properly account for cash in and out of cash drawers. It surfaces any differences in the day’s drawer, allowing you to correct errors before closing the books for the day.

This is where you catch adjustments and expenses that would otherwise blend in with the other numbers.

Overall, the Cash Drawer Bookkeeping container lets a financial user input start and end cash and adjustments during the day. By putting everyday cash expenses in categories, your cash drawers stay clear and accurate for your accounting team.

The Daily Bookkeeping Cash Drawer notes expenses paid from the cash drawer for standard categories, such as meals and supplies. Yes, we make it that easy to detect differences – then correct or account for them.

• Review today’s ending cash on hand, so you can decide to deposit or replenish the drawer for the next day.
• How much cash should be in my register right now? Help me see if my cash is positive or negative for the day, based on payments received and cash payments made.
• The Cash Reconciliation container shows the financial user if the drawers are over, under or equal for the day, along with a summary of cash payments received.

This short video walks you through all the screens if you want to take a closer look at each one.

One last note

Finally, the Daily Deposit container ensures that staff confirm final values upon closing the drawer for the day. Don’t let the manager finish until they have counted their drawer and become responsible for the amount in it.

You can also filter all subtotals by last week, this week, yesterday and today or within a specific date range.

This is just one of eight recent changes to make Shop-Ware’s auto repair software work even better for your shop.