A well configured accounting system is essential to success in any business and automotive repair is no exception. A business owner doesn’t need to understand the details and nuances of accounting but a basic understanding can help to understand how to take advantage of what an accounting system can provide. The double entry system, balance sheet accounts, income statement accounts, subledgers and financial statements are all integral components of a comprehensive accounting system:
- The chart of accounts is the heart of accounting for any business including automotive repair. A familiar saying is that “Accounting is the Language of Business” … Read More >>
- Accounting Subledgers and Operational Management Systems feed General Accounting Systems. A subledger contains the detail of a certain area of business activity while the general accounting system reflects a summary value of the business activity … Read More >>
- Financial Statements are the primary output from an accounting system. The balance sheet and profit and loss statement provide a picture of the status of a company at a given point in time … Read More >>
