Bonus Episode - Unlocking Automotive Shop Success With The Power of Industry-Specific Accounting

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Changing The Industry Podcast

David Roman & Lucas Underwood

293 episodes

1 day ago

This podcast is dedicated to changing the automotive industry for the better, one conversation at a time. Whether you're a technician, vendor, business owner, or car enthusiast, we hope to inspire you to improve for your customers, your careers, your businesses, and your families.

All content for Changing The Industry Podcast is the property of David Roman & Lucas Underwood and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.

Bonus Episode - Unlocking Automotive Shop Success With The Power of Industry-Specific Accounting

Changing The Industry Podcast

1 hour

3 months ago

Bonus Episode - Unlocking Automotive Shop Success With The Power of Industry-Specific Accounting

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In this episode, Lucas is joined by Eric Jorn of Kaizen CPA and Advisors, who also serves as the Chicagoland chapter leader for the Midwest Auto Care Alliance. Eric shares his unique journey from service advisor at a Toyota dealer to automotive accounting specialist, highlighting the value of having an industry-specific CPA. Together, they discuss the importance of proper financial structures for auto shops, including setting up the correct chart of accounts and understanding operational costs.

00:00 "Importance of Business Coaches"

05:31 Guiding Small Business Accounting Setup

08:34 Learn Accounting Basics Before Outsourcing

11:43 Tax Auto-Categorization Issues

15:36 Auto Repair Costs Need Increase

18:44 Human-Centric Business Value Importance

19:48 Maximizing Business Value Class

23:03 Empowering Employees for Industry Change

27:11 Empowering Ethical Business Leadership

32:08 Ego, Coaching, and Change

33:23 "Solving Meaningful Problems"

39:19 Smart Pricing for Profitability

41:17 Conflicting Financial Strategy Approaches

46:05 Strategies to Minimize Payroll Taxes

48:02 "Rethinking Work Compensation Paradigms"

50:27 Forward-Thinking Accountant Necessity

54:17 Lack of Financial Oversight Warning