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Business Accounting

An important component of any business and the part that is not welcome to PDR technicians is the business accounting. But it has to be done! This module deals specifically with taxation, account keeping, GST, business projections and financial matters. Banking moneys is not as stressful but there are ways to do things easier including software packages that can marry all components together accounting and also banking!

There are a few considerations with respect to accounting – the day to day business operations, accounts, expenses, invoicing and payments received entries as well as managing receipts. Furthermore, there is a tendancy for PDR technicians to forget to count the amount of vehicles repaired and which vehicles they have repaired. Last, if not least, there is lack of future panning and projections. Because the PDR business is very unpredictable, there is a history of some PDR technicians earning copious amounts of money during the storm season only to find themselves in debt by the beginning of the next. Some of the reasons for this is lack of planned saving for the not so lucrative time of the year, over spending, and not planning for a large tax bill at the end of the financial year!

Many components of this accounting are aimed at PDR managers but try and hang in there and browse through to see what is available, what considerations may be applicable to your setup, and simply be aware Of the possibilities. No need to panic, much of this makes more sense when a business is setup. Better to be exposed to this resource than to be shocked in the field later. The main message here is to plan the setup and then plan again and again throughout the storm events to manage things better and fix what did not work. Being organised is crucial so that the paper work and accounting does not get out of hand.