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Auction Financial Statements

Auction Financial Statements. What is 2 + 2? As a Senior Manager or Owner, you’re expected to know or expecting to have someone who can tell you. Are your strategies working? Is all your hard work in the front end blowing out the back end or not?. Auction Financial Statements.

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Auction Financial Statements

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  1. Auction Financial Statements What is 2 + 2? As a Senior Manager or Owner, you’re expected to know or expecting to have someone who can tell you. Are your strategies working? Is all your hard work in the front end blowing out the back end or not?

  2. Auction Financial Statements “Driver” example Types of Drivers? Lot Auction P&D Check in Shuttle Snow Removal Wash off Variety of hats can be worn Numbers compared to what? Prior periods Another sale Month vs Week Holidays, special sales, management service decisions

  3. Auction Financial Statements Accounting Past Cash Basis Annual Peek Accounting Present P&L Balance Sheet Statement of Cash Flow

  4. Auction Financial Statements Analysis Historical Comparative Reconstruction Looking for leaks Example: 10 drivers ea lane x 4 lanes x $8 / hr x 3 hour sale = $960 / sale

  5. Auction Financial Statements Ways to Improve Financial Communications Start with Financial Personnel and Look at Processes Get Operational Managers involved Telling you what their P&L should look like Compare actual to what the Managers tell you Ask for Supporting Detail (instead of summary reports) General Ledger Account Detail Payroll reports by Dept code Pay Rate Support (how it was calculated) Look at clock hours Always compare Financial against Operational stats Number of units sold or offered Number of units delivered or picked up Number of units handled in a Dept

  6. Auction Financial Statements Expand Accounts you track on large expenses Add sub accounts Payroll Operations Even estimates become useful Administration Sale versus non sale Account for Temps Insurance WC vs Liability vs Health vs Property vs Auto vs P&D vs O&D Use a Third Party to review statements periodically Exercise generates good questions Quick Not vested in the answer

  7. Auction Financial Statements The SYSTEM you have for collecting data (Financial & Operational) is critical A clerk can do the calculations It takes a MANAGER to define the formulas to use to interpret the results

  8. Contact Us Randall McCathren COO, Auction Academy rmccathren@auctionacademy.net (615) 383-1930 www.auctionacademy.net Penny Wanna Administrator, Auction Academy pwanna@auctionacademy.net (615) 591-4544 www.auctionacademy.net Continuing Education Program Developed by:

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