The Loose Change Car Shops Leave Behind Could Exceed $4,000

In today's world, credit card transactions seem to dominate most forms of payment. With this comes dashboards and reports that track spending and the ability to make purchases more conveniently than ever. Despite this shift, the sage advice of Ben Franklin when he said "A Penny Saved is a Penny Earned" has never been more true and more difficult to adhere to. Digital transactions are now more automated, susceptible to fraud, and may create a situation where finding savings opportunities become buried in hundreds of other transactions.

What Tax & Shipping Looks Like at a Single Car Shop

Business owners are constantly looking for ways to navigate through the flood of financial information to discover new ways to grow margins without impacting their customers. This issue presents the question of how much lost profit can we really find from one shop?

In this example, we will look to see how much is lost to tax and shipping costs alone.

• Ten Months of Sales Tax: $1016 Every purchase could have a taxable write-off. Sometimes the vendor mistakenly will add tax to a purchase intended for retail, and sometimes it is intentional. Regardless, this is money that can either be written off or requested as a refund from the vendor.

• Ten Months of Shipping Fees: $3,296 Vendors will often add in freight fees that can sometimes exceed the cost of the part you are ordering. Tracking shipping across your invoices can result in huge savings across vendors and many vendors will often credit their customers back for these shipping costs.

In less than a year, we can see how thousands of dollars can easily go untracked. Often times the only way to account for these charges is by leveraging proper processing of the invoices, statements, and return credits provided by vendors.

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“A Penny Saved is a Penny Earned”

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Margin expansion will only become more important in today's economy. Capturing lost profit is not an old concept and this good business practice can even be traced back to one of Ben Franklin's most famous quotes.

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