Avionics News November 2013 - 28

feature

COUNTING
S T O R Y

ARE
YOU
SURE
YOUR
BUSINESS

B Y

H

avionics news

*

november

2013

M .

S P A N G L E R

ere's a simple question: What does it cost you to open the doors of
your avionics shop every day? If you cannot itemize these costs to
arrive at the exact figure, here's a follow-up question: Are you sure
your business is making a profit?
When it comes to accounting and evaluating financial statements, most
owners of avionics repair stations would rather talk about the state of avionics
technology and their latest installation. But aren't you in business to earn a
decent living? Accounting is nothing more than a financial flow meter that
keeps track of the money coming in and money going out, and what's in the
repair station's financial fuel tank and how future
business will replenish it.
The basics are not that complicated, and the
reports it makes possible provide the information
you need to sustain your business and make it
grow. You can go it alone and learn by doing, but
please do not consider the basics presented here as do-it-yourself instructions.
Follow the lead of your customers and seek the assistance of a professional, a
certified public accountant, or CPA.
Do not confuse an accountant with a bookkeeper. The latter does the day-today data entry, everything from ensuring that employees correctly complete all
the paperwork needed for payroll to submitting and paying invoices, tracking
all company expenses, and making sure all the figures and reports are ready
at tax time. Succinctly, "bookkeepers tabulate the number," said Siobhann
Williams, a CPA practicing in Gladstone, Mo. "An accountant interprets them
and tells you what they mean for your business."

IS MAKING A PROFIT?

28

S C O T T



Avionics News November 2013

Table of Contents for the Digital Edition of Avionics News November 2013

Point of Communication
AEA Now
The View From Washington
International News and Regulatory Updates
Mid-Continent's New True Blue Power
Member Profile
Counting Beans
Avionics News Through the Years
Aviation Aces
AEAviators
A Conversation With...
Member Profile
The Team Effort Behind TSSA
Audio Panels in the 21st Century
Business Basics
Jeppesen Makes Headlines at AirVenture
What's New
Marketplace Classifieds
Avionics News November 2013 - Intro
Avionics News November 2013 - Cover1
Avionics News November 2013 - Cover2
Avionics News November 2013 - 1
Avionics News November 2013 - 2
Avionics News November 2013 - 3
Avionics News November 2013 - Point of Communication
Avionics News November 2013 - 5
Avionics News November 2013 - AEA Now
Avionics News November 2013 - 7
Avionics News November 2013 - 8
Avionics News November 2013 - 9
Avionics News November 2013 - 10
Avionics News November 2013 - 11
Avionics News November 2013 - 12
Avionics News November 2013 - 13
Avionics News November 2013 - The View From Washington
Avionics News November 2013 - 15
Avionics News November 2013 - International News and Regulatory Updates
Avionics News November 2013 - 17
Avionics News November 2013 - 18
Avionics News November 2013 - 19
Avionics News November 2013 - Mid-Continent's New True Blue Power
Avionics News November 2013 - 21
Avionics News November 2013 - 22
Avionics News November 2013 - 23
Avionics News November 2013 - Member Profile
Avionics News November 2013 - 25
Avionics News November 2013 - 26
Avionics News November 2013 - 27
Avionics News November 2013 - Counting Beans
Avionics News November 2013 - 29
Avionics News November 2013 - 30
Avionics News November 2013 - 31
Avionics News November 2013 - 32
Avionics News November 2013 - 33
Avionics News November 2013 - Avionics News Through the Years
Avionics News November 2013 - 35
Avionics News November 2013 - Aviation Aces
Avionics News November 2013 - 37
Avionics News November 2013 - 38
Avionics News November 2013 - 39
Avionics News November 2013 - AEAviators
Avionics News November 2013 - 41
Avionics News November 2013 - A Conversation With...
Avionics News November 2013 - 43
Avionics News November 2013 - Member Profile
Avionics News November 2013 - 45
Avionics News November 2013 - 46
Avionics News November 2013 - 47
Avionics News November 2013 - The Team Effort Behind TSSA
Avionics News November 2013 - 49
Avionics News November 2013 - 50
Avionics News November 2013 - 51
Avionics News November 2013 - 52
Avionics News November 2013 - 53
Avionics News November 2013 - Audio Panels in the 21st Century
Avionics News November 2013 - 55
Avionics News November 2013 - 56
Avionics News November 2013 - 57
Avionics News November 2013 - Business Basics
Avionics News November 2013 - 59
Avionics News November 2013 - 60
Avionics News November 2013 - 61
Avionics News November 2013 - Jeppesen Makes Headlines at AirVenture
Avionics News November 2013 - 63
Avionics News November 2013 - 64
Avionics News November 2013 - 65
Avionics News November 2013 - What's New
Avionics News November 2013 - 67
Avionics News November 2013 - 68
Avionics News November 2013 - 69
Avionics News November 2013 - Marketplace Classifieds
Avionics News November 2013 - 71
Avionics News November 2013 - 72
Avionics News November 2013 - Cover3
Avionics News November 2013 - Cover4
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