Farland Financial Matters
"The ethical handling of money and accounting makes for a stable business and gives the client confidence and peace of mind." -Jack Farland
Farland Classic Restoration considers the proper handling of customer funds and informative billing as important as the quality of the restoration. We have a highly refined system of handling and protecting the security of customer payments.
Chances are, you've heard horror stories of people paying a shop to work on their car. Then, the work doesn't get done and the money is gone. It's a big loss for everyone. The only recourse is to reclaim the car and take it elsewhere.
At Farland Classic Restoration, we've created a system that gives our customers confidence and keeps them informed. We have three main checking accounts. The Main Account which is used to receive all income. The Special Advance Payment Account holds all advance payments made by customers. No funds are removed from this account until a valid work order is presented. This verifies the work has been done or a part purchased. Only then is money moved from the Advance Payment Account. The third account is the Bill Payment Account. All company bills, salaries, and parts are paid from this account.
This system ensures that customer funds are not mixed with other accounts and it forces the shop to always deliver the service BEFORE the customer funds are debited. A detailed spreadsheet is used to keep a running total of the funds for each customer with money on account. Should a project take less time than the customer allowed for, we always have the correct amount in the Special Advance Account to issue them an immediate repayment.
Our customers feel relaxed and confident that their funds are well managed and protected.
In the showroom, our professional dealership team will be able complete your financial transaction simply and easily. We also have several resources for lending. In addition, companies like Leland West and others offer specific insurance for classic cars.