January 2016 -
- What to do when an employee leaves
- In these days of strict privacy regulations and strong oversight by outside agencies, it is important to safeguard your dealership and customer information after an employee leaves. In order to minimize the interruption to the flow of business we recommend the following key tasks.......(more)
- 8300 Forms
- The IRS requires that: "Each person engaged in a trade or business who, in the course of that trade or business, receives more than $10,000 in cash in one transaction or in two or more related transactions.......(more)
-New Year, New Attitude...Try the Three C's!
- Consistency, Controls, and Compliance
What do the above terms mean to you? Here is how they are defined in the dictionary...
Consistency: a pattern of sticking with one way of thinking or acting
Control: to cause something to act or function in a certain way
Compliance: conformity in fulfilling official requirements. - While all that is easier said, read and done, there are tools to help you remain on track. Download our "Controller's Road Map". This is a calendar that specifically outlines daily, monthly, quarterly, and year end functions. (more)
- Are Your Recs A Wreck
- We all know CASH IS KING in every dealership. Any accounting employee will tell you that they "protect the cash". EVERYTHING they do is to make sure your cash is safe and sound and flowing like a river. Dealers and CFO's we're talking to you! While we can certainly appreciate the effort all team members contribute to the bottom line, all too often the most energy is going into the least effective tools. Let it be known that there is NO SINGLE ACTION MORE IMPORTANT THAN A BANK REC. NONE! (more)
-Using "Cheat Sheets" for Posting Consistency
- Consistency in posting is one of your keys to an accurate picture of your dealership's financial position. Without it, it is difficult to use your accounts and schedules as the vital information tools they are designed to be. (more)
- What's your Policy on Policy?
- Establishing clear cut rules for what goes into Policy will help you and your team protect your most valuable asset: profit! (more)
- "Watch the pennies and the dollars will take care of themselves."
In our travels around the country, one of the first things we inspect is the petty cash. This is a great indicator of attention to detail. While it may seem like a small item it has been our experience that when the petty cash is inaccurate or abused the rest of the books may be as well..... (more)
- New Vendors
- Do you have a consistent process when bringing on new vendors? How are you protecting yourself from liability and exposure?.......(more)
- Unclaimed Funds
- Is your dealership, group or owners entitled to any Unclaimed Funds?
Many times businesses and individuals are issued refunds or premiums that are never received. As a result of this they are sent to the state and held in an Unclaimed Fund Account. You can easily determine if your dealership or owner is on the list.......(more)
- Fraud: Identify and Prevent.
Through extensive investigation into many fraud cases we realized that it may not be limited to one department or even one person. This is why it is crucial to have a global view of your books as well as a "granular" view to really understand what is happening...... (more)
-Never Underestimate the Power of the Pay Plan
- We all know that the right pay plan is imperative to the company's financial growth and employee satisfaction. Constantly changing pay plans will have a negative effect on productivity and the bottom line. Too often the employee does a great job and business and profits are increased and all of a sudden the employee is "making too much money". If you have the right pay plan from the start and don't deviate from it, your percentages of compensation will always be in line. . (more)
- You have a Payroll Clerk, but do you REALLY need an HR Professional?
Too often we go into various dealerships across the country and see the same thing: great intentions in the payroll dept. but, unfortunately, a lack of knowledge on what exactly to do to reduce the risk for the dealer. Ask yourself these questions.... (more)
- Monitoring your Parts Quotes for Opportunity and Fraud
- The Parts Quotes system is an excellent means for your team to price and keep track of quotes given to customers before they actually buy. Once the customer purchases, the quote should be turned into a parts sale ticket and closed when the part is paid for. Quotes that are not sold should be used as a tool to follow up on the potential sale.The Parts Quotes system can also be used as a device for fraud. (more)
-Phones, Phones, and More Phones!
- Technology is moving at the speed of light and it's taking your phones with it. How many lines do you have? Who are they going to? Are they being answered? How much is all this costing? It's important that you audit your phone bill and note the items below. (more)
- New for 2018!
We will be sharing thought provoking questions to consider or quick tips that will enable you to restore more precious profit back to your bottom line. It is our platform that there are "missed opportunities" in every dealership.
- What's NOT In Your Pocket?
- How much are you REALLY spending on used vehicle reconditioning ? Verify what charges are being used to calculate your recon amount. (more)
-Suggestions For Success
These time tested strategies will help you successfully navigate your Controller's Road Map and ensure you maintain your Three C's.
- Topics include:
- Daily Schedule Review - invest time now, save time later
- Desk Manuals - the "Bible" for your team
- Balance Sheet Folders - get organized, save precious time!
- Counting Cash - who's watching the money? (more)
- F and I Chargebacks
- Many dealers we meet struggle with their F and I cancellations. This is understandable as they can be a moving target and hard to keep track of. (more)
- Sales Tax. Are you at risk during an audit?
- We all know that a sales tax audit can be extremely painful. It is easy to put a process in place that will eliminate your liability in this area. (more)