It’s no secret that accounting has always been a frustrating task for Motor Dealerships. For many, accounting continues to bring a variety of unique challenges that take you away from your primary focus of buying and selling cars.
If you ask any automotive dealership accountant, they will tell you how hard it is to manage the books accounts when you haven’t implemented the right systems.
To streamline the accounting process, dealers need to integrate their accounting software with their Dealer Management System.
What is Integrated Accounting?
Integrated Accounting is the combining of two programs one being your accounting software to share data concurrently. By Integrating Accounting, financial information will automatically sync from your dealer management system directly to your accounting software once entered, without requiring any duplicate data entry.
Here are the benefits of integrating your accounting software with your Dealer Management System.
1. Removes Duplicate Data Entry Tasks
It’s never fun having to sit down and copy data from one program to the either, it’s time-consuming and carries a high risk of error. Arguably the biggest benefit of Integrating your accounting software with your dealer management system is both you and your accountant completely remove the tedious task of duplicate data entry.
Integrated Accounting syncs data both ways from program to program, which means any inputted data will automatically transfer from the program of entry directly to the other integrated software once entered. As data instantly syncs from one program to the other, both your staff and your accountant won’t need to waste time performing duplicate data entry tasks again.
Related Article: The Most Time-Consuming Tasks for Motor Dealers in 2022.
2. Reduces Error
The biggest problem with performing duplicate data entry tasks is it is extremely prone to error. Making one small typo or mistake can cause major problems that can take hours to fix. Another advantage of integrating your accounting software with your dealer management system is you minimise the risk of making a costly error.
With data instantly transferring from program to program, your team won’t need to worry about performing any data entry tasks – thus significantly reducing the risk of making a costly admin error. The less data entry tasks your team needs to perform, the less risk there is for error.
Related Article: 5 Costly Mistakes Australian Car Dealers Make in 2022.
3. Provides Real-Time Information
As a Motor Dealer it is so important that you have real time access to financial information. One of the biggest challenges for Motor Dealers in 2022 is dealers often have to wait for an update from their accountant for vital financial information. If you only see your accountant once a week, you have to wait! How would you be able to make strategic business decisions?
Having Integrated Accounting gives dealerships the ability to access real-time financial information and reporting. As data syncs both ways, your dealership will be able to see updated information through your dealer management system. You don’t need to wait for your accountant or waste time chasing information. Instant, real-time information puts dealerships in the best position to make strategic decisions that escalate growth.
Related Article: Tools Australian Motor Dealers Need to be Successful.
4. Speeds up decision making
To maximise growth, dealerships need to adapt and make fast, strategic business decisions. Integrating your accounting software with your dealer management system, gives dealers fast and easy access to vital information that can be used to make better decisions that push your business further.
Dealers can quickly identify the areas that are performing well and the areas that need improvement and make strategic business decisions well before it becomes a problem. The faster you can spot potential issues, the quicker your dealership can implement solutions to minimise the impacts they may have on your dealership.
Related Article: How Australian Motor Dealerships Can Grow in 2022.
5. Reduces Accountant Costs
As a Dealership owner, one of your biggest priorities is to minimise costs. Integrating your accounting software with your dealer management system will ultimately reduce your accountant costs. Accountants often charge dealerships by the hour, which means the more time they need to complete your accounts, the more you will pay.
One of the biggest reasons why accountants need more time to complete the job is because they don’t have immediate access to the information they need. By having integrated accounting, all financial information will be ready to go for your accountant when they need it. The less time your accountant spends chasing information, the less time they will need to complete the job which will ultimately mean the less your dealership will be billed, it’s that simple.
Related Article: Expenses Car Dealers Can Reduce Easily in 2022.
Accounting has always been a struggle for Australian Motor Dealerships, but it doesn’t need to be that way! There are solutions available that streamline the process and save your dealership money. Integrating your accounting with your dealer management system will increase efficiency, reduce costs, and put your dealership in the best position to grow in the future.
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EasyCars by Jeal is an Australian, web-based, dealer management system that automates the buying and selling of motor vehicles. Using the latest technologies, EasyCars removes frustrations experienced at the dealership and opens your doors for greater growth.
EasyCars features include Simple Stock Management, Automated Advertising, Integrated Accounting, Government Compliance, Business Reporting, Reviews Management, Dealership Websites and more.
To learn more about EasyCars Dealer Management System or to arrange a no-obligation free demo, contact us today on 1300 473 744 or submit the form below.