Why it is important to have integrated accounting with your DMS?

16 Sep 2020 Helpful Tips Car Dealers Truck Dealers Finance Latest Updates

Covid 19 has highlighted how important strong and accurate bookkeeping is for all dealerships. Bookkeeping is crucial for all areas of your dealership; however, both dealers and accountants are still facing many issues when doing their books.

Integrated accounting with your DMS (dealer management system) removes issues facing both dealers and accountants, providing increased efficiency and a reduction in costs.

What is integrated accounting?

Integrated accounting is the combining of your accounting system to your DMS. Having your accounting combined with your dealership management system allows you to only have to enter all information once, eliminating both costly data entry time and errors.

Why is integrated accounting beneficial for dealers?

Dealers are constantly faced with different challenges; bookkeeping should be simplistic, giving you the peace of mind of knowing your accounting is accurate, correct and easily accessible.

Integrating your accounting with either Xero or MYOB to your DMS provides your dealership with a complete operational solution, keeping you on top of every aspect of your dealership at anytime!

Reduce administration time:

Integrated accounting slashes both your accounting time and administration time. All financial and operational information will be located in one centralised location. This eliminates the need to use several timely programs. Operating multiple accounting systems while bookkeeping significantly increases your accountants time which, for dealers would increase costly accountant fees.

Eliminate errors:

Having your DMS system integrated with either MYOB or XERO eliminates errors and increases efficiency. All financial information from your dealership is automatically synced in one centralised location, avoiding potential costly double bookkeeping.

Simplified Notional Input Tax Credit:

Integrated accounting through DMS offers dealers and accountants the ability to completely automate notional input credits recording and calculations for all of their vehicles. GST is crucial for all dealers and failing to provide the correct details will lead to heavy repercussions from the Australian Government.

Slash accounting costs:

Integrating either Xero or MYOB to your DMS system will ultimately lower your accounting expenses creating higher profit margins for your dealership. Having an integrated accounting system will slash the time your accountant requires in order to complete the bookkeeping. This means your accounting fees will be smaller.

How EasyCars can help?

EasyCars can provide you with an integrated DMS solution with either Xero or MYOB. EasyCars offers dealers a completely automated simplified solution catered for your specific needs. All dealerships would enjoy the simplicity of EasyCars. Ask us how we can help cater to you.

For more information contact us today on 1300 473 744

Some of our EasyCars and Workshop Mate clients use Richwood Accountants for all their automotive accounting needs. Give them a go if you’re looking for an automotive accountant.

Dealers who are looking for a bookkeeper we strongly recommend using Alessi for all bookkeeping services. Alessi is the complete solution for keeping all your books correct and accurate.