With an ever-changing market and regulations, car dealerships face unique challenges when it comes to accounting and financial reporting.
Establishing solid accounting principles to maintaining internal controls over cash receipts will be part of NIADA’s Accounting Training in Irving, Texas, April 25-26. The 12-hour course will be led by NIADA Senior 20 Group Moderator and Trainer Ben Goodman. The cost of the class is $1,195 for NIADA and 20 Group members, with a member group rate of $1,076 per person. The non-member fee is $1,495.
Goodman has spent nearly 30 years training and leading high-achieving sales teams in the subprime and BHPH markets, including 11 years with the nation’s largest BHPH franchise. From running a single BHPH store to managing multiple points, Goodman’s leadership and expert understanding of every BHPH discipline significantly improved the operational performance at every stop.
The accounting training will cover a range of industry-specific issues and major accounting concerns. Over the two days, attendees will learn the basics of dealership accounting, including daily accounting procedures and reading balance sheets and profit and loss statements. It will review internal controls, audit procedures, cash handling and deposits, theft prevention steps. There will also be discussions related to finance companies and reinsurance.
The main learning objectives of the class are:
• Review key accounting principles and how business transactions are classified in accounting.
• Calculate basic financial statements, the Balance Sheet, and the Profit and Loss Report.
• Study the dealership as a business operation and how the office staff functions.
• Understand the eight elements of a used vehicle sales entry.
• Review sales posted in the Fixed Operations Sales Journal.
• Maintain good internal control over cash receipts and cash disbursements.
• Overview of accounting entries to record and maintain accurate payroll records.
• Review the month-end closing process and prepare an accurate monthly Dealer Financial Statement.
Attendees will receive a printed copy of the dealership accounting training manual and chart of accounts.
Register for the class here. Registration closes April 11.
Find a complete list of NIADA classes at niada.com/course-schedule/.