With an ever-changing market and regulations, car dealerships face unique challenges when it comes to accounting and financial reporting.<\/p>\n\n\n\n
Establishing solid accounting principles to maintaining internal controls over cash receipts will be part of NIADA\u2019s 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.<\/p>\n\n\n\n
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\u2019s largest BHPH franchise. From running a single BHPH store to managing multiple points, Goodman\u2019s leadership and expert understanding of every BHPH discipline significantly improved the operational performance at every stop.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
The main learning objectives of the class are:
\u2022 Review key accounting principles and how business transactions are classified in accounting.
\u2022 Calculate basic financial statements, the Balance Sheet, and the Profit and Loss Report.
\u2022 Study the dealership as a business operation and how the office staff functions.
\u2022 Understand the eight elements of a used vehicle sales entry.
\u2022 Review sales posted in the Fixed Operations Sales Journal.
\u2022 Maintain good internal control over cash receipts and cash disbursements.
\u2022 Overview of accounting entries to record and maintain accurate payroll records.
\u2022 Review the month-end closing process and prepare an accurate monthly Dealer Financial Statement.<\/p>\n\n\n\n
Attendees will receive a printed copy of the dealership accounting training manual and chart of accounts.<\/p>\n\n\n\n
Register for the class here<\/a>. Registration closes April 11.<\/p>\n\n\n\n