Best auto dealership accounting software – 2018 reviews gas meter in spanish

The accounting needs for car dealerships are far more complex and multi-faceted than your average business. Customers purchase vehicles using a wide variety of payment methods, many of which involve intricate financing agreements with outside credit agencies that require rigorous tracking. Managing a diverse inventory of vehicles with different Blue Book and depreciation values also presents a fair bit of challenge. Add in things like warranties, recalls and repairs, and the numbers really start to get messy.

With circumstances like these, pen and paper, Excel spreadsheets or simple out-of-the-box accounting programs won’t do. Instead, dealerships need to invest in dedicated automotive dealership accounting software—advanced accounting platforms built with the specific needs of car dealerships, large and small, in mind.

Car inventory management is a main concern of auto dealership accounting packages. Auto dealership accounting systems should record and organize the wide variety of costs associated with the vehicles, such as internal and external repair orders.

A particularly useful feature is inventory age policy settings, which allow the user to set the age limit of a vehicle on the lot before it is marked down in price or moved to wholesale. Some systems also record information on the performance of individual salesmen.

Software should be designed to comply with Office of Foreign Assets Control and Specially Designated Nationals regulations, automatically checking the individual against the terrorist list and for ID verification. It should also support compliance for state, county and city taxes, as well as any registration details.

Auto dealerships’ payments typically come in one of two ways: from traditional lending sources like banks or from the customers themselves in a “Buy Here Pay Here” dealer-financing model. An auto dealer accounting program should support both, managing payments from multiple parties and ownership types, reporting to credit bureaus, sending out automatic late fee reminders and repossessing the vehicle when/if necessary.

This feature, a specific benefit for automotive dealerships, allows the user to set the age limit a vehicle can reach on the lot before it is marked down or moved to wholesale. It will issue automatic reminders, therefore supporting the movement of old inventory before its costs exceed the value in keeping it on the lot.

• Prepare for tiers. Many vendors offer a tiered pricing structure, where the license cost starts out relatively small for a limited number of users, data storage or functionality and increases as you go to a different tier that offers more of any or all of the above. Figure out the functionality you need vs. the “nice-to-haves” to avoid spending extra on features you don’t end up using.

• Flat fee, per-user or something else? Most accounting platforms, especially cloud-based ones, are priced using a subscription model. Not all subscription models are the same though. Some vendors charge a flat monthly or annual fee, while others increase or decrease that fee depending on how many users your system will have, how many employees work at your dealership or otherwise. Make sure you understand your software vendor’s pricing model before signing on the dotted line.

• Watch out for one-timers. One-time fees outside of the license cost that are paid upfront are common, especially with more advanced systems that require a lot of effort on the vendor side to set up properly. Implementation, training, data migration, support and integration with other systems may all cost extra depending on what system you go with, so read the fine print carefully.

Regulatory compliance—including an extensive audit trail—is designed to mitigate risk and prevent potential government fines, so this is an important feature when purchasing automotive dealership accounting software. Franchised dealers will need to look for software with report-generation functionality that considers the specific instructions required by certain franchisers (e.g., Chrysler, Dodge, Jeep, Ford) for composition of the financial statements.