Manage Risk in Your Auto Industry
Most visitors see a fleet of vehicles and a showroom, but we see inventory, payroll and property. LSL CPAs communicates with auto dealership owners and general managers on the bottom line tax and assurance issues that help mitigate risk and add efficiency by department.
Everyone I've met from LSL is a top-notch individual. They know our business, our people, our accounting issues, our taxes and the needs of my partners. We have leveraged one dealership into 17 companies, so LSL has handled some complex transactions for us over the years. They have done their due diligence and it has all turned out well, on time and very seamless."
- Craig Whetter, President, Wilson Automotive
As your CPA, we consult on special projects that require particular industry knowledge applied to state taxation and IRS case law. For example, our tax team is experienced in reviewing commission and demo reporting as part of payroll as well as issues unique to dealerships such as LIFO accounting and SWIM elections, Escheat reporting and the tax treatment of extended service contracts. In addition, we understand the management of dealerships and how it applies to succession and estate planning down the road.
Automotive dealerships are one of our firm's longest industry relationships. As such, we have developed particular experience in operational performance reviews that provide oversight of each department for improving internal controls and best practices. Efficient and secure business processes, accounting and KPI reporting translate to more profits and better banking and investor relationships. They help you build a profitable future. At LSL, our automotive group advises on every aspect of a successful auto dealership with our expertise in assurance, tax and business operations.
Our automotive consultants, Dave Summers and Dixie Stanton, have over five decades of combined experience working in dealerships and are qualified to help you with your CDK software, including:
- Reporting functions: trend analysis and type of report to use depending on what needs to be researched.
- Setting up accounts, schedules and journals.
- Set up and training on CDK’s bank reconciliation program.
- Power Posting.
- Creating custom reports using the Report Generator function.
Meet the LSL Auto Team
Our team of consultants comes to us from the biggest names in the automotive industry. They have the accounting, legal and industry-specific experience to meet you where you live in the complex financial, legal and regulatory environment of auto dealerships.
We occasionally rely on outsourced professionals/business service providers to assist with your issues.
Related reading about Automotive Accounting…
- LSL is speaking at ADOMA “OASIS of Learning III” conference 2019 Our very own automotive accounting experts, Dave Myers and Dave Summers, will have the honor of presenting at the “OASIS of Learning III” educational conference presented by ADOMA. Join ADOMA for this empowering three-day education filled conference. Our exciting line up of sessions were designed to energize your performance and help you run your dealership in a more impactful and cost-effective manner! Click here for more information about the ...
- Do Operating Leases Belong on the Balance Sheet? If you are automotive dealership or part of an automotive group, chances are that you have several operating leases that will soon (2020) be required to be recorded on the balance sheet as an asset due to FASB’s recently issued ASU No. 2016-02, Leases, Topic 842. This new professional standard requires you to record a right-of-use asset and a lease liability reserve on all operating leases longer ...
- OCADA Annual Meeting Every year the automotive accounting group at LSL attends the Annual OCADA Meeting. OCADA is the place where automotive dealers and accounting professionals can meet to discuss the latest developments in compliance, critical processes, and leadership. LSL’s Automotive Team is excited to listen to speaker and former Blue Angel, John Foley, as he discusses critical thinking skills that work in a dynamic environment, as well as what it takes ...
- Will Information Technology (IT) Help Me Sell Cars? When it comes to whether or not to spend money regarding Information Technology (IT) and the IT department, the question has been asked many times, and the answer is always the same: YES! Information Technology security could potentially save your business. Spending time on a well thought out Information Technology plan should be a “No-Brainer.” Here are a few potential areas of interest / consideration: 1. Malware / Ransomware: Lately ...
- In the Auto Industry, Cash is King! Cash is King! Over the years I have told our automotive team to remember that “Cash is King;” especially when performing work relating to the review of internal controls or the review of the operations of a dealership’s accounting department. I emphasize the importance on finding out first whether or not the bank accounts are being reconciled, adjusted, and reviewed timely. I furthermore stress the importance that all ...