Automotive Dealership CPAs for over 30+ years. Office in Brea, Santa Ana and Sacramento.
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 Read more…
QuickBooks Essentials Online– A Cash Flow Management Tool 12/14/2017 LSL will be utilizing our QuickBooks expertise by conducting QuickBooks training seminars for business owners and their bookkeepers. We are seeking to help you gain insight into your numbers and improve understanding of your business results at our private “clients and Read more…
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, Read more…
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 Read more…
In my previous article, “The Top 5 Reasons to Move Your Books to the Cloud”, I discussed how anytime, anywhere cloud access is the future of small business accounting systems. One of the reasons cloud accounting is taking off is the availability of inexpensive, yet robust, specialized applications that will Read more…
Prepaids I was at lunch last week with an automotive banker and we were discussing various issues relating to the automotive industry and within dealerships. When the issue regarding Prepaids, or a prepaid account, came up, the banker said, “We just consider it an expense.” Unfortunately, the details related to Read more…
Employees are generally required to substantiate their business expenses for travel, entertainment, business gifts, and the use of listed property (including cars) by adequate records as to amount, time, place, and business purpose. In the cases of entertainment and gifts, the business relationship of the expense must also be substantiated. Read more…
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 Read more…
Have you reviewed your pay plans lately to ensure you are getting the most out of your employees? Pay plans should be designed to maximize the goals and plans of the dealership and to direct employee’s performance in the dealerships desired direction. Pay plans should be written to ensure everyone Read more…
Everybody knows that you should do tax planning, but there is more to a tax planning strategy than saving receipts, estimating payments and updating your financial statements. While filing last year’s returns, there are additional steps to take now that will improve your future tax situation and optimize tax results. Read more…