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…
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…
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…
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…
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…
In the good ol’ days, determining if a business had income tax responsibilities out-of-state was as simple as asking if the business had a location in another state. But now states are becoming more aggressive in their search for revenue streams. Click HERE to read more. LSL StaffWe are always engaged Read more…
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 Read more…