Recently I worked with a large dealership group in an interim CFO capacity to assist them with their monthly close process, year-end close and preparing for their annual external accounting audit. In addition, interviews were conducted as a joint effort by KEA Advisors and the client to backfill key accounting positions. While working with them, we recognized an opportunity to define and enhance the Accounting Department and its processes, and to increase coordination and interaction with other dealership areas of focus.
Often times, what we see when on site with a client is that the interaction between all operating departments and accounting is lacking. From assessments to comprehensive interventions, we help dealerships identify all areas in their Accounting Department (and in the coordination between accounting and other departments in your dealership) that can be functionally streamlined and/or centralized to increase overall dealership efficiency.
When there is not a structure in place, we begin by defining what we want to measure. We develop scorecards, and define the most important metrics. Currently, we are working on centralizing accounting functions to streamline how they do work from a process standpoint, such as accounts payable and making the process flow much more efficient. Additionally, we create desk manuals for each position so that the accounting department processes is completely documented, improving the work flow, communication, and coordination of the various roles.
When you engage your Accounting Department with KEA Advisors, we will perform a review of the current structure and processes in place, identify strengths/weaknesses, and provide recommendations to eliminate waste and increase efficiencies. The process begins with a review of all current financial statements and cash flow, and an analysis of your DMS utilization. Together, we’ll develop scorecards/dashboards that drive operational awareness on key metrics. We will also perform a review of the current budgeting process and develop an effective model built on logic by area of focus, to provide valuable feedback to all operational areas and the stakeholders. Together, we will develop an expense reduction program to drive increased profitability across all departments. Finally, we will help you develop the Accounting road map through documented process improvements and individual role descriptions.
Our work with Accounting Departments reduces waste in the departmental processes, but most rewardingly, the results of continuous improvement efforts for your Accounting Department circulate throughout the full scope of dealership operations, creating a more functional and effective all around team.
To learn more about how we can help your Accounting Department, give me a call or shoot me an email.
