In today’s blog, we’re going to dive into the importance of financial control and why implementing a dealer management system will streamline a vast majority of your day-to-day tasks and become a more cost-effective option for your dealership in the long run.
Read on to find out some reasons why automotive dealerships use a DMS for financial control:
Streamlined Accounting and Financial Reporting:
A DMS software is designed to handle multiple aspects of your dealership, including accounts payable, accounts receivable, financial processes, reducing manual data entry errors, ensuring accurate financial records, and more. This streamlining of accounting processes makes it easier to track financial performance and generate records. In addition, Xero integrates with EasyCars DMS, dealerships and accounts can rapidly sync financial information from program to program instantly and accurately, removing all manual data entry tasks. This will increase your profit by decreasing bookkeeper fees.
Real-time Financial Insights:
Not only will you have the ability to buy and sell vehicles by the click of a button; you will also have access to real-time data on sales, your vehicle listings, advertisers, and other expenses. This enables dealers to track and access important information about day-to-day tasks a whole lot quicker. Having access to up-to-date financial information helps identify trends and manage cash flow.
Inventory Management:
Efficient inventory management is crucial for cash flow management because it impacts the dealership’s financial health. When your inventory is not managed accurately, financial difficulties may arise; This can include storage costs and depreciation on vehicles that age at your dealership. By overstocking vehicles, this can lead to increased costs such as insurance, maintenance, and interest expenses.
Financial Control:
A dealer management system can be used to track expenses such as: payroll, utilities, advertising and more. As a dealer in the automotive industry, it’s vital to improve your financial control by monitoring spending and identifying places where cost-saving initiatives can be implemented.
Maintain Compliance:
It’s critical that when you’re choosing the ideal software for your dealership, you choose a high-quality management system that offers all government compliance forms- It’s important to know that not every DMS will possess every form you’ll require, a DMS like EasyCars will ensure compliance and transparency in financial transactions and will record all changes made to financial data.
Security and Data Protection:
A DMS usually includes data protection and high security measures to protect sensitive data. This will ensure that all financial information remains confidential and safe from unauthorized access. A cloud security provider like Microsoft Azure has outstanding resources dedicated to protecting data and monitoring servers, which is why it is trusted by software companies around the world, for example- EasyCars! With EasyCars web data hosted on Microsoft Azure, your data risks are minimised.
In conclusion,
A Dealer Management System software offers a wide range of tools and features that enhance financial control within dealerships. By automating financial processes and providing real-time insights, this facilitates better decision-making, your DMS will contribute to increased profitability and operational efficiency in the automotive industry.
We hope you enjoyed reading this article. To read more articles like this, please visit the EasyCars latest news page here.
About EasyCars
EasyCars by Jeal is a UAE Motor Industry Specific, Dealer Management Software that automates the daily tasks of running a motor dealership. Using the latest technologies, EasyCars removes frustrations experienced at the dealership - opening the doors to future growth.
EasyCars features include Simple Stock Management, Automated Advertising, Automatic VAT Calculations, Xero Accounting Integration, Facebook Automotive Inventory Ads, Dealer Websites and Business Reporting in the one central management software.
To learn more about EasyCars or to arrange a no-obligation free demo of the software, please submit the form below.