For Dealerships in the UAE, Accounting has always been a frustrating process. Many dealers often find themselves getting caught up performing accounting tasks instead of doing their primary role of selling cars.
Accounting is never going to be a dealerships favourite task, but that doesn’t mean it needs to be frustrating. There are tools available for Motor Dealers in the UAE that streamline the accounting process and reduce costs.
To streamline the accounting process, Motor Dealers in the UAE need to integrate their accounting software with their Dealer Management Software.
What is Integrated Accounting?
Integrated Accounting is the combining of your accounting system with another. By Integrating your Accounting software with your dealer management software, financial information automatically syncs from the program of entry directly to the other integrated program without the need of any duplicate data entry.
What are the benefits of Integrated Accounting?
1. Removes Duplicate Data Entry Tasks
Duplicate data entry has always been a frustrating task. What makes Data entry tasks so problematic for businesses is it’s time-consuming and carries a high risk of error. One of the biggest benefits of Integrating your accounting software with your dealer management software is you completely remove the tedious task of duplicate data entry.
Integrated Accounting syncs data two ways from program to program, which means any inputted financial data will automatically transfer from the program of entry, directly to your other integrated software once entered – This process can happen by first entering date in either software. With data automatically copying from program to program, your team and your accountant will never need to perform duplicate data entry tasks again.
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2. Reduces the risk of Error
Performing duplicate data entry tasks carries a high risk of error. In accounting, making even the smallest mistake can cause major problems that may take hours to fix. Another benefit of integrating your accounting software with your dealer management software is you significantly reduce the risk of making an error.
As data instantly transfers from the program of entry directly to the other program, your team won’t need to perform any data entry tasks, thus limiting the chances of making a mistake. The less data entry tasks your team need to perform, the less likely you are of making a costly mistake.
Related Article: The Most Common Mistakes UAE Car Dealers Make in 2022.
3. Provides Real-Time Information
To maximise growth, dealers need to have instant access to real-time financial information. One of the biggest challenges facing UAE Motor Dealers in 2022 is waiting for updates from their accountant. If a dealership only speaks to their accountant once a week, you may need to delay important decisions until that time. How will your dealership be able to make important decisions when you are relying on someone else?
A benefit of having Integrated Accounting is dealers have instant access to real-time financial information. Dealers can access financial information through their dealer management software without having to wait for an update from their accountant. The faster your dealership can access important information, the faster you can make important decisions that grow your dealership.
Related Article: 6 Reasons Why UAE Dealers Need a Dealer Management Software.
4. Faster Business Decisions
To be successful buying and selling cars in the UAE, dealerships need to make fast and strategic business decisions. Integrating your accounting software with your dealer management software gives dealers the ability to make fast and strategic business decisions.
With key business information centralised and accessible, dealers can quickly identify areas that are performing well and areas that need improvement. For the areas that need improvement, dealers can immediately make fast decisions to resolve the fault before they create any major issues for the dealership. The faster your dealership can make decisions, the better position your dealership will be in.
Related Article: How UAE Car Dealerships Can Grow in 2022.
5. Reduces Accountant Costs
One of the biggest priorities for any business is to minimise costs. Integrating your accounting software with your dealer management software can and will reduce your total accounting costs dramatically. Accountants often charge by the hour, the more time they need to complete your dealerships accounting, the more you will be billed.
One of the main reasons why accountants often need greater time to complete a dealerships accounting is they don’t have all the information they need. Using an integrated accounting system, accountants will have instant access to all the financial information they require to complete the job. The less time your accountant spends looking for information, they less time they will need to complete the job and ultimately the less you will be billed, it’s that simple.
Related Article: How UAE Car Dealers Can Reduce Costs in 2022.
Accounting shouldn’t be a frustrating task for Motor dealers. Integrating your dealerships accounting with your dealer management software will streamline the accounting process, reduce costs, and put your dealership in the best possible position for sustained growth.
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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.
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