Getting your brand mix right

Posted by Danni Douglas, Staff I, Tax Services on May 25, 2017

Adding or swapping a franchise requires due diligence

After several strong sales years in a row, some auto dealers are considering adding a franchise to expand their sales base.

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Topics: Auto, Accounting Tips, Tax, Audit

Make fringe benefits a symbiotic relationship

Posted by Jonathan Cook, Senior II, Tax Services on May 25, 2017

None of your competitors will shed a tear at your employee turnover rate. They want the most talented staff, and poaching your best becomes a lot easier if you have lacking fringe benefits that competitors can thrust into the limelight. According to the National Automobile Dealers Association (“NADA”), in 2016, there was a worrying overall turnover rate of 40% at dealerships. Even worse, the NADA reported that turnover among salespeople in 2016 was a daunting 72%.

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Topics: Auto, Accounting Tips, Tax, Audit

Is your dealership following these guidelines?

Posted by Danni Douglas, Staff I, Tax Services on May 25, 2017

With so many rules to follow, the first step to ensuring compliance is to make sure that you’re aware of them. It is also suggested to create a compliance checklist for each of your transactions to guide the process while following the laws and best business practices.

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Topics: Auto, Accounting Tips, Tax, Audit

Why use qualified employee benefit plan auditors?

Posted by Dawn Möeder, CPA of England and Wales on May 2, 2017

The Employee Retirement Income Security Act of 1974 (ERISA) states, in short, that companies must have their annual benefit plan report (Form 5500) audited if you have 100 or more participants in your plan (Companies within the range of 80 to 120 employees have additional criteria to consider). It is the responsibility of the plan administrator to hire independent, qualified public accountants to perform the audit. Manufacturing companies may look to keep costs down by hiring a less experienced accountant. But you’ll want to pay now to save yourself later.

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Topics: Manufacturing & Distribution, Accounting Tips, Audit

4 Ways to help stay on top of receivables

Imagine, someone in sales closing a massive deal. It’s a new customer with a huge, custom order. Great! The production team works under the tight deadline. The new client is pleased that everything is shipped on time and comes back looking spectacular. But wait, did you get paid?

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Topics: Manufacturing & Distribution, Accounting Tips, Audit

Working with the generation gap

Posted by Dawn Möeder, CPA of England and Wales on May 2, 2017

With people retiring later and the next generation of employees graduating, it is currently possible to have five generations working together. What a thought! All generations have different ways of communicating. They hold different ideas about work and management. They are just different. All of these articles popping up on older generations and younger generations, and their negative ideas about the other, it’s going to lead to some tension. As a CEO or owner of the company, it’s your job to make sure that everyone is happy, or at least coexisting.

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Topics: Manufacturing & Distribution, Accounting Tips, Audit

It’s time to jump on the social media truck

Posted by Dawn Möeder, CPA of England and Wales on May 2, 2017

If you’ve been on the fence about social media, it’s high time you jump on the truck and deliver content. Social media isn’t going anywhere. It’s evolving, and so should your manufacturing company. It doesn’t have to be expensive. It can be effective. Even if you do not sell directly to the public, it can work for you, as long as you know how to work the platform. 

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Topics: Manufacturing & Distribution

Tax Update: Beware of last-minute email scams!

Posted by lgtcpa on Mar 22, 2017

The IRS sends warnings of phishing emails scams, particularly those requesting last-minute changes and account updates.

Cybercriminals are taking the time when people are vulnerable, and creating sophisticated scams to trick anyone.

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Topics: Accounting Tips, Tax

How you can run a “greener” dealership

Posted by Danni Douglas, Staff I, Tax Services on Mar 22, 2017

There is an increasing emphasis on how business activities effect the environment throughout many different industries. Automobile dealership operations can leave a heavy carbon footprint, so this industry has many opportunities for change.

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Topics: Auto, Accounting Tips, Tax

Help yourself and the environment with recycled materials

Posted by Chris Hollis, Tax Supervising Senior on Mar 22, 2017

Using recycled and reclaimed materials for construction projects can help curb greenhouse gas emissions and other pollutants. Doing so can also reduce the amount of waste sent to landfills.

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Topics: Accounting Tips, Tax, Construction