Accountants Understanding The Obstacles

LIFO (last-in-first-out) is an inventory valuation method, recognized by the Internal Revenue Service since 1939, which is used for financial statement purposes and to determine the tax liability of an entity.  This accounting method assumes inventory acquired last is the first to be sold, hence, last-in-first-out.  For certain businesses, LIFO is the most accurate way [...]

Although the Privacy Rule has been in effect for several years many dealers still ask me what is required of them.  The following are some answers to the most frequent questions:
Q:  Do I need to give a privacy notice to everyone who walks into my sales showroom?
A:  If the person is simply “shopping” and no [...]

Controllers and office managers generally are not excited about audits.  Over the years I have encountered various perceptions ranging from one extreme to another on how controllers and office managers perceive auditors.  I have had controllers who welcome the audit.  They look at the audit as their report card and embrace any suggestions to help [...]

Non-compliance with rules, laws and regulations can cost a dealership a significant amount of money, not to mention the possibility of incarceration.  Here are just a few items you should be aware of:
• You must check the Specially Designated Nationals List (SDN), also known as the “OFAC List,” for every customer you do business with.  If [...]

Risk Management – is not just slip, trip and fall concerns.  There is more than meets the eye.
We have all heard many of the horror stories about accidents that happen at stores and these accidents cause the dealership to spend a lot of time and money to resolve the incident.
Have you ever thought about managing [...]

The majority of car dealers add a pack or numerous packs to new and used vehicle inventory. The reasons for the packs vary from dealer to dealer. Today I would like to discuss the accounting for vehicle packs.
I define a pack as an amount of money added to the cost of the vehicle without adding [...]