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Many dealers don’t have a good grip on their cash flow due to outdated bank reconciliation processes. If you’re still balancing your bank statement on a monthly basis using paper copies, you’re losing out on the many benefits of daily bank reconciliations using your dealership management system (DMS).
With daily bank reconciliations, employee and bank errors can be resolved instantly, rather than weeks later. Employee theft will be caught much sooner and thus virtually eliminated. Know how much cash is available at any given time, so you can apply reserve cash to your floor plan balance, reduce interest payments, invest in new technology, pay off loans and hire new employees.
In this Automotive News POWERTraining webinar, Auto/Mate’s Tracey Van Allen will share tips for modernizing the cash handling process in your dealership. Fears about giving your staff online access to bank accounts will be laid to rest, as Van Allen walks you through creating a process that will keep your cash safe, establish oversight and implement necessary checks and balances.
Learn how to:
—Create & document a process using the DMS for daily bank reconciliations
—Set up view-only permissions for accounting staff to access bank accounts online
—Establish appropriate oversight and checks and balances, to keep cash safe
This webinar is scheduled for April 9th at 2:00 pm EST. Click here to register.