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BHPH: How Real Time Accounting Makes for Improved Internal Controls
Regardless of how many cars you sell or the complexity of your operations, to run a successful business you must have in place internal controls to protect your assets and profits from theft and fraud. What would be the point of creating a business if you leave it open for crooks to take everything that is not nailed down? There are many elements to good internal controls, from physical security like locks and fences to protect assets to segregation of duty and good screening before hiring employees. One key internal control element for any BHPH dealer is accurate, detailed and current financial records. In this business, you deal with significant amount of cash, receivable and inventories. If your accounting records are not current, theft or embezzlement activities may not be found for days or months after it has occurred.
This is where Deal Pack stands apart from the rest. Deal Pack is fully integrated Sales, Finance and Service DMS with real-time accounting. You don’t have to wait for your office manager or your accounting department to finish updating yesterday’s business day so you can see your financial position. Every time you enter a deal, take payments or update your inventory, Deal pack updates your accounting entries. That means you can see your latest balance sheet, income statement and your cash flow with up to the minute information. You can run a daily cash intake report and compare it to your bank deposit to see if all your money made it to the bank. You can see and track what is going on at your dealership instantly. How about when you are not there? Can you still look at your accounts or see your sales or collections amounts? We can provide a solution for that. You can sign up for Mobile Dashboard and use your mobile device to run reports and make decision from anywhere at any time. Internal controls must be part of your culture and daily procedures and using a DMS with real-time accounting strengthens your internal controls and can make a difference.