How to avoid penalties and interest issuing T4’s?

We have clients asking us how they can ensure that they payroll is correct? and what they can do to avoid penalties and interest? February is the month when all the businesses who have employees need to issue T4’s for the past calendar year. The due date is the last day of February every year,

5 Reasons Small Business Should Switch to Direct Deposit.

For decades, cheques were a small business owner’s best friend. Every few weeks, business owners would pull out a stack of cheques and employees would head to the bank with that important slip of paper in hand. While this bi-weekly ritual still takes place at some companies, cheques are quickly falling out of favor. For

Open Work Orders. How many are normal?

1 minute 23 second read. The number of open work orders is a reason of debate in almost any dealership, so let’s explore a few actions that can be taken to reduce them to a “normal” level. For the purpose of this post, I would categorize them in the following 3 categories: 1).- Warranty related:

What to do with Obsolete Parts?

1 minute 22 second read. This is a case of a Dealership with the following scenario: With a total Parts Inventory of $679,000 the following situation show a dealership that wants to increase the current profitability of the Parts Department. Inventory 0-12 Months old: $645,000 Inventory over 12 months old: $34,000 (This is considered “Obsolete

Pre-Owned Department – familiar scenario – how to increase the Gross Profit?

2 minutes, 46 seconds read. Pre-Owned department – How to increase the Gross Profit? Does this scenario sounds familiar to you? Situation: Units in Inventory: 88 Total Inventory: $1,800,000 Average cost of unit in stock: $20,450 Units over 90 days: 18 Current sales per month: 30 Units. How to improve the situation in this dealership?

3 tips to maximize profit – managing the Floor Plan in your dealership.

1 minute 17 seconds read Let’s see this example: Franchised dealer: Floor Plan $5,000,000 Units in Stock: 166 Average unit in floor Plan: $30,000 Interest rate: 5% (sample) Average Floor Plan interest cost per month $20,833 1).- Keep a streamlined cash flow and accounting system and pay the sold units sooner: Even a marginal decrease

5 Tips for Tax Season 2016.

1 minutes 43 seconds read. Since we are in the beginning of Tax Season, these are five tips that can help you gain some information. 1).- Start Early, don’t procrastinate: Since we are already in the middle of February, it is never too early to start getting things organized. Don’t wait until the last minute,

Getting ready for the end of summer in your dealership.

3 minutes 2 seconds read. We like to go out in the summer and enjoy what the city has to offer: festivals, patios, bbq’s, are only some of the summer favourite’s activities, and in the auto dealership industry also strong sales. But at the same time (as we are approaching Labour Day weekend) the beginning

Increasing your bottom line: Why I don’t look at the average gross profit?

1 minutes 40 seconds read. You are trying to analyze the performance of your new and Pre-Owned vehicle departments, and you probably have handy the “Average Gross Profit per unit sold”. You know and track this number every month. How this is useful to improve the profits in your dealership? It is not usually useful

Demos & Service Loaners in your dealership: How to profit from them?

3 Minutes read. It is generally assumed that Having Demos and Service Loaners in your dealership is usually seen as an unavoidable added cost to your dealership because of the demo depreciation, service expenses on demos, cleaning, etc. Despite the fact that some manufacturer’s offer some type of “compensation” to the dealership for offering Demos