- Lack of processes and procedures
- Inaccurate or late financial reporting
- Inability to forecast or budget
- Poor or non-existent accounting technology integrations
- Personnel churn, lack of internal expertise, theft
- Costly CPA rate for non-CPA services (i.e., bookkeeping)
- No strategic planning in place
What say you? Are any one of these happening at your dealership? Below I've added a graphic that may help with fixing the accounting department.
In some cases fixing may not be the right road to travel, especially if you're experiencing one of more of the top seven reasons I listed above.
A few weeks ago I had a chat with Wes McArtor (President of NEXERA, a BEI Services Company) about mid size copier dealers and the challenges they are facing with our changing industry. The old school way of growing and expanding our business tells us that we need to hire Bookkeepers, a Controller and a CFO to make that next leap in your revenue goals. However the cost to hire these professionals could also put an undo financial restrain on some dealers. Kinda reminds me of a "catch 22".
While Wes and I chatted, he told me about "services" that NEXERA now offers. I was not aware that NEXERA is now offering finance services for dealers and basically you can now out source your finance department with NEXERA. Wes went on to explain that the sweet spot for these services would be for dealers that are in between $3 - $5 in million revenue.
I thought this is a really cool offer and thus the reason why I'm writing this blog is to let others know that this type of service exists for our dealer channel. In addition I'm sure there's a tremendous savings that can be attained.
Here's a short snippet from the NEXERA web site.
Cash Creation and Management
We track your incoming and outgoing finances and deliver reports that are easy to understand, without the need for a CPA license. This includes Month-End Closing, Executive Summaries, and more!
Key Performance Indicators
We compare industry standards to current operations to identify hidden strengths and opportunities for your team to maximize productivity while reducing costs and turnover. We give your existing team a clear path to success, reducing stress while raising productivity.
If interested in learning more please contact Wes McArtor