Given the huge volume of financial data that’s packed into every modern auto deal, can you really afford not to keep track of your finances in real-time?
If you’re serious about running an organized dealership while saving labor hours and accounting costs, you can’t live without DeskManager’s QuickBooks Direct Interface.
Why can’t I just do it the old fashioned way?
Unless you’re an accounting major (not to mention the world’s greatest multi-tasker), you probably hire an accountant to keep track of your dealership’s finances. To do their jobs, accountants need to organize every bit of financial information your dealership possesses into a complex chart of accounts.
How much information are we talking about? Let’s start with a simple deal. Each time you sell just one car, you must incorporate the following in your accounting software:
- Customers and Co-Buyers
- Vendors and Third Party information (Warranty, Companies & Lenders)
- Costs/expenses associated with the vehicle
- Costs/expenses associated with the deal itself
- Trade and ACV
- Income and Liability accounts
- Asset and Cost of Goods Sold
- Accounts Receivable and Account Payables for Vehicles
- Down Payment and Deferred Payment accounts
- Interest, Principal and Late fee allocation of each payment (Buy Here Pay Here)
- Accounts Receivable for Sales of Parts
- Account Payables for Purchase of Parts in Service
.. and more. By the way, more data must be logged whenever a customer starts making payments. And there are a lot more details associated with voiding, deleting, and changing data in DeskManager that would require an update to the corresponding record update in QuickBooks.
Obviously, these are not figures you want to sift through manually and send to your accountant. Not only would it take up all your time, but you’d be opening the door for human error. Your accountant would have to scan for mistakes, and would likely charge you a lot more money on a routine basis. Shockingly, lots of dealers are still hurting themselves by being this disorganized.
But it doesn’t have to be that way.
How does the QuickBooks Direct Interface make my life easier?
For decades, QuickBooks (sold separately) has been the world’s most popular accounting software for small- to medium-size businesses. It’s simple, straightforward and familiar to finance professionals. Dealerships like yours have relied upon it for more than 25 years.
Our method for getting your data to QuickBooks is smart. If you don’t have a chart of accounts already,the QuickBook Direct Interface creates one in QuickBooks, automatically arranging your DeskManager financial data into the correct categories.
Of course, some businesses prefer to do things their own way. If you already have a QuickBooks chart of accounts, DeskManager’s simple and intuitive interface helps you map the data to your existing chart of accounts. Your bookkeeping won’t skip a beat.
Now when you make deals, you don’t have to worry about recording all the intricate details. With the press of a button, DeskManager updates them for you, doing many hours of work in minutes so your chart-of-accounts is flawless and current.
Unlike accountants or bookkeepers, we don’t charge by the hour. Pay a one-time fee of $495, and the QuickBooks Direct Interface works for you forever.
Using the QuickBooks Direct Interface
The QuickBooks Direct Interface automatically sends your financial data to QuickBooks whenever you tell it to. To do this, click the QuickBooks button on the Inventory, Deal/Trade, Lease or Service screens. Once it loads, you’ll see two options underneath the window title: “All” and “Modified.”
If the “Modified” circle is filled in, the exporter will prepare only financial records that have changed since your last export. You can also narrow the export list even by location, lot, taxation type, contract type and date range.
When you’re ready to go, hit the green button to send to QuickBooks. (Note: Your QuickBooks software must also be running for this to work.)
Congratulations! Now you have an accurate and current record of your business finances prepared for your accountant.
If you’d like to learn more about our QuickBooks direct interface, contact an AutoManager account representative at (800) 300-2808 to arrange a free web-based tutorial. And remember to bookmark this blog for more tips on using AutoManager products to run an efficient auto dealership!