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Colledge's Automotive Accountants' Network Forums' Inaugural Conference. A great two days spent in the gorgeous Victorian, coastal town of Queenscliff, with great company and lots of discussions and information. This is a brief outline of the presentation. Many topics were discussed in-house.
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Automotive Accountants’ Network
ConferenceMonday 22 February 2010
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This conference has been prepared by Colledge’s for the general information of its clients and conference attendees. While the information herein has been prepared with all reasonable care and derived from sources believed to be accurate, no responsibility or liability is accepted by Colledge’s or any of its affiliations, for any errors or omissions, including liability to any person of negligence or otherwise.
Recommendations may not be appropriate in all circumstances and clients must consider their own personal objectives and financial advice before acting on recommendations in this presentation.
Colledge’s (ABN 52 439 950 641)
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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• This Conference has been specifically developed for Dealership Accountants to maximise outcomes
• Professional & Personal Development
• Networking
• Keep up-to-date
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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Why are we here?
• Ask questions
• Respect for presenters and colleagues
• One discussion at time
• Phones to “silent”
• Have fun!
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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House Rules
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1. Market Update
2. Role of the CFO
3. Discussion/Whiteboard items
4. “Understanding Personality”Rachel McIver, HR & Management Services
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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Agenda
A boss creates fear, a leader confidence.
A boss fixes blame, a leader corrects mistakes.
A boss knows all, a leader asks questions.
A boss makes work drudgery, a leader makes it interesting.
Eric Hoffer (1908-1983)American social writer
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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Quote for the day
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Market Update
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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a. Stamp DutyPaying on non exempt vehiclesWhere to draw the line (grey areas)?
b. Staffing RatiosNew vehicle sales : Sale ConsultantsProductive : Non-productive in Service Dept
c. Marketing – outsourced or in-house?
d. New finance disclosure legislation“National Consumer Credit Protection Act”
Additional items?
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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Whiteboard Items
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Whiteboard Item
Stamp Duty
(group discussion)
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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The Financial Controller
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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What are the roles of theDealer Accountant?
(discussion)
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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Dealership Accountant Role
1. Financial Controller
2. Monthly accounts
3. Accounts Payable & Receivable
4. Manage administration
5. Payroll
6. IT
7. Factory
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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Dealership Accountant Role
8. Management reporting
9. Budgeting
10. Finance payouts
11. Deal costing / processing
12. Reconciliations
13. Bank account reconciliation
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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Dealership Accountant Role
14. Cash flow management
15. Liaise with external Accountants
16. DMS administration
17. Legally and technically updated and competent
18. Oversee dealership operation
19. Be part of the Management team
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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And don’t forget! Your role also includes being...
• Great value for the dealership Efficient and effective financial management
Advise on operation
• More than just measuring numbers Internal and external benchmarks
Eyes and ears of the dealership
Helicopter view
• Dealing with the owners/family members Personal finances
Competing priorities
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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What makes a great Financial Controller?
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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DP’s expectations of Financial Controller
Internal environment of the business
Volume
Gross
Customer Service
Front-end or back-end
What motivates the DP?
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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DP expectations of Financial Controller
External environment of the business
Factory and financier expectations
Customer requirements
Government and Regulatory authorities
Economic factors
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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DP expectations of Financial Controller
Manage dealership performance
Use KPIs and benchmarks
Set and report against targets
Develop and manage expense control programs
Become a leader of other Managers
o Lead the Managers to become more financially efficient
Be part of the Management team
Oversee all functions regarding financial assets
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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DP expectations of Financial Controller
Core business
Must have well functioning administration & finance depts
Strong IT skills
Streamline processes
Ability to close off quickly
Have credible monthly results
Be analytical – financial and operational
You are the DP’s key manager
o Oversee the whole dealership
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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Whiteboard Item
Staffing ratios
(discussion)
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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Whiteboard Item
National Consumer Credit Protection Act
Where is it at?
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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National Consumer Credit Protection
The Facts
• National framework for consumer credit
• Scheduled to commence 1 July 2010
• ASIC is the sole regulator
• Lenders will be required to disclose to consumers:
How much they receive for securing the loan
All costs the consumer will have to pay to the lender, broker, bank and others
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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National Consumer Credit Protection
Dealership exemption
• Car Dealerships will be initially exempt from the National Credit Regulations.
Initial 12 month exemption
No further information available
• Colledge’s worked with VACC on Government submission detailing importance of car dealerships remaining exempt. (Handout: Submission letter)
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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National Consumer Credit Protection
ASIC Requirements
• 1 April to 30 June 2010: Register with ASIC to be ready by 1 July 2010
• 1 July to 31 December 2010: Applications for the Australian Credit Licence (ACL)
• Become a representative of a registered person or the holder of an ACL
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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“Understanding Personality”
Presenter: Rachel McIver, HR & Management Services
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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Conference Feedback
Evaluations
Close
For more information, contact Angelo Sirianni on 03 9851 6500 or email [email protected]
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