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Automotive Accountants' Conference: 22 February 2010
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Automotive Accountants' Conference: 22 February 2010

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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 …

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.

Published in: Automotive

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  • 1. Automotive Accountants’ Network Conference Monday 22 February 2010 Founding member of 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 angelosirianni@colledges.com.au Founding member of www.colledges.com.au 1
  • 2. Why are we here? • 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 angelosirianni@colledges.com.au Founding member of www.colledges.com.au House Rules • 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 angelosirianni@colledges.com.au Founding member of www.colledges.com.au 2
  • 3. Agenda 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 angelosirianni@colledges.com.au Founding member of www.colledges.com.au Quote for the day 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 angelosirianni@colledges.com.au Founding member of www.colledges.com.au 3
  • 4. Market Update For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of www.colledges.com.au Whiteboard Items a. Stamp Duty Paying on non exempt vehicles Where to draw the line (grey areas)? b. Staffing Ratios New vehicle sales : Sale Consultants Productive : 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 angelosirianni@colledges.com.au Founding member of www.colledges.com.au 4
  • 5. Whiteboard Item Stamp Duty (group discussion) For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of www.colledges.com.au The Financial Controller For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of www.colledges.com.au 5
  • 6. What are the roles of the Dealer Accountant? (discussion) For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of www.colledges.com.au 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 angelosirianni@colledges.com.au Founding member of www.colledges.com.au 6
  • 7. 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 angelosirianni@colledges.com.au Founding member of www.colledges.com.au 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 angelosirianni@colledges.com.au Founding member of www.colledges.com.au 7
  • 8. 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 angelosirianni@colledges.com.au Founding member of www.colledges.com.au What makes a great Financial Controller? For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of www.colledges.com.au 8
  • 9. 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 angelosirianni@colledges.com.au Founding member of www.colledges.com.au 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 angelosirianni@colledges.com.au Founding member of www.colledges.com.au 9
  • 10. 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 angelosirianni@colledges.com.au Founding member of www.colledges.com.au 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 angelosirianni@colledges.com.au Founding member of www.colledges.com.au 10
  • 11. Whiteboard Item Staffing ratios (discussion) For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of www.colledges.com.au Whiteboard Item National Consumer Credit Protection Act Where is it at? For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of www.colledges.com.au 11
  • 12. 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 angelosirianni@colledges.com.au Founding member of www.colledges.com.au 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 angelosirianni@colledges.com.au Founding member of www.colledges.com.au 12
  • 13. 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 angelosirianni@colledges.com.au Founding member of www.colledges.com.au For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of www.colledges.com.au 13
  • 14. “Understanding Personality” Presenter: Rachel McIver, HR & Management Services For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of www.colledges.com.au Conference Feedback Evaluations Close For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of www.colledges.com.au 14