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.

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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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