Auto Dealership Accounting
Auto dealers and their owners experience rapid change, challenges, and opportunities. To best operate your business, dealers can greatly benefit from knowledgeable and capable financial advisors and accountants to help them navigate the evolving nature of their business.
At Selden Fox, we have a “niche” in providing accounting, audit, and tax services to automobile dealerships and their owners. With the addition of the accounting firm of Richard T. DeSimone & Co., a leading auto dealer accounting firm, we have an intense and experienced knowledge of the automobile business, the means, methods, and protocols of the dealership operations; internal controls; factory protocols and methods; and specific dealership tax laws.
We understand the multitude of factors that play into operating a profitable dealership. Whether you are a large multi-franchise operation or a single franchise, given our experience in the industry, our team will provide the personalized services needed to account for your present and future accounting needs. Our team is prepared to utilize our experience to assist dealers with financial statements and tax compliance. We assist with tax strategy, real estate, property improvements, succession, estate planning, and buying or selling businesses.
Our size and experience allow us to offer you personalized quality service that is unmatched in our profession. Our vast industry knowledge enables us to ensure you are striving toward your potential, maximizing your cash flow, and minimizing your tax liabilities. Regardless of the level of service you desire, because of our expertise, we can provide you with a more in-depth, thorough analysis of your accounting and tax needs.
The services we provide to automobile dealerships include:
- Financial Statement Reporting for
- Certified Audits
- Reviewed Financials
- Compiled Financials
- Development of Internal Controls & Expense Analysis
- Assistance & Recommendations of Account Reconciliations
- Consulting in Banking Matters (i.e., Financial Reporting, Working Capital, Referrals)
- Year over Year Comparison of Operations
- Estate Planning & Wealth Preservation
- Income, Business, Trusts & Estate Tax Returns
- IRS Representation of Various Types
- LIFO Calculations/Compliance & Consulting (IRC 263A Calculations, if required)
