A fast and accurate month-end close — to account for and authorize all financial transactions for the period, generate financial statements for the month and move on with an accurate set of books — is a priority in almost every dealership or dealership group.
Streamlining the close process gives management accurate financial information sooner — allowing for timely analyses, more informed decision-making and quicker reaction to items of interest. But just how fast can the business office be expected to complete the process? What's a realistic deadline for closing the books?
At Wilson Automotive in California, the answer to that question is "one day." Despite being part of one of the largest privately held auto groups in the U.S., Wilson dealerships consistently finish closing their books on the first day of the new month.
Despite its size and complexity — 17 dealerships in California, Arizona, Nevada and Mexico, employing more than 2,000 people — Wilson Automotive achieves a one-day month-end close about 97 percent of the time and has been doing so for more than 30 years. Moreover, the company's experience suggests that, with few exceptions, most other dealers could do the same.