All dealers must engage a CPA firm to provide tax and financial services. All dealers agree that their business is highly specialized and unique. Considering these factors, it makes sense to engage a CPA firm that has specialized its practice to service automobile dealer clients.
In recent years, the auto industry has become extremely competitive. Dealers rely on many resources to assist them in the management of their business. CPA’s that service auto dealer clients can offer invaluable insight to the dealers and their staff. Surprisingly, many dealers work with CPA firms that service less than five dealerships. To be considered an industry expert, a CPA firm should service at least fifty dealer accounts. CPA’s with this type of experience can provide invaluable business advice to a dealer, at no additional cost.
Dealers produce complicated financial statements, use unique accounting and tax methods, and have specialized computer systems. These are difficult concepts for CPA’s that do not specialize. Automotive CPA’s can assist a dealer in buying or selling a dealership, help develop an estate or succession plan, introduce the dealer to other industry specific professionals, provide support to the office, and advise the dealer on the financial performance of the store.
The need for a CPA firm that understands the automotive business is more important than ever. Make sure you select a CPA firm that has the knowledge and experience in the dealership industry. Downey & Company, LLP has over eighty dealership clients and twenty years of continuous service to the automobile industry.
For more information, please e-mail Paul McGovern at pmcgovern@downeycocpa.com or call 781.849.3100.
