Inventory and floor plan
Month-end entries so vehicle inventory and floor plan balances in your books agree with your dealer system and lender statements.
INDUSTRIES / AUTO DEALERSHIPS
Auto dealership accounting in Rhode Island & SE Mass.
Monthly bookkeeping, inventory and floor plan balances, and tax planning for independent dealers, from a CPA firm that works with dealerships and keeps your books and your dealer system in agreement.
BIBBY & CO. / RHODE ISLAND & SE MASSACHUSETTS
WE KEEP THE BOOKS AND THE LOT IN AGREEMENT
Cars sold doesn't mean money made.
A dealership has a lot of moving numbers: inventory, floor plan balances, reconditioning costs, deal paperwork and sales tax. When the books and the dealer system disagree, you can't tell what a car really earned.
We work with dealerships today. Your dealer software and your books get reconciled every month, so inventory and floor plan balances agree.
Read: floor plan interest and what a car really earned ↗
Also run a repair shop? See accounting for auto repair shops ↗
InventoryFloor plan balancesDealer softwareMonthly close
HOW WE HELP
What we help keep straight.
The areas that cause the most trouble when a dealership's books are off.
Gross profit by deal
Reconditioning and other costs tied to the vehicle, so you can see what each car actually earned instead of guessing.
Dealer system and your books
Your dealer software reconciled to the books each month, so sales, deposits and sales tax filings agree.
Payroll and commissions
Payroll, including commissions, through Jette Payroll and tied out to your books.
Catch-up and clean-up
Behind or off? We bring the books current from a clear starting point and explain the differences, without reopening filed years unless you want that.
Tax and year-end planning
Entity, equipment and year-end decisions planned before December, using books that are already closed.
LOCAL TO LINCOLN & PROVIDENCE COUNTY
A CPA down the road, not a call center.
We work with independent dealers from our office at 14 Breakneck Hill Road in Lincoln, serving Providence County and the towns around it: Providence, Pawtucket, Cumberland, Smithfield, North Providence, Woonsocket and Central Falls, plus Southeastern Massachusetts, including Attleboro, Seekonk, Fall River and Taunton.
We know Rhode Island and Massachusetts filing rules, and our CPA is licensed in both states. When you have a question, you talk to the people who keep your books.
COMMON QUESTIONS
Answers before we get started.
Every situation is different. These are the questions owners ask us most.
Do you work with used car dealerships?
Yes. We work with independent dealers in Rhode Island and Southeastern Massachusetts today. Every dealership runs a little differently: the dealer management system, the floor plan lender, how deals are booked. So we start with a short conversation about your setup before anyone quotes a price.
Do you work with dealer management software?
Yes. Your dealer system tracks the deals and inventory, and we reconcile it to your accounting records each month so the two agree. We can work with whatever system you use as long as it can report your inventory, deals and payments.
How do you handle floor plan balances and vehicle inventory?
We make month-end entries so the vehicle inventory and floor plan balances in your books agree with your dealer system and your lender statements, and we look at floor plan interest as its own cost.
My books are behind or off. Can you get them straight?
Yes. If prior returns are already filed, we can bring the books current from a clear starting point and explain any differences. We don't reopen filed years unless you ask us to.
Do you do tax planning for dealers?
Yes. Entity structure, equipment and lot improvements, and year-end planning, along with the monthly books that make the planning possible.
Do you also work with repair and body shops?
Yes. Auto repair and body shops are one of the industries the firm is built around. See our page on accounting for auto repair shops.
NEXT STEP
Want your books and your lot to agree?
Tell us where things stand and what you want fixed. We'll start with a short fit conversation, then a review of your books before anyone quotes a price.