Part one of two in our Financial Management Program is perfect for those with a desire to learn more about accounting principles and how documents flow through a financial statement. It doesn’t matter if your experience is working inside the accounting department or in one of the operational departments, you will broaden and deepen your knowledge about the format and flow of dealership financial statements. Plus, you will become acquainted with the “jargon,” key performance indicators (KPIs), and best practices of well-run variable, service, and parts departments. This training is appropriate for veteran managers to refresh and enhance basic financial analysis skills, and for those newer to the automotive industry or their position.
In this course, students will experience instructor-led interactive discussion, department analysis tools, and classroom lecture. This course will utilize Guarantee of Action (GOA) plans to provide a roadmap for improvement that is individualized for each student.
Class Length: 2 ½ days
Key Objectives & Competencies:
- Increase targeting of expense reduction opportunities
- Learn the structure of the financial statement: balance sheet, income statement, and departmental operating pages
- Understand cash flow versus net profit
- Learn to convey numbers to bridge the gap between operations and accounting
- Recognize fundamental key performance indicators (KPIs) in operating departments
- Improve cash flow through a better understanding of the balance sheet
- Know where the numbers come from and track changes in assets, liabilities, and equity
- Perform calculations for dealership inventories and identify reduction opportunities
- Monitor key departmental weekly and monthly numbers thru the daily operating control