Pinewood Technologies recently launched their new multi-dimensional accounting feature – allowing dealer groups to reshape their accounting structure into a single view with transparency between locations and the centre. This includes a suite of processes for reducing the costs of internal transactions.
“We have already piloted our multi-dimensional accounting feature with a number of large dealer groups with incredible results”, says Neville Briggs, Managing Director. “Through rethinking accounts processes, hundreds of thousands of pounds of savings have been achieved in a matter of months. Most importantly, it frees members of the dealer team from repetitive tasks, giving them the opportunity to focus on other areas of adding value.”
Apart from offering cost savings, it also allows dealers to boost operational efficiency across the business. Vehicle and parts movements between locations are simplified, and vehicle preparation requests can be accrued across multiple workshops. When it comes to vehicle movements, fewer cash entries are required, reducing paperwork. By using ‘click-and-drill’ by cost centre, transactional information remains easily accessible while reducing the number of reports and reconciliations that need to be produced.
“With single Sales and Purchase ledgers across businesses, aged debt can easily be identified and picked up on, making it easier to recognise areas at risk. Credit control is also simplified, due to all relevant information being held in one place”, explains Briggs. “Supplier accounts can be merged across a number of businesses, meaning there will be fewer touch points for suppliers, quicker resolution of issues and controlled payment runs.”
Following the decline in new vehicle sales and economic uncertainty, dealers are looking for new ways to cut costs and uncover greater efficiency within their businesses. Pinewood believes that multi-site dealers adopting multi-dimensional accounting will provide them with their single largest money saving opportunity of the year.
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