Be PRO-active! The 6 Year-End Musts for Controllers

Written by Véronique Boucher, M. Sc.

Avoid the Year-End Hangover – 6 Year End Resolutions for Dealership Controllers

Year-end means the ball is about to drop for dealership CFOs, controllers and accountants. But it also means looking forward to four shiny new quarters. So before you dust off your best auld lang syne, here are 6 Year-End Resolutions?to make sure your financials start out the new year looking and feeling their best:

1. Close the Books Accurately and On Time

Your year-end financials represent your dealership’s financial health as you head into the new year. Missing deadlines or making errors during the closing process can lead to budgeting issues, potential audit complications, and even mistrust from stakeholders.

To stay on track:

• Document each transaction ?
• Complete reconciliations ?
• Resolve discrepancies
• Address any issues from earlier in the year before they escalate.
• Use detailed checklists and streamline workflows for a seamless financial close.

2. Ensure Compliance with Regulatory Changes

Regulatory changes impact financial reporting every year. And you can bet there will be more shifts next year. Compliance is critical in avoiding fines, audits, and reputational damage. Staying ahead of regulatory requirements will make it easier to tackle new standards next year.

To stay compliant:

• Review any new tax laws, accounting regulations, and GAAP updates relevant to your dealership.
• Conduct a mini-audit of your reporting procedures and make any necessary adjustments to stay aligned with current standards.
• Don’t wait until January—start adjusting your practices now to avoid year-end headaches.

3. Set Strategic New Year Financial Goals

Setting goals that align with your dealership’s vision will help you move into Q1 with a clear purpose. Identify areas where you can refine processes, such as optimizing cash flow, reducing overhead, or improving tax strategies.

To set effective financial goals:

• Collaborate with dealership leadership to align your financial targets with broader business objectives.
• Assess opportunities for improving cost control, cash flow management, and tax planning.
• Establish measurable targets now so your team can start the new year focused and ready.

4. Leverage Technology to Optimize Financial Operations

The right technology can greatly enhance your efficiency, accuracy, and ability to handle future demands. If you’re using tools for reconciliations, financial reporting, or data accuracy, take time now to ensure they’re being utilized fully. Automating processes can not only ease the end-of-year crunch but also set up smooth operations going forward.

To maximize tech efficiency:

• Evaluate your financial tech stack and see if underutilized tools could simplify your workflows.
• Consider AI or predictive analytics for better insights into cash flow trends and risk mitigation.
• Ensure your team is trained and ready to make the most of the existing systems.

5. Begin Tax Preparation and Prepare for Audits

Tax prep is a big undertaking, so don’t wait until the last minute. Start collecting required documentation now, especially if you work with third-party auditors. This will free up time in January for new initiatives rather than scrambling over tax forms.

To prepare efficiently:

• Coordinate with auditors early to understand their documentation needs.
• Audit all necessary forms, such as W-9s, and ensure social security numbers are accurate to avoid costly errors.
• Proactive tax preparation not only minimizes errors but also reduces stress as you head into the new year.

6. Evaluate Your Finance Team’s Performance and Capacity

The year-end rush is a chance to assess your team’s capacity to handle financial demands. If your team is stretched thin, struggling to keep up, or showing signs of burnout, it’s time to address these issues now rather than letting them affect next year’s performance.

To strengthen your team:

• Conduct a workforce audit to identify skill gaps or critical roles that may need filling.
• Assess whether any team members are nearing burnout and may require additional support.
• Staffing adequately for both current deadlines and long-term goals is crucial, particularly in today’s hiring environment.

So before you start counting down to midnight, get your dealership’s financial operations optimized! Taking these steps now will not only streamline your year-end but also prepare you and your team to thrive in the new year.?