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Blue Ocean Professional Corporation
CPA, Chartered Professional Accountants Free Consultation
INDUSTRIES · 03

Accounting for automotive businesses & dealerships

Used and new car dealers, repair shops and auto-finance businesses: inventory, financing and HST, kept straight.

InventoryVehicles tracked unit by unit, from purchase and reconditioning to sale
HSTSales, purchases and trade-ins reconciled every filing period
Floor planFinancing tracked against inventory, so interest and payoffs land in the right place
WHAT WE HANDLE

The work that comes with your industry.

Vehicle inventory accounting

Each unit costed with purchase price, reconditioning and fees, so gross profit per vehicle is accurate.

Floor-plan financing

Draws, curtailments and interest recorded against the right units.

GST/HST on vehicle sales

Sales, trade-ins and purchases handled correctly on your returns.

Service and parts

Parts and labour revenue tracked separately from vehicle sales.

Payroll and commissions

Salespeople's commissions and source deductions handled in every pay run.

Lender reporting

Financial statements your bank and floor-plan lender can rely on.

COMMON QUESTIONS

What automotive clients ask us

Can you work with my dealer management system?

We work from the reports your system produces and match our bookkeeping to how you track units.

How is HST handled on a trade-in?

A trade-in can change the amount HST is charged on, depending on who is trading in and how the deal is written. We make sure your deal paperwork and your returns match.

Do I need financial statements for my lender?

Lenders often ask for year-end statements, and some ask for interim ones too. We prepare them on the schedule your lender requires.

Ready for an accountant who knows your industry?

Mississauga, ON · St. Petersburg, FL · info@blueocean.tax

Free Consultation 416-828-7462