We understand the hefty responsibilities your controller faces. As the ‘village leader’ she is tasked with maintaining financial order at the dealership, which ranges from producing periodic financial reports to overseeing the maintenance of accounting records.
In addition to a lot of necessary prep work, your controller must rely on a system to streamline the process. But what could possibly encompass everything your controller needs to work efficiently? Say hello to our Virtual Terminal.
Here are four Virtual Terminal features that will improve your controller’s day:
- Go Paperless – The Virtual Terminal eliminates paper receipts, plus the time and cost associated with storing them. Instead of moving receipts to an off-site storage location for up to seven years, collect electronic signatures and digitally store the receipts for the lifetime of your account. Receipts become searchable by customer name, date, transaction amount and more. Plus transactions can be digitally associated with an RO or VIN number for efficient tracking of the car’s history.
- Simplify Bank Reconciliation – Instead of manually totaling batch reports, lining them up to the bank account deposit total and deciphering discrepancies at the end of the month, bank reconciliation can happen daily and in minutes.
The Virtual Terminal produces real-time reports for both batches and deposits. Custom views of the batches allow your controller to see micro and macro reports across individual or multiple terminals. Plus, the manual labor of totaling batches is gone; our Virtual Terminal automatically totals batches for you.
Deposit reports note any processing fees, chargebacks and other fees (such as Amex) to eliminate any wait time to spot differences in batch and deposit totals, which can normally only be done once the month’s billing statement is received. Accounting can regularly reconcile bank accounts and your controller doesn’t have to wait weeks to receive financial reports.
- Manage Multiple Departments and Locations – Efficiently track payments per department and location with our Virtual Terminal. Instead of manually coding and filing receipts by department, cashiers can run transactions per department in the Virtual Terminal, so they are automatically coded for future reference.
Does the accounting for your multi-location dealership occur at a central location? Eliminate the courier service required to pick up each location’s paperwork for the day, week or month with the digital reports produced in the Virtual Terminal. If each location has its own set of books, the Virtual Terminal allows executives to access each location’s books at their leisure.
- Track and Control User Access – With an old-school terminal, there is no way to track who is doing what. So in the case of a questionable refund or charge, no individual staff member can be held accountable. User activity is logged in the Virtual Terminal to remedy this.
The Virtual Terminal also allows customized access per user. Admins have all permissions, whereas users can be restricted from issuing refunds, searching transactions and looking at reports. In the case of multiple locations, they can all be managed under one account. Users can be restricted to run transactions at specific locations, if desired, or multiple locations if coverage is needed.
Your controller has a lot on her plate, so why not lighten the load? With our Virtual Terminal, all your controller’s needs are met. Storage costs are cut, financial reports are automated and available in real time, multiple departments' and locations' payments are efficiently tracked and staff members’ access can be restricted. Come on now, let’s make your controller’s day.
Are you excited to show your controller these features? Tell us below how you think it will help the dealership!
Editor's Note: This post was originally published in October 2017 and has been updated for comprehensiveness and accuracy.