Accounting and Inventory Management Key Features

As much as you didn’t go into the Automotive & Tyre industry to become bookkeepers, this is necessary for the smooth operations of your financial management. With the implementation of a completely customisable General Ledger and a full suite of financial reports including Balance Sheet, Trial Balance and Profit & Loss, COSTAR has the necessary tools to ensure you have all of your financial data available when needed.

Although COSTAR offers an Express version, our Standard version will allow you to handle your financials directly from COSTAR for your business to perform at its peak, not to mention, less processing for your bookkeeper. For an easy understanding, we have gathered some of COSTAR’s key accounting features.

Accounting in COSTAR:

  • When finalising your Day End/tendering, it’s integrated and flows into the bank rec to save double processing for the bookkeeper
  • Additional GST features are available, so when it comes to BAS/GST Return time it’s as easy as running a report because the GST is handled by the day-to-day processing in your system
  • For standard monthly transactions that appear on bank statements month-in-month out, ‘recurring journals’ can be created to easily take care of these
  • COSTAR Standard combines all accounting features with the added benefits of an integrated Accounts Payable; General Ledger and Banking System
  • The General Ledger Chart of Accounts is extremely flexible in its structure and can be tailored to suit the businesses needs or the accountants
  • Tax Reports can be prepared monthly, bimonthly and quarterly
  • Because we know that every client wants to manipulate different data to their needs, all reports can be emailed or exported to excel

A quick tip for your Day End

It is advisable to process the Day End each day so that you can balance your cash, cheques and EFTPOS to what has been processed in the computer. After this, creating The Daily Banking Report allows clients to review what sales have been tendered since the last Day End was performed. This assists in your standard monthly transactions that appear on bank statements month-in month-out (remember ‘recurring journals’ can be made for this).

Inventory Management in COSTAR

COSTAR’s stock management will analyse all your orders, stock and invoicing to anticipate and predict requirements making sure that you have what you need when you need it.

Again, we have laid out some of our key inventory and stock control features:

  • Instead of having invoices and inventory levels in separate systems, all documents are integrated within COSTAR
  • Electronic Invoices (also known as ASNs) means your stock is receipted in and your invoice information is automatically keyed (fewer typos or mistakes made which makes it easier for the bookkeeper). You can explore our Electronic Invoice Integrations here
  • While your initial thought may be managing the quantity on hand levels (QOH) the last thing on your mind is having the right invoice number, COSTAR automatically does this for you to relieve these duties for you (again making it easier for the bookkeeper)
  • In COSTAR Standard handling inventory control naturally takes care of transactions onto supplier accounts

COSTAR Cooperatives

Slash your time spent on bookkeeping with COSTAR’s cooperative reports. If you’re a member of a co-op such as Capricorn, you have direct access to consolidated invoice payments, making the reconciliation of co-op supplier easier. By flagging the main co-op supplier on each sub-account, you can perform individual reconciliations while seeing the overall balance to pay the co-op. This also makes for easier balancing/reconciliation to the co-ops statement. The best of both worlds.

If you have any questions regarding any of what we discussed or need a hand to implement this, please get in touch with our Support team on 1800 819 984 (AUS) or 0800 100 913 (NZ) or submit a query with our website.

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