By Phil Villegas & Marilou C. Vroman, CPA, CFE
With Hurricane Isaias on course to potentially impact some part of the U.S., if you have not already prepared, now is a good time to take some steps to minimize disruption in the event you are impacted by the storm. While each dealership will have its own unique facility and vehicle preparation steps, this Weekly Spiff is to highlight some of the administrative steps that could get overlooked in the process.
A. Update all employee contact information with latest mobile phone number. Make sure all employees are assigned to a key departmental manager for notifications and updates.
B. Have a copy of your dealership’s insurance information available and refresh your understanding of your business interruption, windstorm, and flood coverage. Make sure to have the proper insurance claim phone numbers to contact and ensure any premiums which are due have been paid.
C. Have check stock that can be hand-written in the event of power outages. Also consider having extra petty cash available for emergency purchases as needed.
D. Move titles, MSOs and important documents to an area that is not likely to be impacted by wind or water. We know of stores which had these documents stored in filing cabinets by a window that was blown out and documents were water damaged.
E. If your DMS is not managed remotely or cloud based, make sure to have a reliable data backup as of the close of business.
F. Prepare an archive of your most recent accounting schedules, trial balance and detailed payroll register for reference as needed.
While Isaias appears to be a relatively mild storm, it is a good reminder that we are in the midst of hurricane season and more storms will likely follow. Being prepared and most importantly staying safe are the best practices.