QBSS Releases Results of its 2018 Automotive Benchmark Survey
Results indicate that the financial health for majority of the automotive store owners is improving over prior years
Atlanta, GA – 23rd August, 2018: – Quatrro Business Support Services, a market leader in providing end-to-end business support services to mid-market clients, released the results of its 2018 benchmark survey focused on automotive stores. By positioning itself as a key automotive knowledge partner, QBSS has firmly established itself as the ‘Service provider of Choice’ for automotive stores across the United States and leverages industry-leading technologies to deliver its finance and accounting services.
QBSS’s inaugural version of the online benchmark survey was conducted between June and July 2018 with the goal of gathering information for automotive stores to benchmark themselves against their peers. Senior automotive industry executives participated in the survey, providing information on things like their percentage of gross profit to sales, annual sales, typical accounting policies and procedures and the financial health of their organizations.
KEY RESULTS FROM THE SURVEY INCLUDE:
- 75% of the automotive organizations who responded stated that their financial health is improving or remaining steady over the previous year
- Of those who responded, a majority of automotive stores have begun preparing their financial statements on a monthly basis compared with the less frequent preparation they followed previously. Automotive stores with annual sales between $500K to $ 2 Million are leading the way in this trend and reported experiencing significant benefits as a result.
Charles Harmornick, President, Quatrro Business Support Services, said “QBSS is pleased with the tremendous industry response to the inaugural edition of our Automotive Industry Benchmark Survey. It’s also heartening to learn that the industry is beginning to recognize the importance of timely financial statements and the contribution of finance and accounting service providers to lower cost and enhanced process efficiencies.” Charles further added, “QBSS prides itself on being a trusted partner for our automotive clients by not only being subject-matter experts in our industry but also sharing these insights and indicators emerging in the automotive industry trends and best practices.”
As a follow-up to the 2018 Industry Benchmark Survey, QBSS will also publish a comprehensive benchmark report that will use aggregated data collated from the survey to predict industry trends and analysis.
ABOUT QUATRRO BUSINESS SUPPORT SERVICES (QBSS)
Quatrro Business Support Services, one of the leading businesses under the QBSS brand, consists of a range of affordable business support services that are offered through the industry’s first ‘Click and Buy’ interface on the cloud. Built on the innovative “Internet of Things” concept, the digital portal enables SMB clients to review, evaluate and buy a bundle of services off-the-shelf on a 24×7 basis.
QBSS offers a broad range of platforms and cloud-based accounting services by leveraging the industry’s leading accounting platforms designed to create economies of scale resulting in enhanced financial visibility, lower costs and improved business processes. Its client base includes more than 6500+ small & medium businesses across the auto parts, restaurant, retail, healthcare , hospitality and non-profit industries, including franchises of some of the most iconic brands in the nation.
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