Monday, June 6, 2016

After The Inventory Count, What’s Next?

Source Google

Now the fun part begins. I am using a restaurant for this, but this method will apply to any. You can save yourself some money if you do these last steps before sending the information to your CPA. They will verify, record the numbers and then finalize your costs and percentages. Your Profit and Loss statement for that month will then be sent to you. You can have your CPA do it all, but be prepared to pay a handsome amount.

In your daily book work, the least you should be recording is:

Daily Sales
Total sales for the month
+ or – over last year’s sales (up to that point)
Paid outs
Paid ins
Amount of daily deposit
+ or – on cash
In the notes section, items on sale, the total for the daily costs for your sale items. And the ongoing total for the month