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Make a phone call, send a text or write an email
If we don't have an answer we'll source one
Below you will find some downloadable tools to assist you in your business or you can copy these to make a spread sheet on your computer.
· Daily Order Sheet
· Weekly Order Sheet
How To Balance A Cash Register
In many small family owned and operated businesses one of the most neglected areas is at the till which should be balance daily.
Saying everyone is trusted isn't a reason not to perform this task.
Without daily sales figures how do you measure how you are trading:
Compared to yesterday, or last week, or this time last year
How do you budget for busy periods like Xmas, Easter, school holidays, long weekend, Adelaide Show periods
What do you tell your accountant or the ATO
Stores should start the day with a float of money, designed so that you can give change to the customers as many still prefer cash.
During the day you may have to add money to the till when you are unable to give the correct change as customers will pay you for goods.
Coming out of the till will be payments to suppliers/eftpos cash outs and of course change.
Even though you ring up all the above items people can and do make mistakes but as explained above, this is only one of the many reasons why we balance the cash register.
A/. To balance your cash register you record your float and the amount of money you have added to the float: ( This will give you subtotal 1)
B/. Now count the money in your till (Then subtract A from B = subtotal 2)
C/. Then get an EFTPOS total
D/. Total up any expenses you paid from the till
F/. Add, B + C + D and this will give you subtotal 3, your days sales
Compare this to your till read for the day and if the figures don't match you may have an issue
Remember your sales are 'F' and not what is the till read.
This figure needs to be recorded for future reference to run your business
The Difference Between Gross Profit & Markup
Gross profit is the accounting system the retail industry is based around whilst some company representatives will talk about mark up. We all need to understand the difference.
Gross Profit is the cents profit divide by SELL shown as a PERCENTAGE
Remember your survival is based on
GROSS PROFIT NOT MARK UP AND KNOWING WHAT
EACH SECTION OF YOUR BUSINESS NEEDS TO ACHIEVE
IN GROSS PROFIT AS A PERCENTAGE
FOR YOU TO BE A SUCCESS
40% Gross Profit on a cost of $1.80 is a sell of $3.00 but 40% mark up on a cost of $1.80 is a sell of $2.52
$1.80 cost/0.60 = $3.00 sell (40% Gross Profit)
The Gross Profit is always the difference to make up 100 (ie 40 + 60 = 100)
To calculate Gross profit you take the cost in this case $1.80 and if you want to make 30% Gross Profit you divide the cost by 0.70 to get a SELL PRICE
$1.80 cost divide 0.70 = $2.57 sell (rounded to $2.60)
The Gross Profit is always the difference to make up 100 (ie 30 + 70 = 100)
What Gross Profit Percentage is needed for the different sections in your business
Industry standards reflect the following:
Groceries, Confectionery, Cakes, Cookies etc – 35%GP
(cost/0.65 = Sell)
Pie Warmers, Fridges, Freezers – 40%GP to 45% GP
(cost/0.60 = Sell or cost/0.55 = Sell)
Papers, Magazines – 12.5%GP (These are already priced)
Tobacco Products – 10%GP to 15%GP
(cost/0.90 = Sell or cost/0.85 = Sell)
Bread, White Milk – 18%GP (cost/0.82 = Sell)
If you are selling goods at a company's recommended price you are selling their products too cheaplyIn the case of icecream companies if you follow their recommended sell pricing you won't earn enough profit to pay for the electricty to run their freezers
Contact: John Creedon - 0409623016 - Email :jwcreedon@gmail.com.au