Tag Archive for internal controls

Effective Inventory
Management

Implementing an information management system is a lot like painting a house. When you paint a house, the success of the job is dependent on the preparation of the surface before the paint is applied. Even if you use the most expensive paint available, if the surface has not been scraped and sanded, the paint will just peel off.

Likewise, the most expensive system will not deliver the results expected by a distributor unless it is operating in a business environment that ensures inventory accuracy.

Retail Bookkeeping: End of Day Reporting

No matter what cash register, software, or point of sale system you may be using for the store, you should be pulling daily reports from it that can be used to reconcile your daily sales and enter other critical financial information into your Quickbooks company file.
This not is the only way to get accurate financial statements that will present a complete picture of your retail operation’s profitability and value, but it’s the most cost effective and common way for small businesses to manage their day to day bookkeeping.