Hello to my fellow Entrepreneurs and welcome to another fantastic read to help bring your financial goals to reality. It’s your favorite Money Motivator – Growth Instigator, Erica Fields bringing you the keys to your financial house!! I hope you are enjoying this day and are receiving all the fruits of your labor.
Today’s topic focuses on processes to manage and track cash transactions. Depending on the industry you practice in, cash transactions may be a large portion of your revenue sales and tracking the income and expenses can be somewhat of an uphill battle. Knowing we have good intentions to track every dime that goes in and out of your business, working in the business tends to take precedence over working on the business.
Service providers that support industries that are cash heavy tend to fail at creating a fail-proof process to track cash revenues and the expense paid for by this income. Written ledgers get lost, computers crash and those little reminders to “write everything down” as it occurs goes out the window when entertaining clients. It is not easy to create the diligence required to ensure all fees and tips are recorded in real time. And before you know it, you can’t remember how much cash in your pocket is from your personal stash and how much you earned in service and tips just yesterday, much less last week or month.
Point of Sale (POS)
A Point of Sale, or POS, system works as a cash register and records sales for a business. With today’s technology, most of the POS systems available will sync with your accounting software, such as QuickBooks Online, and provides an automated process to capture cash and other sales. And working with QBO, you have an option to employ their leading POS hardware and software to create a worry-free synchronization into your ledger.
Bookkeeping Solutions Provider
Another option is to partner with an experience solutions provider. Employing the services of a bookkeeping expert means you will always have the proper system in place to keep your cash and other transactions documents and reconciled. A bookkeeper will provide a customized system tailor to your business to manage your cash income and expenses. The benefits are endless when it comes to ensuring your business has the proper bookkeeping system in place.