Bookkeeping is an essential part of business. Tracking your budget and sales trends is essential to grow your profit margin and improve financial planning. Implement these top 3 strategies to make bookkeeping a breeze.
1. Daily Data
Daily reports from your POS and Shogo keep you in the know. Invest in tech tools that will create these reports for you, instead of poring over your numbers late into the night. By reviewing these reports on a regular basis, you’ll stay responsive to your customers’ changing needs. For example, if you see a sales dip every Tuesday, you may want to hire fewer employees for that shift. If you’re spending more than you make on chicken marsala, consider changing your recipe or rotating it off the menu. This flexibility will show customers you care, and consistently improve your bottom line. Reviewing your data every day allows you to be flexible and efficient as you make high level business decisions.
2. Long-Term Trends
Compare your daily reports to track trends over time. You can use this information in every high-level decision, from your hiring practices to inventory buys. You can also spot small spikes and dips in your sales before they become major issues, and adjust your finances accordingly. A quick analysis of today’s data compared to yesterday’s can save you countless expenses tomorrow.
3. Correct Categories
Shogo offers several options for tracking your sales. Whether you prefer journal entries, summary receipts, or itemized receipts, you should always be able to review your sales quickly and easily. Make sure you choose the best option for your unique business, so you can stay on top of fast-changing sales trends.
Bookkeeping is both an art and a science. It’s your job to balance not only the books, but also the need to follow tax laws with the long-term goals of your business. By staying on top of your budget, you can make decisions quickly, and still trust that they’ll keep you in the black as time goes on.