hope4honor Posted October 16, 2017 Share Posted October 16, 2017 I know alot of people probably don't report any honor box income to IRS. And if that is ok with you, none of my business. I am committed to do everything right. I think I have outgrown my current accountant. Fine to prepare a tax return but I have other specific questions to the industry. Questions such as - how do I develop an accurate inventory counting? What is best way to record sales (right now it is spreadsheet - not bad but may not be best)? etc. CAn anyone recommend a CPA or CPA firm in Ohio that specifically has some type of vending or concession experience? Please advise! Thank you and God Bless you and I hope everyone has a fantastic week personally and professionally. Link to comment Share on other sites More sharing options...
flintflash Posted October 16, 2017 Share Posted October 16, 2017 We do a complete inventory at the end of every month to calculate our inventory value for each month. I like to do a month-end report every month to make sure the business is on track. Some like to do it annually, but I believe waiting a year to see how your business is doing is too long. It is too late to correct anything, if you wait a year, so we process our financials monthly. Sales are tracked daily and are based on ACTUAL money collected, NOT what the retail value is (what should be collected). Shortages are NOT an expense, but should be absorbed in your sales. For example, we sell candy bars out of our snack tray for $1.00. If someone only puts .90 in the box, we do not show sales as $1.00 with a .10 shortage. We show it as .90, because that is in fact what it sold for. I am in Michigan, so I am not able to recommend a CPA in Ohio. But make sure YOU understand your business before you talk to a CPA. The honor business is a funny business, needless to say, and many people have different suggestions on how to eliminate shortages and such. You need to understand your business and how it works in order to explain it to them. Sounds like you have a nice operation going. I hope this helps. Hope all works out for you and your company on your search for a CPA. Link to comment Share on other sites More sharing options...
hope4honor Posted October 17, 2017 Author Share Posted October 17, 2017 Do you have a spreadsheet or software for tracking daily sales u can share? I apoteciate it. Link to comment Share on other sites More sharing options...
flintflash Posted October 17, 2017 Share Posted October 17, 2017 My wife handles our bookkeeping and logs all daily deposits (our sales) in Quickbooks. All individual account information is logged on account cards for each individual account. It shows Date services, Inventory count of box, Retail Value of Box (based on usage), Shortage (or Overage), and Cash Collected. The Cash Collected is totalled from all the accounts processed that day and that is your daily sales. We handle only Honor Snack trays. I don't have any experience with Mint boxes or Lollipop boxes, so I'm not sure how you would inventory your boxes. I would imagine that you have a controlled inventory amount that you place in each of your boxes, so that you can determine the retail value (usage) of each box. Link to comment Share on other sites More sharing options...
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