USA New to accounting

[JulyanNickolas]

I have a small vending business that I started a couple of years ago. It's all cash based and it hasn't had much revenue, but it is growing rapidly. I basically buy small vending machines (gumball, candy) and place them in different businesses. I check the machines occasionally, each time filling the machine with inventory and giving the owner of the business a set percentage of the profit from however much cash is in the machine. So far, I haven't kept any records of how much each machine is bringing in and how much I'm spending on inventory and hardware (machines). I guess I should also mention that when I buy inventory, say it's a large box of gumballs, that may go into several different machines at different locations. I would really like to set up a spreadsheet to keep track of how much profit each location is making, but I just can't figure out exactly how to do it right. Any help would be much appreciated.

 

[Pam]

You can maintain a simple records using Excel spreadsheet. If you are not good at using it, please get a accounting software, there is many in the market and the seller will guide you how to use it. You can see your monthly profit, sales and expenses. This will help you to know your status in your business n can manage yr personal tax.

 

[Cheaper Accountant]

A spreadsheet for each site is easy to set up. You will start with the takings/income and then list the expenses downwards beneath the income (stock purchases, travel costs, etc) and total these. Then simply deduct total costs from total income to give operating profit. Do this for each site to compare profitability.

 

[tshields]

Using a spreadsheet can do the job until quantity comes into play and then there are too many items to manage. Quickbooks software is very affordable and may make a lot of sense in the near future. Intriguing business model - best of luck!