Tuesday, July 08, 2008

"Retailers: Turn on Your Financial Headlights!"™

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P&L Statements
Commonly, Profit and Loss bookkeeping systems list the myriad operating expenses alphabetically. That's a system to help the bookkeeper, not the owner.
Retailers always should have expenses grouped and totaled by four or five main categories; e.g., Selling expenses, Occupancy expenses, Administrative expenses, Depreciation.
Always have both Plan and L.Y. numbers right alongside. And, be certain to show all numbers as a percent of sales.
Now you're paying for a tool you can use to manage and control your business; it's no longer just for the I.R.S.


Why Join The ROI ?
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It's NOT rocket science, after all!
We pay a lot of money for bookkeeping and/or a CPA. But they never actually teach me or explain the numbers.


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