This can tell you a lot about the health of your business, how much you own, how much you owe, and how much is owed to you.
General Ledger
What is a balance sheet?
Shows the financial specifics for your business at a single moment in time.
What are assets?
Things your company owns( buildings, vehicles, etc.)
What are liabilities?
what you owe
GOGS represents what?
Cost of Goods Sold
Income is?
Money the company takes in sales.
Expenses are?
The cost of doing business that are not directly to a given sale and includes rent, payroll, vehicle expenses, utilities, etc.
What is included in NON Product Sales?
Service charges on outgoing wire orders, Commission on outgoing wire orders, and delivery charges.
What are included in product sales?
Silk/dried and loose flowers, arrangements, and green plants, blooming plants and gifts.
Outgoing wire-service orders are non-product sales because:
The sending shop has no COGS relating to these sales
This helps you plan for sales peaks and lows ahead of time, gives solid information about potential monthly sales, and helps with product purchase amount and timing.
Sales forecast
The three major cost of floral business are:
payroll, facilities expenses, Cost of Goods Sold
If you are a flower shop owner & designer one of your not so favorite but a must to keep business going is?
Book keeping
_________ are cost of doing business that aren't directly related to a given sale
Expenses
This shows profit or loss for a period of a company operations, generally one month, on quarter or one year.
Income statement.