Keeping on top of cash flow is an integral part of any business – arguably even more so in recent times. It’s useful to know at any stage – what has been collected, what is still outstanding and when it is expected to go through. PhotoOne allows you to keep on top of your cashflow with a complete array of reports. Here are a few of the basics and how I use them:
End Of Day: Chi and Zed
The “X” report acts as a checking mechanism for cash receipts that have been entered into PhotoOne since the last “Z” report. The report splits the cash receipts by payment method. I check the cash totals with the till and check the credit card totals with the eftpos receipts.
Once all is accounted for, I run the Z report and attach all eftpos (credit card) receipts to it and file it in a folder. If your volume does not warrant doing this daily, then you can do it every few days or as required. Once you run the Z report, the till is zeroed out and will be ready for the next time.
How to get there in PhotoOne: Reports>Daily Reports>X and/or Z report
Quick Tip:If you have never run a Z report, do so once to clear out the till prior to using as part of your cash flow management routine.
End of Week: Cash and Sales
As part of your cash flow management routine, it is useful to know both the total orders for the week, and also what was actually received. Here’s how I do it:
1. Cash Report - This will give you the total cash received, with subtotals for each business type.
How to get there: Reports > Cash Report > Cash Report by type. Click Report all Types and select date range (last week).
2. Sales Report - This will give you the total orders taken, with detailed info for each order including tax.
How to get there: Reports > Sales Report > Orders by Business Type. Click detail, all types, it will recall the date range previously selected and then select the date to use (I use order date)
NB. Always use the same selection criteria to ensure consistency across reporting.
A great tool which is only available on the Owner’s Edition is ‘PhotoOne Today’ which allows you to review figures at a glance, including comparisons to last year.
End of Month: Integration
Depending on whether you are on a cash or accrual system, you can use the relevant report to give you the cash or order total for the month. This figure can then be entered into your accounting software (MYOB or QuickBooks).
PhotoOne works side-by-side with these programs to eliminate double entry – you don’t need each individual client transaction in your accounting software, similarly you don’t need to record expenses in PhotoOne. PhotoOne is great for tracking client orders and workflow, then using the powerful reporting and marketing to make full use of this information. I always print and keep the monthly reports in a folder for easy reference.
Getting into a routine of regular cash reports will make you feel more in control and contribute to the smooth operation of your business!
This blog post was contributed by Chris Harley at Instinctive Desires in Australia. Chris and Instinctive Desires use PhotoOne in their three different businesses and also provide sales, marketing and technical assistance with respect to PhotoOne in Australia. We appreciate Chris’s contribution and we look forward to having him guest blog in September.
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