Vending Machine Business Record Keeping Basics
Keeping good records of the status of each of your vending machines when you repair them is a critical practice and a very easy one. Even for those who really dislike record keeping and struggle with the practice, the process isn’t too taxing. The benefits, after all, far outweigh the small inconvenience it presents. After all, by keeping records, you’ll be able to see how you’re doing over time so you know exactly which machines are performing the best, how many of which products are selling, and what profits you can anticipate in the weeks to come. and months to come.
As a business owner, this is the information you need. With even the most basic record keeping, you’ll have a much more complete understanding of your business and how you’re doing from machine to machine. This allows you to continue what you’re doing well with some machines and consider relocating other machines that just aren’t working as they should.
That said, you’ll also greatly appreciate your efforts to keep accurate records come tax time. Nothing is more painful than trying to piece together exact numbers from records that are incomplete or non-existent.
The two types of records you’ll want to constantly keep within your vending machine business are a basic ledger and a report of all the locations on your route. The basic ledger is essentially your general ledger. You must document all totalized income and expenses for all locations on your route. You can do this on paper, but it’s much easier and faster if you use a simple accounting program on your computer. By keeping all of your receipts and keeping a good route report, you can quickly and easily update your ledger each time you complete a service route.
While on your service route, you must keep track of the status of all your machines at each location. Each machine should have its own page where you take notes for each service. In this way, you can go to the page of any machine to observe its performance, including expenses, income, product placement and the popularity of each of the products.
When your business is still small enough that you do all the routing yourself, you will be responsible for all of the routing and general ledger records. However, once your business grows enough that you need to hire someone to run some or all of your routes for you, you’ll need to make sure that person also keeps the detailed and accurate records you need to make a difference. in understanding the success of your business.
The same goes if you want to hire a bookkeeper to keep track of all the income, expenses, and other data collected by the people who run your service routes for you. The trick is to make sure these records are never late, always complete, and always accurate.
Don’t forget to actually use the information you’ve collected. Keeping records is just a practical process when you examine and analyze the data that has been collected. Keep a close eye on the performance of each of your machines so you always know where attention is needed.