How to track inventory for a tire shop

[GoldenSeaLLc]

Hi my name is Kevin and i am new to this forum. I have a question about tracking inventory and cash flow for a tire shop. To sum things up me and my wife had this and another business passed down to us. This business brings in alot of cash flow. Right now i would have my employees do the service, but i would take the money from the customers. I am planning on expanding and doing so i won't be around to get the money from the customers. I would like to figure out a way where i can keep track of our inventory and cash flow when i am out doing business. I currently do not have a POS system. So to sum it up my questions are
1) how to keep track of inventory.
2) how to keep track of cash flow when i'm not around to see if money is missing.

[TAAccounting]

Hi Kevin,

Welcome to the forum and congratulation on your business expansion. I apologies for not responding to your question sooner.

My recommendation as an accountant is to setup checks and balances. Sometime, a simple deterrence is enough to ensure employees do not steal. First, you need to find a reliable manager who you can train to run the receivable side of your business. Next, I suggest getting an accounting software (Quickbook is relatively inexpensive and easy to use). Once you have the software, it's as easy as ensuring that customers receive an invoice for the work done on their car, the payment amount, and the method of payment. It also has a function where you can limit user's access (not being able to give discount without manager's approval).

Next, it is a matter of paperwork. Instead of having employees simply going and taking a tire off the rack -- have them fill out a form that shows who took which tire. At the end of the day, you can review the forms for tire usage, compare it to what is sold in the system, and see exactly how your shop performed. On top of that, Quickbooks (and most accounting software) has the capability to track inventory as well -- an accurate count and routine upkeep will make life much easier for you.

Let me know if you have any questions regarding the implementation of this process. It's relatively painless and inexpensive as well.

Best Regards,
Tran Nguyen
Accountant

[mocmoc2310]

Hi my name is Kevin and i am new to this forum. I have a question about tracking inventory and cash flow for a tire shop. To sum things up me and my wife had this and another business passed down to us. This business brings in alot of cash flow. Right now i would have my employees do the service, but i would take the money from the customers. I am planning on expanding and doing so i won't be around to get the money from the customers. I would like to figure out a way where i can keep track of our inventory and cash flow when i am out doing business. I currently do not have a POS system. So to sum it up my questions are
1) how to keep track of inventory.
2) how to keep track of cash flow when i'm not around to see if money is missing.


I know this is an old post. How is the tire business? Are things good