Atlanta Bookkeeping Tips For Food Trucks
Food trucks are becoming more and more popular with each passing year. While this means that there’s more potential customers, it also means that there’s more competition. Here’s a few business and bookkeeping tips from Fusion CPA (http://www.Fusiontaxes.com/) to help your food truck stay ahead of the competition:
Pay very close attention to the weather forecast. Various weather events such as rain, snow, and extreme heat or cold can affect the number of customers, as well as the items customers purchase, dramatically. As a result, failure to be mindful of the weather can result in inventory spoilage or running out of inventory.
Stay up to date on the locations of the other food trucks in your city, and plan the location of your truck accordingly. Depending on the nature of your offerings and those of other vendors in your city, it may be beneficial to place your truck near others, as customers may be used to coming to a specific area of the city to find food trucks. On the other hand, it may be better to try to find an area not currently served by a food truck in order to take advantage an untapped customer base. In either case, you should also stay up to date on constantly changing local and state laws and ordinances that govern where food trucks can and cannot set up shop.
Create monthly budgets for income and expenses, and compare them to the actual monthly results. The profit margin for food trucks is generally quite low, and the cost of inventory items can shift quickly, so preparing monthly financial statements and comparing them to your budgets can help you quickly discover whether prices and the amounts of inventory used are appropriate.
Our process at Fusion CPA for working with Food Trucks in Atlanta is a three part process:
- Real time financial statement reporting – we implement cloud service accounting and bookkeeping processes so the owners of the food truck can get up to date reporting of their food truck’s financial status and performance.
- Industry benchmarking – we compare the key street food industry performance indicators to your food truck. A few of these include Revenue per Employee, Profit Per Employee, and Gross Profit Margin.
- Business growth analysis – using the financial data that we have accumulated in our previous two steps, we plan for the growth of your food truck. We determine where you are financially at now and where you want to financially be at five years from now. We help you to decide where you need to spend (1) your time and (2) your money. We help you to set the monthly financial goals on a per partner and per employee basis to help you get there. We are your financial accountability partners.
Find out more about Fusion CPA at http://www.Fusiontaxes.com .