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3.8 Operational and Financial Reporting

Operational and Financial Reporting 

To effectively track your business's financial health and performance, we recommend organizing your financial records using the following categories:

Revenue (Income)

  • On-Site Sales – Revenue from selling directly at your cart or store.
  • Pre-Paid Sales – Revenue from advance orders, catering, or wholesale sales.

Expenses

  • Cost of Goods Sold (COGS) – Pops – The cost of producing and purchasing pops.
  • COGS – Other – Costs for essential supplies like cart rent, dry ice, cold plates, umbrellas, and chalkboards.
  • Payroll – Wages paid to employees.
  • Cart Location Rent – Fees paid to operate at a specific location.
  • King of Pops Royalties & Fees – Required franchise payments.
  • Other Expenses – Miscellaneous costs not covered in the above categories.

Profit

  • The remaining earnings after deducting all expenses from revenue.

 

Why This Matters

Organizing financial data in this way helps simplify reporting, making it easier to analyze your business performance and compare with industry benchmarks. It also supports better decision-making to optimize operations.

Reporting Expectations

While you are no longer required to submit monthly financial reports, we strongly encourage you to maintain detailed records for your own business planning and growth.



Reports Overview

Event Sales and Inventory Reconciliation

Proper tracking of inventory and sales before and after each event is essential. Follow these steps to ensure accurate records:

Before the Event

  • Inventory Verification:
  • Both the manager and slinger must verify and document the starting inventory, including the total number of pops, other salable items (e.g., King of Pups, bottled water), and cash being sent out.

After the Event

  1. Count Remaining Inventory:
  • Record the ending inventory for each category (e.g., King of Pops, King of Pups, bottled water).
  1. Calculate Inventory Sold:
  • Subtract the ending inventory from the starting inventory for each category to determine the quantity sold.
  1. Verify Sales in Square POS System:
  • Use the Square Dashboard to check recorded sales:
  1. Navigate to Reports → Sales.
  2. Use the filter to select All Team Members → Your Name.
  3. Adjust the date filter to the event date and click Done.
  4. Record the following details:
  • Total Collected: Card and cash amounts.
  • Category Sales: Scroll down to Top Categories and record sales for King of Pops, King of Pups, and Other.
  1. Reconcile Discrepancies:
  • Compare the calculated inventory sold with POS-recorded sales:
  • If sales are missing from the POS, check for extra cash from unrecorded transactions.
  • Add the missing sales data to the POS system if applicable.
  • If discrepancies remain unresolved, notify the manager immediately for review.

By following these steps, you ensure accurate reporting of event sales and inventory, reducing errors and maintaining accountability.

This version removes references to Goodfynd and provides a streamlined process for using Square POS. Let me know if further changes are needed!



End-of-Day Cash Management

To ensure accurate financial records and accountability, managers should follow these end-of-day cash management procedures:

  1. Recording Revenue
  • Update HubSpot by moving completed deals from Scheduled to Closed Won and recording the revenue for each event. The revenue should be the amount made from pops, pups, prince, and any service fees. Exclude tax and tip amount. 
  1. Counting Cash & Handling Variances
  • Count cash daily and check for discrepancies.
  • Investigate any cash or inventory variance greater than 1%.
  • If a discrepancy is due to a slinger (employee) error, log the incident in the Slinger Log.
  • If a slinger makes three errors, address the issue formally.
  1. Preparing Cash Banks
  • Use the collected cash to prepare up to five cash banks, each containing:
    • 30 one-dollar bills ($1s)
    • 14 five-dollar bills ($5s)

 

  1. Reviewing Weekly Shift Drops
  • Compare the KoP Shift Drop Sheet to the actual cash in the drop bag.
  • Investigate and resolve any differences.

This process ensures consistency, accountability, and accurate cash handling.