EDA Packet 08.21.18 - Laserfiche WebLink

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achieve desired profit margins. Cozzie's will also use its buying power by having two locations in order to receive food and liquor discounts from vendors. 3.4 Management Controls Cozzie's will practice sound management procedures in order to control costs, ensure quality of product and provide consistency in food quality and customer service. The following systems will be used by management: Order guide: The restaurant will use an item specific order guide to track order history and maintain designated level of product in inventory. Weekly Inventory: Management will conduct a weekly inventory to determine valuation for use in the preparation of weekly profit and loss reports. 3.5 Administrative Systems With a small staff, it is crucial that Cozzie's remain current with daily cash outlay. The purchase of a POS system and having the POS system in place and fully operational is crucial in helping with daily administrative tasks. Daily Cash Control. Sales and receipts recorded by the POS system will be compared to actual cash and credit card deposits on a daily basis. Discrepancies greater than $10.00 will prompt management to conduct an immediate audit to account for the difference. Monthly totals will be compared to actual P & L statements for accuracy. Cash, debit card and credit card receipts will be deposited in a deposit. The daily receipts will be dropped at the bank daily. The only money kept on hand will be petty cash, not to exceed $500 at one time Purchasing Records/Payable. Jen will process and record invoices and credits weekly. Reports detailing cash expenditures, payments by check, and accounts payable transactions will be readily available. Check disbursements will be prepared by Jen. Check signing authority for the general operating account will be given to Jen and the manager. Payroll Processing. Payroll checks will be issued every other week. Payroll will be done by Vital Systems in Stillwater. 12