Retail Store Operations & Calculations

Store operation resources, daily procedures, creating internal controls and systems, establishing retailing functions and other day-to-day retail store operations.

Balancing a Cash Register

The process of counting the money, reconciling the receipts and balancing the cash drawer creates an internal control or accountability of the day's transactions. Here are some tips for how, why and when to balance the cash drawer.

Create a Beat Yesterday Book

Retailers shuffle a lot of paperwork. There are Balance Sheets, Profit and Loss statements, Sales & Use forms and more to keep track of a business' financial health. But ask a retailer how their business is doing and many times he or she will have to call their accountant for the answer. This is where a Beat Yesterday Book will come in handy.

Daily Cash Drawer Report

The process of counting the money, reconciling the receipts and balancing the cash drawer creates an accountability of the days transactions. In order to track the day's sales, use the following form to balance the cash register.

Establishing Store Policies

The best time to establish policies and procedures for your retail business is during the planning stages. By anticipating problems before you open your doors, you can strategize how you’ll handle special situations, as well as the normal day to day operations. This helps avoid making mistakes once you’re faced with customers.

How Much Money Should I Keep In The Cash Register?

The amount of money a retailer should keep on hand will vary by the volume of sales, the ability to safely store the money and the type of payments the retailer receives from customers.

Shoplifting Policies and Procedures

It is important to plan policies and procedures for shoplifting early in the business planning. Take the following questions into consideration when writing your shoplifting policies and procedures.

Math is used at every level of retailing. From the basic functions of counting money and making change, to computing the total amount of a sales transaction involving calculating percentages to determine discounts, sales tax and shipping charges. More complex retail tasks require more advanced retail math skills. Some of them are as under:

Retail Math Formulas

Break-Even Point

Calculate GMROI

Calculate Inventory Turnover

Markup & Markdown

Sales Increase & Decrease Percentage

Measuring Retail Performance and Productivity

Retail Math: Using Percents

Startup Costs Calculator

Ratios and Formulas in Customer Financial Analysis

Retail Margin And Markup Table

Retail Math Equations

Retail Sales Calculator