Reporting Revenue
Reporting Revenue
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Published December 02, 2008
How should I be reporting all of my store's revenues? “I laid off my repair technician three months ago because money was tight. We’ve been scrambling to catch up with the repairs and now my road rep told me we’ve lost four accounts because our repairs have gotten so bad. What should I do?”
Does this scenario sound familiar? If so, do you even know whether you’re making money at repairs…or rentals, and lessons? If not, there’s a good chance you’re not tracking or reporting these revenues separately and correctly. Multiple sources of revenue should be stated and tracked separately to make sure each is carrying its own financial weight in your business.
To find out the common sources of revenue in the music industry and how best to track them, watch this video.
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