Obviously theres a good deal of cash payments in this business. I'm looking to hire a manager to handle day-to-day transactions.
Anyone have experience with this/tips for how ensure you see all of the revenue paid in cash?
I'm concerned about all of the cash payments being logged as an absentee owner...
Several ideas:
- Small % discount for credit card payments (issue is you're getting hit twice on CC Fees)
- Incentivize manager based on cash revenue (if we have historically done $100,000k of cash revenue annually, you get $5,000 bonus if we hit or outperform)
- Cash Audits (Not sure how this would work in practice)
- Cameras with AI capabilities to monitor (Does this exist)
Buying Nail Salon: How to manage cash as an abesentee owner?
by a searcher from The University of North Carolina at Chapel Hill - Kenan-Flagler Business School
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If anyone else has questions on Managing Cash, Absentee Ownership, or related topics, please post them and I'll do my best to get them answered for you.