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angie343536 · Feb 18, 2008, 11:45 PM

If you started your own dry cleaning business, how would you handle cash collection? How would you handle debit/credit card transactions? What safeguards would you put in place to ensure that all collections are handled properly? Why?

Clough · Feb 19, 2008, 12:24 AM

Is this a homework question? It would help us to help you the best to know if it is a homework question or not.

angie343536 · Feb 19, 2008, 12:31 AM

I guess you can call this a homework question because I have to do a business plan.

Clough · Feb 19, 2008, 12:39 AM

Okay. Thanks for the explanation. Then, let's start at the top. What is it about cash collection that you need to know and prepare for as far as making a business plan?

angie343536 · Feb 19, 2008, 02:08 AM

Are there any type of procedure you have to do in cash collecting when someone pay for the dry cleaning service? All my questions are part of my operating activities that I am trying to figure out and get a better understanding.

morgaine300 · Feb 20, 2008, 12:18 PM

You mentioned safeguards. Are these questions from the point of view of internal controls? If so, start by thinking how an employee could either cheat and steal money from the company, or ways that errors could be made but not caught. That tells you in what way the system is not safeguarded, and then you can think along the lines of how to fix that.