Scoop from the Coop This week’s edition was written by Spencer Foss
Normally these articles focus on the chickens and how they’re doing, but this time we wanted to focus on the money side of our business. Who collects the money? Who creates invoices? Who determines how the money is spent? The answer is simple, the fifth grade financial team!
When we receive an order from our online form, we print the invoices and fill out the information, including who purchased the eggs, price, and if they had a previous balance. Then the eggs and invoices are delivered to the lucky family. We designed the invoices a while back with a big meeting during Chicken Club where we brainstormed questions and added them onto the form. After we hand out the eggs we have to wait for payment. When we receive the money, we put it in a special envelope where it is safe. We also add some information to the invoice and keep paid invoices in the envelope. This is how we keep our payment records.
One issue we have to deal with on the financial side of the business is collecting payments after invoices are distributed. We distribute the eggs and the invoice on the same day, so it is then our job to collect payment after eggs have been consumed. Sometimes this can be a tricky job. We have a spreadsheet that us fifth graders created to keep track of sales, eggs distributed, invoices sent, completed payments, and payments still waiting to be received. We think this is a good system for monitoring the finances here at Got Eggs?.