Accounting Practices For A Campground
Small business enterprise suffers from many regulations, burdening tax laws, and big business marketing. Yet, for many people it is the American dream to own your own business. In today's times, it is crucial that the small business be equipped to handle the task of operating like a big business. The small business owner must have a good understanding of accounting and how it can be used to benefit the enterprise. This paper will look at one unique area of small business, campground ownership. The paper will show how various aspects of accounting can be "put to work so the owner can better use the time to manage the campground itself. Cash flow statements, the balance sheet; income statements, along with ratios associated with each area will be highlighted. The paper will look at these accounting principals from the perspective of the office manager, accountant, banker, and the owner/operator.
Packing up the car for the one-hour drive along the coast of Lake Michigan to our favorite weekend destination, Hidden Valley Lake brings back fond memories. The excitement of spending the weekend leisurely swimming, hiking, fishing, and just playing in the woods at the campground was many boys dream. For the campground owner the task was much different, handling all kinds issues such as inventory, registration, cleaning, grounds keeping, and including accounting functions. Today the campground owner must be aware of the various aspects of campground ownership, such as RV business, marketing, taxes, regulations, and even more detailed accounting functions. Like any successful business, detailed and explicit accounting will enhance the enterprise.
The camping industry has been steadily climbing and evolving. Over 6.9 million households own RVs and the industry is climbing. Campground reservations are up 15-25% for the southwest and even higher in the Midwest. (Sasser, 2002). The typical RV camper is white, 50 years old and married