Careful accounting records are critical to increasing your chances of success in the hospitality industry. The thin profit margin that small restaurants survive on necessitates the need for an efficient system to track and record this critical information. Here are some of our top bookkeeping tips for your small restaurant.
Keep your records the best way you know how
1. Paper ledger
If you are uncomfortable with technology, you can use a basic ledger book and a carbon paper to post the entries. However, it may take longer for your accountant to prepare your reports and you may have to pay more.
They’re easy to use, especially if you lack advanced technological skills. It will also make it easier for the accountant to export the data to the relevant accounting software.
3. Small-business accounting software
Our accountant can set you up with a specific program that can work well with your restaurant. Xero, Quickbooks, or Sage are examples of excellent software for small businesses.
4. Restaurant-specific programs
If you have the budget for this, accounting can be more straightforward if you get programs with added features and the sophistication required for restaurant management. It can incorporate accounting with ordering, the point of sale, and inventory management.
Track vital data
Record the daily revenue and break it down into categories of individual dishes or food and beverages. You can program your cash register to do just that.
This is the account of how much products you have ordered in, on the flipside of the sales.
3. Value of inventory
You may have to count your inventory manually, to confirm that it is what your accounting system needs you to have at hand.
It is among the most vital expenses for your restaurant if you have hired anyone to work for you.
Professional assistance from Propeller Advisory in bookkeeping is essential in smoothing your path in the hospitality business. Knowing where you are doing well and which areas need improvement can help you lay out the right business strategy for consistent growth. If you can do part of the bookkeeping, year-end reports and taxes can be best handled by our experts. Call us today if you need bookkeeping, accounting and virtual CFO services in Melbourne.