No One Understands Restaurant Accounting Better Than Us
The day to day demands of running a restaurant can make it very difficult for you to manage the bookkeeping process. Considering the slim profit margins in the restaurant industry, neglecting your bookkeeping can prove to be a costly mistake. To survive in today's fiercely challenging environment of the restaurant and hospitality industry, you must seek out ways to reduce your financial outlay and boost business efficiency without losing quality or customer experience.
Restaurants that have taken advantage of our Restaurant Accounting Services have enjoyed a variety of benefits; their finances are invariably in order, easily accessible, and accurate all the time. With our cost-effective Restaurant Accounting Services, your business will continue to be financially sound, now and forever.
What We Offer
Entering daily sales data from your POS into the accounting software in the form of a journal. We are conversant to use popular POS software’s like Quickbooks POS, NCR Back office, Crunch time, Radiant – Red Prairie, Clover amongst others.
Proper cash handling at your restaurant comes down to three things: trustworthy staff, accountability, and solid procedures. With these three things, your cash handling will go smoothly. Though you should expect to see minor cash handling mistakes in your restaurant, huge losses that hurt your profits—like employee theft, robbery, and human error—are avoidable with the right cash handling and tracking procedures.
We track cash deposits in the store’s bank account daily and prepare a reconciliation report, a portion of which is reproduced below:
An accurate inventory allows you to determine exactly what ingredients are available and the reordering level for each of them.
Cost Of Goods Sold (COGS), also called F&B cost, is the cost of making the meals. It is an important indicator of operational efficiencies and is needed at the time of budgeting. Monitoring inventory and costs, help you reduce inventory carrying cost and control food wastage.
General ledger, accounting, payroll, accounts receivable and accounts payable, bank reconciliation and invoice processing are also done by us.
This is to compare the sales as recorded in the POS with that of QBO. This helps us reconcile the sales.
This report is to examine the cash over and shorts at the end of each sale period. Small amounts could be allowed; however large differences need to be investigated.
Every store may require buying some items on an urgent basis on many days Eg. Tissue Papers, Ketchup or to replace malfunctioning lights etc. The same is recorded in the POS, and our books along with backup receipts to ensure transparency.
Financial analysis for your restaurant could be a game changer. With such tight profit margins in the restaurant industry, it is important to analyze your financial reports on a regular basis. With such tight profit margins in the restaurant industry, it is important to analyse your financial reports on a regular basis. The few important KPIs (Key Performance Indicators) are however not limited to:
- Wage Cost %
- Kitchen Labour Cost %
- Average Hourly Pay
- F&B Cost %
- Food Cost Per Head
- Revenue Per Chair
- Sales Per Sqft
- Return On Investment
- Sales Growth
- Best (And Worst) Selling Items
- Basket Analysis
A sample of KPIs analysed is shown below: