For restaurant owners, a few of the obstacles to success include difficulty making profits, wasted ingredients, high overhead, and long hours.
Bookkeeping is one feature of restaurant management that’s often ignored. Unluckily, it’s hard to get caught up once you’re behind on your restaurant accounting.
You shouldn’t let your Kelowna bookkeeping slip since the profit margins in the restaurant business are extremely tight. By the time you catch the problems, it might be very late to fix them if you are not monitoring closely your financials.
Here are several fundamentals in Restaurant bookkeeping:
Keep Track of Your Sales Every Day
Knowing how to record your sales correctly is one of the first items you’ve got to understand.
- Keep Track of Your Sales Entries Daily
For each day, you should keep track of your separate day-to-day sales entry. This technique will help you copy how the credit card and cash deposits hit the bank account of the restaurant.
- Create a Sales Report
You’ll have to create some type of report in order to record the day-to-day sales. This report should summarize your sales.
Almost every POS system in a restaurant will have a day-to-day sales summary included. You’ll have to work through the settings with your system if you want to customize the report.
- Generate a Day-to-day Sales Journal
You should generate a memorized transaction in QuickBooks and set up a day-to-day sales journal entry after you’ve got a sales summary.
Managing Accounts Payable
Setting up accounts payable is the next step for your restaurant bookkeeping. If you want your vendors to continue working with you, it is important that you keep them satisfied.
- To do this, you’ve got to know how to pay bills and enter bills in QuickBooks. All of these errands are very simple to do.
- You’ve got to ensure that you print checks from QuickBooks if you’re cutting checks for your bills. With this, you can feed the payment details automatically into your QuickBooks account. Therefore, you won’t have to do unnecessary data entry.
- Paying your bills with online bill payment is another option that you can choose. You should first link your QuickBooks to your bank account and sign up for online bill pay feature.
You’re at a huge risk if you do your own payroll as a business owner. The interest and penalties that will be assessed to you can be pretty big if you file them late or if you file your payroll taxes incorrectly.
To make sure reliable and consistent accounting and paychecks, you can outsource your payroll. It is a required option and it is often affordable.
Reconciling Your Accounts
The only way to identify that you’ve recorded every single one of your financial transaction is through reconciliation. Aside from your bank account, you’ve got to reconcile every single one of your account. You have to reconcile payroll liabilities, lines of credit, loans, credit cards, bank accounts, and much more. This will make sure that you have precise financial reports.