This could be anything from better managing your expenses to increasing revenue, reducing labor costs or optimizing your menu pricing. For DIY bookkeepers, this means restaurant bookkeeping careful record-keeping and keeping a close eye on your tax obligations. Keeping on top of your bookkeeping is worth far more than avoiding tax season headaches.
Whether you’re running the accounting services yourself or outsourcing your restaurant accounting, staying on top of the day-to-day bookkeeping is essential to stay ahead of your competition and turn a profit. A POS system that fits your restaurant’s specific needs can streamline your operations, saving you time, money, and potential headaches. Integrate your POS and accounting software systems to automate data collection and reporting to track your sales, inventory, expenses, and other important operational data. Timely and accurate restaurant accounting is crucial to ensure you’re always on top of your numbers, so you can remain profitable and invest in business growth. This method is commonly used by small businesses, including restaurants, as it is relatively simple and easy to implement.
Generate a Sales Report
Account reconciliation also catches accounting errors and keeps track of your transactions. Revenue reports display total expected revenue for a period and how the revenue is split between food and drink. You can use revenue reports as a financial projection tool to anticipate how much revenue you’ll generate in the future. You and your accountant will work on certain bookkeeping and accounting tasks together. You’ll also want to know enough about accounting to monitor financial KPIs that will help you make business decisions on the fly.
He owns Genuine Communications, which helps CMOs, founders, and marketing teams to build brands and attract customers. With everyone that goes into keeping your books up to speed, it might make sense to hire a qualified and accredited finance professional to help you. There’s just these three processes that we think you should know about too. When you calculate break-even point in units, you’re learning how many pizzas, coffees, fixed price meals you’ll need to sell to achieve that same goal.
Record Sales Through Your POS Daily
Subtract your COGS from your total sales revenue to get your restaurant’s gross profit. This number shows the profit your venture generates before considering operating expenses such as rent and utilities. Doing restaurant accounting can be as rewarding as creating your favorite recipes when you do it the right way. Keeping track of your financial situation helps you make better financial decisions and future-proof your business. You can use your financial data to budget and plan your restaurant’s long-term success.
