Don't post a sign "Discount if cash used" because that's a red flag. Because restaurants can sometimes under report the cash, in Canada CRA does audit restaurants a bit more than other business types.
Humans gonna human, typos are inevitable.Ĭash is also a very interesting part of running restaurants. This will save HOURS of work, trust me!!! When a server has to enter the receipt total into a POS device, and then enter how the receipt was paid into a register, not only does it take them time, but the POS Recon can be a nightmare. It is important to invest in a POS system that is connected to the Register. Inventory is a big deal though, so it was good to note that. How are Vendor credits unique to restaurants? I see them in most clients. If Gift cards are given out to fundraisers, or comps, then those also need to be entered, and generally offset "Promotions expense" while increasing the liability Gift Cards issued. Bonus points if the POS system does that for you too, less apps to worry about.
TIPS FREELANCE BOOKKEEPING FOR RESTAURANTS SOFTWARE
Investing in some sort of software or app that tracks GCs for you will help. People can often get confused about this, and I've seen it entered wrong often (collecting sales tax on it, which is incorrect), and I've also seen it be a negative liability which means that something is obviously wrong in how things are being recorded. I just took a brief look, but I thought I'd add that "Gift Cards Issued" is a liability that restaurants often have that you haven't mentioned. If you work in accounting, do you think the list above is exhaustive?įor small business owners or restaurant owners - what has been your biggest challenge in terms of accounting? Since accounting is so vital to maintaining the financial health of your restaurant as a business, it's also the first step in creating a plan to grow your business in the future. Setting your restaurant on a plan for future growth. Accounting can help avoid liquidity issues. Poor cash flow management can result in not having enough money to pay your restaurant's bills and debts. Accounting can help keep labor costs in check by determining the optimal number of people to have working for each shift.Ĭontrolling your cash flow. Staffing is a challenge for even the most successful restaurants. Use your accounting to determine what to charge guests for each menu item to cover the costs of ingredients, labor, and overhead-while still maintaining healthy margins.Īchieving and maintaining the best staffing levels.
Use accounting practices that are designed to help you identify opportunities to cut costs. This can reduce your restaurant's tax liability and exposure, while also decreasing your chances of being audited.īetter management of expenses. In terms of the benefits that hiring an accountant has for a small business owner, this is what I came up with:īetter tax reporting. It goes through every aspect of accounting for restaurants, including main definitions and who needs to have a say in the process. I wrote an in-depth guide on restaurant accounting here.
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