how to do bookkeeping for a restaurant
Setting up the correct bookkeeping procedures is crucial for a restaurant owner in order to manage accounts payable and cash flow, as well as accurately record sales, cost of goods, and expenses.
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Reconciling bank accounts, accounts receivable, credit cards, and other balance sheet accounts is imperative to maintaining accurate financial reporting.
QuickBooks Online
Accounting Software
Throughout the month, we provide the food, beverage, and labor costs for your restaurant so that you can make adjustment as necessary.
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Some of our clients do weekly food and beverage inventories while others do them monthly. As you provide the inventories, we post the changes in order to calculate the most accurate food and beverage cost of goods.
Income & Expenses
Profit and Loss Statements
Your profit and loss statement is the primary guide for your restaurant's ability to generate a profit. We post income data from your point-of-sales systems, as well as any catering and delivery apps you may use. Expenses sync from accounts payable in Bill.com, credit cards, and other sources.
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Each month, we thoroughly review your profit and loss statement looking for anomalies and trends.
Assets & Liabilities
Balance Sheet Reconciliations
The balance sheet accounts are something that our clients are often too busy to be concerned with; however, reconciling these account is extremely important to ensure that assets and liabilities are correctly recorded. The balance sheet includes bank accounts, cash deposits, credit card deposits, payments from catering and delivery apps, credit card accounts, gift certificates, event deposits, and loan payments.
We are constantly reviewing and reconciling these accounts to ensure accuracy and to provide our clients' tax preparers with accurate numbers.