The restaurant business involves a lot of management in terms of supplies and finance. From the management of payments to amounts of different supplies, their prices, payments to different suppliers, to customer payment transactions and food order payments, it is a huge toll. The success or failure of any business directly relates to finance management. It includes revenue management of accounts.
Restaurant bookkeeping, therefore, relates to the expenses and revenue, detailed expenditure in a restaurant business. Proper and dedicated finance and accounts management is perhaps the key to success for any business, especially in businesses like restaurants, where there is a huge amount of both expenditure and revenue on a day-to-day scale. Therefore, the key aspects of restaurant bookkeeping in restaurants involve maintenance and record of:
- Expenses and expenditure sources.
- Understanding sources of revenue
- Management of payrolls
- Tax payment and rental payment management and data recording
- Bill payments of energy bills to suppliers
- Preparing budget and financial statement
Whether it is an expenditure of a single dollar or earning of $2 approx., when you are into bookkeeping duty of a business like that a restaurant, recording every movement of dollars is important. Food industries like restaurants have extensive daily transactions, and not all are sales. There are payments made, orders delivered, and regular customer payments, along with digital payments these days. Recording every transaction is important for seamless finance management and preparing your financial statement on the day or month-end.
Categorize and Manage Expenses
In a restaurant business, you need supplies of vegetables to grocery, meat to dairy items on a routine scale and on an emergency basis, so you need to pay your suppliers. So, there are some major payments that you need to make on a routine basis. Then there are energy bills, rental/loan payments if the property is a rented one or under the loan, sometimes many kitchen utilities like refrigerators and essential appliances might be rented, so payments for those, etc. Therefore, you can categorically enter these payments into your POS system.
Now in a payroll, not all are on permanent payroll. Some employees work on a daily payroll. While some might be on temporary payroll, others might be permanent. Besides, there are hikes, bonuses, travel allowances, etc., so making a complete track record of these different payrolls to seamlessly manage them can save a lot of time and trouble. Nowadays, most restaurants use POS systems, so ensure your system has an integrated interface to manage distinctive payroll patterns.
Restaurant Accounting Software
The point of sale (POS) systems in the restaurant business nowadays have a pivotal role. People look up to making credit card payments and digital payments. Therefore, you need a POS that seamlessly manages all your inventory accounts and help with quick transactors and accurate transactions. Now since the market is flooded with POS software, you need to be picky and do thorough research about the performance, accuracy, and customer feedback of the software you choose.
Crosscheck your restaurant bookkeeping with Bank Accounts
In a restaurant, throughout the day, there are hundreds of payments made through digital payments, cash, credit card, coupons, etc. even though you keep stringent tracking and recording of all transactions, you must verify all the cash flow with your bank account to ensure there is no miss-out in payroll liabilities, bill payments, lines of credit, loans, digital payments, and credit cards.
It is indeed true that with even small restaurant businesses growing these days rapidly, manual restaurant bookkeeping is not possible. Therefore, it is best to hire professionals or have POS systems installed and arrange audits with accounts professionals for restaurant bookkeeping will keep all the financial records accurate and will ensure the success of your business.