A restaurant can be a hectic place. Running tirelessly between the front and the back of the house focusing on crowds of hungry patrons, planning menus and specials, continuous efforts to provide the perfect taste, ambiance, and an unforgettable experience to the customers, managing high overhead, wasted ingredients, etc, are some of the everyday challenges of restaurant owners. With so much going on, bookkeeping is often overlooked or deferred for a later date. Unfortunately, when bookkeeping is left behind, catching up becomes both tough and expensive. Restaurant profit margins are too tight to let bookkeeping lapse. Deferring bookkeeping leads to chaos and confusion and inaccurate records that can be difficult to rectify. On the other hand, missing a declaration of correct revenue can lead to tax penalties and more. Bookkeeping can help restaurateurs create a strong foundation for effective business decisions and keep overhead costs in check which means more funds for new dishes, better decor, marketing initiatives, etc. Here are a few useful tips to keep your restaurant bookkeeping organized.
Record Restaurant Sales Daily
Record the daily sales helps in effective bookkeeping for your restaurant. Reviewing daily sales each day helps in matching the cash and credit card sales proceeds credited into your bank account. Modern POS systems can now automatically track daily sales and offer a daily sales report. It is suggested to check this report every day to ensure the figures are correct and fix any errors that arise. Incorporating a fully-integrated POS system with your back office and accounting allows you to link sales to your general ledger and accounts payable. While tracking your sales, it is advised to create different heads for tracking sales:
Beverages
Food
Merchandise
Catering Job
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At CJCPA, we understand the complexity of the food and beverage industry, its operations, and management aspects. Our experienced team helps restaurants with all their unique financial needs through our end-to-end bar and restaurant accounting and bookkeeping services. Contact us today.