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#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.
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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. The VAT reporting is robust, although we have experienced some issues with bounced lodgements not being reflected correctly on VAT returns.I wrote an in-depth guide on restaurant accounting here.Reports are sophisticated and include non-financial reports, which are important for smooth business operation.Accounts IQ is designed for multi-entity and multi-currency accounting.The dashboard is intuitive and the system, in general, is quite user-friendly, considering that it’s aimed at more complex businesses. From a functionality perspective, it works very well.It is designed for companies whose accounting requirements are more complex. The system serves a different market to the two providers profiled above.As the system is sophisticated, the price is higher than the other software mentioned. We would recommend AccountsIQ for larger businesses or high-potential startups. AccountsIQ is an Irish system and so has all the functionality that Irish legislation requires, and also UK, U.S., and Australia functionality if you need it.