A lot of small companies have a staff or family member without any type of accounting or bookkeeping experience do their books, which seems cost-effective, but can be a bad decision in the long run. The money you are “saving” could actually be costing you. What Can Go Wrong It doesn’t take much for a […]Read More
Finding a professional bookkeeping service that knows how to keep restaurant books correctly can be tricky. Bookkeeping services that manage restaurants’ finances must keep a defined, simple Chart of Accounts. They should break sales and direct costs into Food, Beer, Liquor and Wine, and break payroll down by Front of House, Back of House, Management and Owner. They should maintain Rent, Utilities, CAMs and Security as occupancy expenses. A cloud-based point of sale system that allows for ad hoc and on-the-spot reporting is critical. Work with a payroll provider that tracks the FICA tip credit and can run departmental payrolls. Keep a daily cash report connected to drawer and safe balances. For any ‘paid-out’ expenses, ensure amounts are recorded and receipts are attached to the report. Have all credit card tips paid on employee’s regular paychecks. Paying tips from the drawer amounts to giving short-term loans to your employees.