IBN is an expert in delivering finance management solutions for food and beverage companies. We enable you to recognize revenue from several sources and manage multiple business locations.
Spend less worrying about recording and reconciling transactions and more on growing your food and beverage business. Schedule a consultation with us today!
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Food and beverage companies often face the following challenges when they attempt bookkeeping in-house:
POS Revenue Recognition
If a sale is made through a POS system but not recorded in the financial records, it can lead to a revenue recognition error. Similarly, if a sale is recorded in the financial records but not through the POS system, it can create a reconciliation error.
Reconciling Discount Coupon Sales
Food and beverage businesses find it challenging to ensure that all coupons are properly recorded in the accounting system and accurately accounted for in the sales transactions.
Reconciling Merchant accounts
Monitoring merchant accounts, tracking credit card fees, and ensuring that all credit card transactions and online payments are properly recorded and accounted for in the accounting system.
Implementing tip reporting systems or using POS systems that can track tips automatically, as well as monitoring payroll processing and accurate reporting of tips as part of employee income.
Petty Cash Reconciliation
Monitoring and auditing petty cash to ensure that the cash on hand matches the recorded transactions. Here, implementing a system for tracking expenses and reimbursements is the remedy.
Vendor Payments Management
Tracking invoices, making timely payments, and monitoring if vendors charge different amounts for the same products or services or if there are discrepancies in the exchange rates for international payments.
Payroll Processing and Allocation
Tracking and recording employee salaries and benefits, allocating payroll expenses to the appropriate cost centers, and ensuring that payroll taxes are accurately calculated and paid.
Multiple Locations Management
Consolidating financial statements, tracking expenses across locations, centralizing cash management functions, and ensuring that each location is operating within its budget.
As a food and beverage business owner, your time and energy should be focused on growing your business, creating new recipes, and satisfying your customers. That's why we offer professional bookkeeping services specifically designed to meet the needs of food and beverage businesses.
With IBN, you can avoid the headaches of managing your finances in-house. Our team of experienced bookkeepers will take care of everything from recording your sales and expenses, managing your accounts payable and receivable, reconciling your bank accounts, and providing you with monthly financial reports that you can rely on.
We understand that food and beverage businesses face unique challenges when managing their finances. Our bookkeeping service is tailored to address specific pain points, allowing you to focus on what you do best - running your business.