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In-house bookkeepers at a restaurant often struggle with the following:
Daily Food/Liquor Sales Accounting
Food and liquor sales may be subject to different tax rates and regulations, which require businesses to track and report sales by category carefully. Further complicating the bookkeeping process for restaurants is the need to track inventory levels and costs, as well as manage supplier payments and accounts receivable.
POS Revenue Reconciliation
With multiple payment gateways, multiple sales channels, and various discounts, it can be challenging to track and reconcile all transactions accurately. Moreover, the processing time for transactions can also differ, leading to timing differences in revenue recognition. Additionally, refunds, returns, and chargebacks can complicate the reconciliation process further.
Groupon and Discount Reconciliation
Groupon and other discount sites offer deals that can be redeemed at a later date, making it difficult to track the timing of sales and associated revenue recognition. Additionally, discounts and promotions can vary by product, time period, and sales channel, making it challenging to reconcile all transactions accurately.
Cash Flow Monitoring
Restaurants operate on thin profit margins, and cash flow management can be a real challenge. Restaurants need to ensure that they have enough cash on hand to pay for inventory, payroll, and other expenses, while also ensuring that they are bringing in enough revenue to cover these costs. This requires careful planning and forecasting, as well as regular monitoring of cash flow.
Managing payroll can be a significant challenge for restaurants, particularly those with a large number of employees. Restaurants need to ensure that they are accurately tracking employee hours, calculating payroll taxes, and complying with labor regulations. This can be a time-consuming process that requires attention to detail and regular monitoring to ensure compliance.
Restaurants must ensure that tips are reported correctly for tax purposes and distributed fairly among staff members. However, tips can be difficult to track, particularly if paid in cash or through third-party apps. Additionally, there may be discrepancies between the tips reported by employees and those reported by the restaurant, leading to audits and penalties from tax authorities.
Restaurants need to maintain accurate records of all invoices received and ensure that they make timely payments to avoid late fees and penalties. However, managing payments can be complicated, particularly if vendors charge different amounts for the same products or services or if there are discrepancies in exchange rates for international payments.
Petty Cash Reconciliation
Because petty cash transactions are often small and frequent, they can be difficult to track and reconcile, particularly if there are multiple employees accessing the petty cash fund. Additionally, petty cash can be susceptible to fraud or errors, as there may be a lack of oversight or documentation around these transactions.
IBN's restaurant bookkeeping services offer a comprehensive suite to restaurants of all sizes. Our experienced professionals will handle all of your financial needs, including accounting, payroll for your staff, accounts payable, inventory, and more.
We provide customized restaurant bookkeeping services that are tailored to the unique needs of your restaurant business. Our bookkeepers are dexterous in using industry-leading software systems and technology to simplify the process while protecting vital financial information.
With our in-depth analysis of your current finances and operations, you can rest assured that you'll have a detailed understanding of your business's financials at any given time. Our timely reports will keep you informed on the status of cash flow, profits & losses, inventory levels, and much more. Contact us today for more information on our comprehensive bookkeeping services!