Help your restaurant thrive by outsourcing hospitality bookkeeping services
By: Sky Accountants
As the owner of a restaurant you should know the tax system well enough to avoid. Using restaurant bookkeeping services (https://www.skyaccountants.com.au/
Make sure you have the correct processes when cutting off budgets. If you decide to cut corners, don't slip into incorrect processes which can hurt your business in the future, like paying staff under the table. If your books do not accurately show your staff wages, you may encounter problems with your investors or buyers.
You should also separate your business from your personal accounts to see your business' financial status and speed up the lodging of your BAS and filing of tax returns. If you keep them separate right from the start, you will save plenty of time, money and headache cleaning up your books in the long run.
Don't forget to claim GST credits for your bank merchant fees and credit card transactions. Check your BAS and make sure the bank fees are coded correctly. You should also claim GST credits for your leased restaurant equipment and learn how to categorise rental equipment properly by consulting a qualified restaurant bookkeeper.
Your BAS should have the correct details about your commercial property – if you have a rental agreement, prepaid property statement or a refundable bond. It may be a good idea to consult a firm that offers hospitality bookkeeping services to help you.
As you look for different ways to grow and improve your business, seeking professional advice from a business accountant and consultant (https://www.skyaccountants.com.au/
You can click here (https://www.skyaccountants.com.au/