Oct. 8, 2019
-- Your restaurant or bar has specialised accounting and bookkeeping needs and when you've grown your business to the point where you cannot keep the books yourself anymore, you need a bar bookkeeper or accountant who has years of experience in the hospitality, restaurant and bar industry. You need accurate books daily to determine how many staff you need based on your sales and how much you need to spend on liquor and food. Your books can also show you how effective your promotions are.
What does your bar bookkeeper do? First, your bookkeeper will reconcile orders and receipts. He or she will make sure that the orders match the receipts. While an accounting software can do this to some degree, you still need a bookkeeper to check the data and see if there are any omissions or errors. If you aren't collecting the correct payment from customers, you can lose a lot of money.
Your bar bookkeeper will also keep an eye on your food and supplies budget to make sure your manager or head chef are not ordering too much and exceeding the budget because they often work independently. He or she will also check records and make sure the orders are accurate.
Your bar bookkeeper will check time cards and make sure your employees are paid correctly. He or she will tally up payroll taxes, income tax and other compensation figures in the company ledger. He or she will also reconcile orders with vendor invoices and make sure the payments are accurate.
Your bar bookkeeper will prepare deposit slips and compare cash receipts, checks and credit card payments with daily total sales. He or she will maintain records of tax obligations and pay them for your restaurant. He or she will show you how much tax you are paying each week along with a weekly sales report of your restaurant's sales and expenses. It will note the areas where there is over budget and identify any losses so you can review your operations and adjust cash controls where possible.
Need a bit of assistance with your hospitality business? Contact a bar bookkeeper (https://www.skyaccountants.com.au/contact/
) today and learn more about our fixed fees. You won't regret it.
Some of our clients include Buckley's Entertainment Center, Ballarat Leagues Club, Daylesford Hotel, Bacchus Marsh Golf Club, Campbell Point House, Midlands Ballarat, The Urban Newtown, Maryborough Midland Society, Brink Drinks, Dontek, UV Wraps and many more.
Aside from business consultation, we also offer accounting, bookkeeping, back office, SMSF and POS services designed to help you achieve greater financial success.