Restaurant, Cafe & Bars
Running a restaurant, cafe or bar is exciting and challenging, you have to ensure that the food and beverages are prepared up to quality, marketing campaign, find the right stuff and daily operation. You also have to ensure that the business has covered the compliance issue of GST, PAYG, Income tax and the industry regulation including the food safety regulations, liquor license, and council permit else.
The Cash flows in the business
The restaurant industry is very competitive. One of the major reasons the business turning out of control is because of failing to manage the business accounts properly. The business transactions go through every day with a thin margin, it is important to manage the cashflows on maintaining the stock levels, operating cost and revenue.
High turnover of staff
With the nature of the business, some of your employees will only work temporarily then moving on, the restaurant often has high staff turnover. Payroll is a time consuming and complicated task for any restaurant owner who does not fully understand accounting and the compliance issue on payroll tax and superannuation.
Good POS (Point of Sale) System to maintain sales record
A good POS system to connect with an accounting system will help you to handle all the money received from customers either pay with cash or other methods like credit or debit card.
Manage Stock level to avoid waste
Managing stock of food and beverage can be a challenging task, most of the operator relies on regular deliveries to keep the stock at a certain level. A detailed accounting report on past revenue analysis will help you to identify the peak time of the period, this might help you to maintain a desirable stock level.
Remember to book all receipts
Ensure that you make a record on each purchase and process each receipt. A good accounting system can assist you to maintain a proper record. Like other business, it’s all about numbers, a poor record keeping is one of the biggest issues of business failure. to have an accurate financial record can let you to make informed business decision making.
Find the right accountant
A good accountant should help you to slash your time and cost associated with bookkeeping and the taxation compliance. With using the cloud-based accounting technology, you can get up to date data on managing the daily cash flow and get a business support and valuable advice in real-time. The accountant can do some financial modeling to project your business in the different market period scenario. Apply the industry benchmarks to compare the performance of the business against other restaurant operators in the market. This helps you to understand and to apply proper strategies onwards to the business.
Get in touch with eFirm
The professional team at eFirm have assisted a range of restaurants, cafes, and bars over the years. From the foundations of advice on the right business structure, installation of the accounting software, taxation planning strategies, bookkeeping, payroll, preparation of financial statements and tax returns. By using the cloud-based accounting tools, we also a real-time financial advisor, maintains your books up to date and partnering with you along with your business journey.