When you are in charge of the bookkeeping for your restaurant, there are a number of ways you can make the job more efficient. Whether you are really good at accounting, or you don’t have the first idea of how to manage your finances, solid bookkeeping practices will help you keep your finances under control. To run a successful business, restaurants included, it’s important to keep good track of your bookkeeping or work with someone who can.
Be Precise When Writing Down Figures
While it may be easier to round up numbers when writing down figures, this is not going to be helpful over time. Estimating costs or profits can get you into trouble because your estimates can be way off. Precision is essential when dealing with facts and figures, so that you know exactly where your finances stand.
Track All Expenses, No Matter How Small
It may seem pointless to write down expenses that are only a few dollars, but in a restaurant business, small expenses add up quickly. Whether you spend $5 buying some extra milk for the night, or you provided a free meal to improve customer service, write your expenses down in order to keep track of where your money is going.
Keep Track of All Money that Comes In
Know what money comes into your business every month, and know where that money comes from. You want to know how your sales are doing on a day to day basis, in order to see what your busiest days are. Ring in all purchases, and keep an accurate record of any tips that you receive. Your final profit will depend upon an accurate recording of the money that comes into your restaurant.
Use Software to Keep Track of Inventory, Sales and More
Good software, like QuickBooks, is essential to run any type of business in today’s world, but especially in the restaurant business. When you need to keep track of sales, inventory, bills and more all in one place, solid bookkeeping software will get the job done for you. All you will have to do is input the right data, and you will be able to create the reports you need to keep careful track of your profits, losses, and overall bottom line.
Create a Monthly Profit and Loss Statement
With the help of your software, create a monthly profit and loss statement so that you know if your business is running at a profit or a loss from month to month. Keeping track of your profits or losses each month is a solid record keeping practice that is essential for your restaurant business.