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Salt Lake City Bookkeeping Blog

Restaurant Bookkeeping 101 - 5 Step Simple Guide

Posted by Matt Roberge on Sep 19, 2019 11:52:00 AM

Long hours, high overhead, wasted ingredients, and difficulty making profits are some of the barriers to success for restaurant owners.

Yet, for those who love the business or who dream of having a place where everyone knows your name, there’s no other opportunity that comes close.

An often neglected aspect of restaurant management is bookkeeping. Unfortunately, once you are behind on your restaurant accounting, it is difficult to get caught up.

The profit margins in the restaurant industry are too tight to let your bookkeeping slip. If you aren't watching your financials closely it may be too late to fix problems by the time you catch them.

This guide will help you understand the basics of what a trained accountant will help with as you develop a reporting and growth plan.

Effective restaurant bookkeeping starts with you. Whether you’re running the accounting services yourself or outsourcing your restaurant accounting, staying on top of the day-to-day bookkeeping is essential to stay ahead of your competition and turn a profit.

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Topics: Restaurant Bookkeeping, Restaurant P.O.S, Bookkeeping Procedures, Bookkeeping Processes, Simple Bookkeeping, Restaurant Bookkeeper, Restaurant Accounting

How to Manage Your Petty Cash Fund

Posted by Leanne Armstrong on May 23, 2018 9:00:00 AM

There are some business purchases – think coffee runs, staff birthday cards, and one-off postage costs for example – where it’s impractical to pay by credit card or check. As a matter of fact, it was smaller business expenditures like these that first gave rise to the term petty cash! And they’re still the reason why most companies find it useful to keep funds on hand for minor, last-minute, or cash-only expenses.

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Topics: Bookkeeping Procedures, Cash Flow, Outsourced Bookkeeping

Why A 10 Year Old Should Be Able To Run Your Business

Posted by Matt Roberge on Jul 30, 2014 7:00:00 AM

Today's article is a guest post from Melissa Bamfo a co-founder of Business Made Simple and her full biography is included at the end of the blog. 

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Topics: Bookkeeping Procedures, Bookkeeping Processes, Grow Your Business, Scaling A Business, Business Systems

Bookkeeping Tasks for Every Part of the Year

Posted by Matt Roberge on Jul 14, 2014 7:00:00 AM

There are bookkeeping tasks that need to be taken care of no matter what time of year it is. Many people only do their bookkeeping once a year for taxes but that is the equivalent of running your business blind. The key is that you need to understand what bookkeeping tasks you should be worried about no matter what time of year. 

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Topics: Bookkeeping Procedures, Bookkeeping Processes, Financial Forecasting, Financial Reporting, Tax Preparation For Year End, Bookkeeping Monthly Closeout, Year End Bookkeeping

Know Your Burn Rate? Your Bookkeeper Can Tell You

Posted by Marti Major on May 30, 2014 6:18:00 AM

What’s your burn rate? Not calories per hour, we’re talking dollars per month.  Dollars per month you small business goes through to stay functional.  Business owners need to know what it takes to keep the lights on, door open, website up, and phones ringing every month.  Not knowing this is the same are driving at night with the headlights off, you are setting yourself up for an accident.

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Topics: Bookkeeping Procedures, Cash Flow Management, Small Business Consulting, Business Process

Set Up Your Small Business Bookkeeping Correctly The First Time

Posted by Matt Roberge on Mar 31, 2014 7:00:00 AM

Small business owners often call us and inform us that they haven't done any of their bookkeeping; they haven't even set up QuickBooks.  This is the perfect situation because it allows us to set up the small business bookkeeping correctly the first time.  On the flip side of this story is the business that attempted to handle their own bookkeeping but made a complete mess of it and now they need our help.  This is not the ideal situation as it often takes us longer to fix the mistakes than it does to just start over.  What I have found is the most businesses have the time and money to fix their bookkeeping mess, but not to do it right.  Here is a guide on how to set up your bookkeeping correctly right from day one.

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Topics: QuickBooks Tips, Bookkeeping Procedures, Business Bookkeeping, Bookkeeping Help, Bookkeeping mistakes, Small Business Bookkeeping

Personal Bookkeeping - Is It Worth It?

Posted by Joe Mazur on Oct 21, 2013 7:00:00 AM

A recent report put a dollar amount on the costs for American households that use cash instead of electronic forms of cash.  Turns out it's expensive to rely on cash and not plan ahead instead of using debit or credit cards.  Sure, this report on American payments habits paints some broad strokes, but the bottom line is that it costs almost $1,800 a year per household to use cash, which translates to $200 billion for the entire country.  After reading about this, I immediately thought about how personal bookkeeping could help a percentage of these households and hopefully save them some of that $1,800 that is being wasted.

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Topics: QuickBooks, Bookkeeping Procedures, Outsource Bookkeeping, Personal Bookkeeping, Personal Finances

What NOT To Look For With Your Outsourced Bookkeeper

Posted by Joe Mazur on Sep 4, 2013 7:00:00 AM

Hiring an outsourced bookkeeper to help your small business run smoothly is a big step.  There are a handful of qualities that make a bookkeeper a great match for your business. A few that immediately come to mind are a strong work ethic, an education that relates to finance, and having a solid background in small business.  However, there are also a few qualities you don't want in your bookkeeper. When Salt Lake City Bookkeeping is brought in to fix a business's books we usually see people who cut corners, tend to not ask questions, and generally just yes us to death when were either training them or posing questions about the system.

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Topics: Bookkeeping Procedures, Outsource Bookkeeping, Certified QuickBooks ProAdvisor, Discounted Bookkeeping

Small Business Bookkeeping Monthly Closeout Procedures

Posted by Matt Roberge on Jun 17, 2013 7:00:00 AM

Closing The Monthly Books Small business bookkeeping tends to get pushed to the back burner a lot. If you are a small business owner handling the bookkeeping yourself, it is easy to put off your bookkeeping because there are so many other things to do. Bookkeeping doesn't seem like it directly makes you money, so it's easy to put off until a later time. However, I have noticed that owners don't seem to have a problem sending invoices out, probably because that brings money in. Your bookkeeping should be a tool that you use to aid you in making business decisions and running your business. Here is a short list to close out your monthly bookkeeping for your small business.

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Topics: Bookkeeping Procedures, QuickBooks Reconciliation, Bookkeeping, Financial Reporting, Small Business Bookkeeping, Bookkeeping Monthly Closeout