Salt Lake City Bookkeeping Blog

Every restaurant's bookkeeping is unique. The business has to bring in information from many different sources, track daily sales, complete credit card transactions, and monitor inventory. There are so many different methods for recording each that it takes a customized system to make sure the information is being recorded correctly. In order to maintain function and control within a restaurant, five components are necessary: (1) a POS system, (2) a bookkeeping team, (3) financial reporting, (4) anti-theft mechanisms, and (5) a solid method for handling accounts payable.

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The restaurant industry has some pretty slim margins. One of the best ways to overcome the challenge of these slim margins, and open them up to increase the bottom line, is to understand where your expenses are coming from, and how cash is being used. In order to do this, you need to develop a dialed-in bookkeeping system.

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If you have a cash register, there is an inherent liability that goes along with it: the cash could disappear. When money is changing hands, there is a higher risk of both theft and mistakes. That is why having a third-party review your bookkeeping is invaluable to business owners.

By having a point of sales (POS) system recording each transaction, you can have peace of mind that, yes, this is how many sales were made and here is the money in the register to prove it. Tracking the sales and comparing your cash deposits is a way to make sure that your employees aren't stealing from you.

Having unbiased sales reports on the back-end is the best way to track what's happening in your store front.

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