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Salt Lake City Bookkeeping Blog

How to Streamline Your Restaurant Accounting for Business Growth

Posted by Matt Roberge on Oct 2, 2019 10:00:00 AM

Let's face it, owning a restaurant can be tough... 

As you're likely aware, the restaurant industry has very tight profit margins. And that's precisely why developing an efficient and accurate restaurant accounting system is of utmost importance if you want to continue to grow your business.

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Topics: Restaurant Bookkeeping, Restaurant P.O.S, Bookkeeping Salt Lake City, QuickBooks For Restaurants, Restaurant Accounting, Restaurant Industry

How to Manage Your Cost of Goods Sold: Small Business Bookkeeping Tips

Posted by Joe Mazur on Sep 25, 2019 12:59:00 PM

An important aspect of small business growth planning is understanding and managing your cost of goods sold. Whether your business sells products or services, it’s important to know “what is the cost of goods sold?” for each item or service you sell. This number provides the basic information you need to promote small business growth.

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Topics: Restaurant Bookkeeping, Small Business

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

Common Expenses for Restaurants

Posted by Joe Mazur on Nov 9, 2016 9:00:00 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. For the best chance of success, do your research, partner with a mentor and hire experienced employees — and read up on the most common expenses that restaurant owners pay.

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Topics: Restaurant Bookkeeping, Restaurant Bookkeeper

[Infographic] How QuickBooks Improves Your Restaurant Bookkeeping

Posted by Austin Walker on Apr 27, 2016 8:30:00 AM

QuickBooks is a pretty popular choice for the restaurant bookkeeping needs of restaurants around the country. However, Intuit does not have a version specific to the restaurant industry, so QuickBooks has to be customized to meet your needs. You can select a restaurant as the type of company you're setting up in the QuickBooks beginning interview, though. Let's list the other modifications that should be made to Quickbooks to make sure that your restaurant is set up correctly.

Task Delegation

First off, who is involved in the decisions and who should have access with what abilities?

Restaurant Owners - owners should be the only people with the ability to sign checks, pay bills, or move money across different accounts. There are a couple reasons for this, but the most important one is that allowing the bookkeeper access to cash is an opportunity for theft. Owners should also approve payroll.

Bookkeeping Team - bookkeepers should be entering transactions, bills, daily sales, and verifying deposits. They should also be doing regular reconciliation of the accounts. They should not be handling any cash.

Restaurant Managers - restaurant managers should handle cash deposits. The bookkeeper will verify the cash deposits versus sales records while doing their tasks. The managers should also be focused on regulating your inventory of food and beverage. Lastly, the managers should be verifying hours and submitting payroll to the owners for review and approval.

QuickBooks Install

The program should be set up on a server that gives multiple employees access to QuickBooks at the same time without interfering one another. This is especially helpful for restaurants in multiple locations so there can be a central location where bills, invoices, and paperwork are stored and shared.

Daily Sales Journal Entries

Like the name says, daily sales must be recorded daily. The simple answer as to why is this: the verification of bank deposits. Even if card transactions are being pulled every couple of days, the actual sales of the day need to be recorded. This is a record that the amount being deposited into the bank on a daily basis matches the amount that has been sold on that day. If there are gaps in the amount sold as to the amount deposited, there's a problem.

 

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Topics: QuickBooks, Restaurant Bookkeeping, Bookkeeping

5 Things to Consider with Restaurant Bookkeeping

Posted by Austin Walker on Apr 13, 2016 8:30:00 AM

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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Topics: Restaurant Bookkeeping, Bookkeeping System, POS System

[Infographic] How to Develop a Dialed System for Your Restaurant Bookkeeping

Posted by Austin Walker on Dec 16, 2015 7:00:00 AM

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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Topics: Restaurant Bookkeeping, Bookkeeping, Restaurant Industry, POS System

6 Qualities Of Restaurant Bookkeeping Experts

Posted by Matt Roberge on Dec 10, 2015 7:00:00 AM

The restaurant industry is a brutally competitive space with very tight margins. If you are going to run a successful business in this industry, you will need a restaurant bookkeeping expert. Below are the qualities that I would expect from restaurant bookkeeping experts. 

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Topics: Restaurant Bookkeeping, QuickBooks For Restaurants, Restaurant Bookkeeper, Restaurant Accounting, Restaurant Industry

Restaurant Bookkeeping - 5 Things To Ask Your Restaurant Bookkeeper

Posted by Matt Roberge on Nov 23, 2015 2:39:04 AM

We have a lot of experience with restaurant bookkeeping in Salt Lake City.  I never had a ton of restaurant experience outside of the dishwashing position until I started doing bookkeeping for other small businesses.  When I started doing bookkeeping for restaurants I immediately understood that they were very unique from a bookkeeping perspective.  I ended up managing the front of house of a restaurant for five years in addition to handling the back office tasks.  Through my experience I learned that the front of the house operations has an effect on the bookkeeping and understanding the ins and outs is extremely important.  If you own a restaurant and don't have your bookkeeping dialed in here are 5 questions I would ask your bookkeeper.  

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Topics: Restaurant Bookkeeping, Restaurant P.O.S, QuickBooks For Restaurants, Point Of Sale, Restaurant Bookkeeper, Restaurant Accounting, Restaurant Industry

Aloha POS Bookkeeper For Restaurant Bookkeeping

Posted by Matt Roberge on Jun 19, 2013 7:00:00 AM

One of the major restaurant point of sale systems is NCR Aloha Restaurant POS Software.  We are very familiar with Aloha as we have been using it for our restaurant bookkeeping clients for over a decade.  Aloha has always offered a very user friendly software that also works well from a bookkeeping perspective.  Here is a guide on how to use Aloha for your restaurant bookkeeping.

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Topics: Restaurant Bookkeeping, Restaurant P.O.S, Point Of Sale, Restaurant Bookkeeper, Restaurant Accounting, Restaurant Industry