Restaurant bookkeeping is often over complicated for one reason or another. I think the day to day demands of running a restaurant can cause an owner to neglect the bookkeeping process. Once you are behind on the bookkeeping 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.
How do you handle bookkeeping for a restaurant?
1. Record sales from your POS system on a daily basis.
2. Set up an efficient accounts payable system.
3. Outsource your payroll to a professional payroll service.
4. Reconcile all accounts that have a monthly statement with a beginning and ending balance.
5. Analyze financial reports and restaurant financial ratios.
Here is a simple 5 step guide on handling your restaurant bookkeeping.