![]() ![]() While setting up the chart of accounts, it’s important to decide the metrics you want to monitor. This is further broken down into business-specific categories or sub-accounts such as inventory, sales, and marketing. A standard chart of accounts includes assets, liabilities, expenses, revenue, and owner’s equity. The next step is to set up your chart of accounts which is used to categorize the money flowing in and out of your business. The ideal bookkeeping software for restaurants should offer robust reporting features, be easy to use and allow you to access data anytime, anywhere. It is important to find a bookkeeper who understands the complexity of the food and beverage industry, both front-of-the-house operations and back-of-the-house management.Ĭhoose an accounting software to streamline your data entry tasks, create customized invoices, track your revenue, create regular profit and loss statements and review your cash flow. How to Do Bookkeeping for a Restaurant Setting Up Your BooksĪs an owner, you know the challenges of running a restaurant, such as staffing, inventory management, and controlling the cost of goods sold. If you need income tax advice, please contact an accountant in your area. NOTE: FreshBooks Support team members are not certified income tax or accounting professionals and cannot provide advice in these areas outside of supporting questions about FreshBooks. What Is Cost of Goods Sold in a Restaurant?.For efficient accounting, you need to understand the ins and outs of how the food and beverage industry. What makes restaurant accounting unique is the language of hospitality finance. Since the profit margins in restaurants are slim, keeping a watchful eye on the bookkeeping process is important. Effective accounting for restaurants is one of the most important aspects of making your business successful.
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