Top 5 Must-Have Ingredients of Restaurant Bookkeeping
The recipe for success when it comes to restaurant bookkeeping is quite simple. The five ingredients are: a clear, concise plan, accurate records, timely updates, professional guidance and proper attention.
A clear plan will help your business thrive in the long run and make sure that you're on track with what needs to be done while also helping you avoid costly mistakes. Accurate records are essential if you want to know where your money goes - whether that's expenses or profits! Updating those records as soon as possible can help save you from errors down the line like double-charges or missing deposits.
1. Record Sales Daily:
It’s dangerously easy to fall behind on recording your sales. In fact, one of the reasons that bookkeeping for restaurants is often a mess is simply because owners and managers fall behind on basic tasks. To stay up to date, make a habit of copying or importing the sales from your POS system into your accounting software each day. What you’re aiming for are books that correlate with your bank statements. If you save up all those credit card charges for a weekly or monthly deposit, you’ll have a hard time doing analysis later.
2. Reconcile Bank Statements Every Month:
Yes, your bank statements should be reconciled every month. No, it’s not a good idea to let them sit around for 3, 4, 5, or more months. If you’ve forgotten to enter a payment or a sale in your books, but that payment or sale has been processed by your bank, it will be easier to correct the error if you catch it quickly. In an extreme case, not knowing how much you really have in the bank could lead to bounced checks.
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