How To Setup Accounts Payable And Receivable For Restaurant
For your restaurant to be successful enough, you will want to come up with an effective accounting system. The account must include a payable and receivable accounts. This will help you to carry out your business successfully. For example, if you offer a few world class recipes or vary your menu from season to season, with a Duck recipe, then a Vegetarian Recipe, then a Meatloaf recipe, you will most definitely need the payable and receivable account as you will have numerous vendors that will need to be paid. Here are some basic tips that can help you come up with a reliable accounting system for your restaurant;
Recording the sales
You will want to record the daily sales journal entry in the QuickBooks. You will want to enter separate daily sales, in order to know if you are progressing. You shouldn’t make the monthly or weekly records. With the QuickBooks, you will only make the daily recording. You will be required to analyze the process that the funds will be recorded into your account. You should set up the account to reflect the activity of the recordings.
To make the daily records, you will want to generate some reports that will summarize the sales. You can have the POS system integrated into the account. This will help you know the daily sales and how the restaurant performed on that particular day.
The accounts payable
When you customize your daily sales recordings, you will want to work on the accounts payable. Here, you will want to ensure that the customers can easily make their payment to the account. Ensure you understand how to enter and pay the bills in QuickBooks. These are quick steps to carry and ensure that your customers can easily pay their bills. Ensure that you enter the bill once or twice every week and pay them once every week. You can also pay bills via the online bill payment using a link that goes to your account. This will make it easier to make the payments without difficulties.
You will also want to set up a credit card in the QuickBooks, which will allow the clients to easily dine and pay using their credit cards.
It is always advised to use an outsourced payroll service. This will be vital, especially when you need to pay your workers. Ensure that you file the payroll taxes correctly and on time. You can face serious penalties and interest that can be very much inflicting. You will also want to ensure that it is affordable to outsource your payroll. Choose a company that can offer reliable and affordable payroll services.
Video of a Great Tool to help with your Accounts:
You will want to ensure that you have a reliable financial reporting for the restaurant. In case you are not using the financial reporting, you might be exposed to strict challenges. You should use the sales vs. the cost of the goods sold ratio to the labor ratio. The menu that is available should be rated to the labor used to make it. Ensure that you are making a progress.
If you have a some top recipes in your list, you will want to ensure that the account is reliable and flexible enough to allow the client to enjoy their food whenever they need it.