4 Ways to Manage Bookkeeping for A Multi-Location Restaurant
Managing the books for a multi-location business can be a little tricky. The bookkeepers need to deal with different invoices, bills, credit card expenses, and many more. One of the best bookkeeping services Santa Monica pointed out that bookkeeping software made the process easier compared to the manual entries.
However, a professional bookkeeper with a decade of experience in it can offer you better suggestions. Here are some of the valuable suggestions to watch out for.
Chart of Accounts
You can consider a standard chart of accounts for every single restaurant. However, every experienced bookkeeper will advise you not to complicate the account. In several cases, business owners add too many details in the chart accounts, which turns the financial reports to be meaningless. It is best to classify it into two things as follows:
Food and Beverage: you can segregate into three parts, such as both income and cost of sold goods for foods, alcoholic beverages, and non-alcoholic beverages. It will help you in analyzing the cost ratio easily for both food and beverage items.
Labor Costs: Another part is the cost of labor, which constitutes a large part of any restaurant. However, several owners break it into small segments also.
Recording the Sales
Recording the daily sales for the multi-location restaurant is a useful thing, as pointed by most of the bookkeeping services Santa Monica. However, it is better to make the entries into separate journals. Creating all the separate entries into the journals for each location will give you a clear image of the banking activities.
Accounts Payable Systems
Handling all the bills and invoices for a chain of restaurants is not an easy matter. Being a business owner, you will surely want to centralize all the invoices at a single location. All the invoices must be entered into QuickBooks. Besides keeping the manual invoices, it is better to keep a digital invoice too. You can try direct check printing from QuickBooks too.
Dealing with the Cash
One of the biggest concerns is to deal with cash. I all the locations, only the managers must have the authority to handle the ins and outs of the cash. There must be a predetermined amount all the time, which only the manager should know.
Bookkeepers must document these tasks precisely as some bookkeeping services Santa Monica mentioned. However, then the managers can deposit the cash in the bank.
Managing the bookkeeping for a different location is a difficult task. However, experienced bookkeepers can do the job precisely without having any errors.
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