Cultivating Healthy Accounting Habits

 

Organise your accounting records REGULARLY

You should have four main records:

  • Sales/revenue
  • Expenses
  • Payroll
  • Taxes

Make sure these records are regularly updated and organised! In fact, you may want to consider checking your revenue and expenses books more than once a month. This will enable you to stay on the ball and implement any necessary changes as fast as possible. And from these accounting records…

Track the defining aspects of your products

Which are the food and drink items that are in the highest demand? And what day or what time of the day are they sold? In fact, when is your F&B outlet the most popular? Be aware of these nuances like timing, weather condition, or even season of the year – details like this are always good to know and can help with decision-making in the future.

Track inventory

A good point-of-sale (POS) system can work wonders in helping track inventory. But it doesn’t hurt to be doubly safe, so complement your POS by also having the habit of performing an actual, physical count of the ingredients that remain at least once a month as well.

Check if your projected usage of items match your actual usage and see what areas you need to cut down or add on to before you send out your orders for the next month.

Monitor your cash flow

This is especially when you first set-up shop. Don’t get caught up in purchasing big-ticket items like new equipment. Instead, think about the weekly expenditure – consider the operational costs like for manpower or raw materials. Ensure you always have enough for that, even if it means postponing the purchase of some new kitchen equipment.

Also, when you do this, take note of the seasonal changes for prices of ingredients. There will be times of a year when certain seafood is harder to get hold of, or even when items like turkey become more popular. Costs are likely to rise, so you’ll want to factor in this increase as you do your budgeting.

Invest in accounting and inventory software

Precision is key and technology can help both help reduce human error, as well as to ease the inefficiencies that come with manual tracking and counting. Look around for good accounting and inventory software that can help you. Invest in decent systems – these will make life far easier in the long-run.