Restaurant Bookkeeping can be complicated.

Restaurants incorporate inventory management, human resources, logistics, storage, manufacturing (or at least turning raw ingredients into end products), sales, health and safety, and customer service all under the one business.

With all this to consider, the bookkeeping and accounting aspects of the business can be an added requirement to a time poor restaurant owner.

Benefits of having an accountant.

Accountants can take the load off by helping with basic reconciling of your accounts through to payroll and inventory management services.

What can accountants do for my restaurant?

Did you know that aside from your yearly tax return most modern accountants offer bookkeeping and management accounting services?

Here are the key areas we can help:

  • Analyse your financial reports to determine optimal pricing
  • Identify overpriced suppliers by comparing to industry standards
  • Applying correct GST allocations to your income and expenses
  • Manage your payroll from timesheets to payments

  • Prepare budgets and forecasts for restaurant growth based round seasons and events

  • Correctly maintain your bookkeeping and compliance
  • Ensure your records are using the cash basis for accounting

  • Prepare and lodge your Business Activity Statements (BAS)
  • Prepare and file your Single Touch Payroll (STP) and complete end of financial year finalisations
  • Prepare and lodge your business tax returns
  • Liaise with the Australian Taxation Office (ATO) on your behalf

 

Not all accountants can provide the services your business requires. It is always best to shop around and assess your options. The most important consideration for choosing your accountant is finding one you can build a strong professional relationship with. If you only see your accountant once a year, it may be time to find a new one.

Alchemy Accountants are experts in restaurant and bars.

We will work closely with you towards business success. Contact us for a FREE consultation.

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info@alchemyaccountants.com.au