Bookkeeping For Restaurants
Restaurants are not exempt from the need of accurate accounting. Considering the size of the cash flow, both in and out of the accounts for food purchases used for meal preparation and serving, there is a lot of space for misappropriation. More restaurants fail than survive because of this one aspect. This is why having an accountant of a bookkeeper that understands the operation of a restaurant is imperative to the overall operation and the financial health of the business.
Furthermore, due to the mere nature of the restaurant business model the finances are based on the amount of satisfied customers and the volume of business, though not unlike any other type of business model from this point of view. Nevertheless, the frequency of bank deposits and food purchases makes the pace of the cash flow of a restaurant faster than that of other business models comparatively. It is this aspect that creates a volatile financial environment.
Envolta has the expertise and the knowledge that will benefit the financial management of your Ottawa restaurant. With our help and guidance in the accounting aspects of the financial landscape of the overall operation the restaurant we can help analyse and structure the certain operational aspects of how to manage the cash flow through accurately accounting for all cash movements in and out of the accounts.
We offer the following services to facilitate this smooth operation,
- Reconciliation of Banks accounts
- Income statement preparation
- Balance sheet preparation
- Analysis of customized reports that target expense handling
- Preparation of billing statements and expense reports
- Prepare the general ledger
Additionally, the following services are all customizable to fit the needs of your Ottawa restaurant. The services below are performed either weekly, monthly or quarterly,
- Payroll preparation
- Post Cheques, deposits, and credit cards
- Write cheques
- Assist in collecting outstanding receivables
- Conduct cash management