Bookkeeping = Data capture and paperwork processing
Bookkeeping controls the higher level of financial activity on a month to month basis.
Activities such as recording vendor invoices, making payments, ensuring that all cash that should be received actually hits your bank.
Examples of our full cycle bookkeeping activity includes, among other things:
Recording of vendor invoices, preparing payments for printing and signature at any location of your choice
Sales tax preparation and payment
Submission of payroll taxes and contributions
Daily bank reconciliations to ensure all cash received is actually banked
Journal entries, payroll preparation
...and much more
Updating all the bookkeeping daily ensures that:
- Accounting is always accurate and current
- Know your expenses as they happen
- Special terms and discounts can be claimed from vendors on timely settlement
Accounting = Financial Analysis
This is the bigger financial picture of the business. The financial narrative. It tells the story of where the money comes from and where it goes to.
It’s never a good idea to analyze financial results two, three or even four weeks after the month-end. That’s way too late.
All financial movement and key performance indicators should be measured regularly and critically against predetermined budgets and forecasts.
That way, should the numbers be off, there is still time before the end of the month to rectify the situation.
This type of dynamic and reactionary management will set you way ahead of your competitors and give you the financial edge you need to be successful in this industry.
Examples of critical financial information needed daily and weekly:
Cash flow projections and daily management
Accurate budgets and forecasts measured against actual P&L's and Balance Sheets
Menu Costing analysis and tracking
Waste management and the cumulative effect on cash and bottom line profits
Delivery of KPI's daily, weekly and monthly
Timely and accurate financial reports
What we bring to the table
Our state-of-the-art software
Software set up
25 years of industry experience
Winning Procedures and processes
Full Business Coaching
ALL FOR AN AFFORDABLE FLAT MONTHLY FEE
Business Coaching - The CFO Effect
Business Coaching = Taking positive action on the financial analysis provided to ensure cash and bottom line success
Accurate and timely Bookkeeping forms the sound basis for detailed Financial Analysis and collectively results in actionable Coaching which ultimately leads to SUCCESS.
These three cornerstones feed off each other and cannot exist alone. The key to financial success in the restaurant industry is to ensure all of these three activities are in place and work together.
They need to be disciplined, procedures must be simple but sound and follow-ups done on a daily basis – day after day.
With our help chances of success are exponentially increased!