Dishing up quality Café, Bar and Restaurant Accounting & Bookkeeping
As a hospitality business you are vulnerable to seasonal revenue, fluctuating food, beverage and staff costs not to mention errors, theft and fraud. All of these have the potential to have catastrophic impact on your business. So it would come as no surprise to you, that the accounting needs of a hospitality business are unique.
You need a partnership with a company that understands the complexities of the industry and goes well beyond processing invoices and reconciling your bank accounts. A team that can support you in operating systems and controls that underpin your business’s finances.
Having your business’ financial management systems and controls set up correctly to help you prevent and identify any abnormalities, is crucial. They allow you to scale your business, and step away knowing your assets are protected. Financial controls offer peace of mind, minimise risk and allow your business to operate efficiently, whether you are there or not.
That’s where the team at Ten X come in.
Think of us as your very own virtual Finance Department. Your outsourced accounting and bookkeeping solution that manages and monitors your business even when you aren’t there. Unlike traditional accountants and bookkeepers, the Ten X model ensures our team is on hand at all times to support your business. That’s the Ten X difference.
Our team of Xero Certified Advisors, Registered BAS Agents, Chartered Accountants and Bookkeepers are ready to review and improve your business processes to reduce risk and improve efficiency.
Ten X will help you to implement controls around the main risk areas:
Cash Management and Banking
We ensure you have access to the specific details around your daily cash flow so any issues can be identified and investigated early.
We ensure your expenses are reconciled almost immediately to ensure you have the information you need to monitor your business profitability.
We ensure you always account for stock on hand and can use this information to understand key cash flow drivers in your business and identify any cost issues as they arrise.
We ensure you comply with all legal requirements such as employment awards and payroll while also making the day-to-day requirements of managing employees easier.
We assist with
- Point of Sale – we help you choose and set up the right system for your needs to ensure accounting for various categories of sales (online, in-store, food, beverage) in a way that allows you to easily review performance and record tax correctly.
- Cash Management – accounting for cash received from customers and ensuring it’s matched to deposits made into your business bank accounts.
- Gift Card Management – accounting for these at the time of purchase and ensuring they are offset correctly when redeemed. We ensure you have an understanding of what is outstanding at all times.
- Tips Management – accounting for tips received via Eftpos.
- Manage customer deposits – for functions where payments are received in advance and offset against future sales.
- Accounts Payable and Supplier Management – set up of new supplier arrangements and support with trade applications, processing of supplier invoices and detailed reporting showing the amount your business owes.
- Superannuation processing – making sure you meet your superannuation guarantee obligations.
- Full time support for your business needs.
- Accounting for cash withdrawn from your business. Drawings, dividends, loans etc.
- Stock Management – account for stock purchases as either expense or inventory to suit the needs of your business. Account for stocktakes and adjust inventory balances as required.
- Debtor management – we can manage onboarding of new clients including credit checking, reference checking and preparation of invoices. We also assist with managing outstanding debts and collections.
- Bank reconciliations – ensuring all transactions are reconciled quickly and accurately with a focus on meeting ATO record keeping requirements.
- Payroll management – reconciliation and ensuring staff are paid on time.
- Accounting for equipment purchases – whether it be purchased outright, loan or lease. This can be complex and may have tax consequences, so it’s important to get right.
- Compliance and Tax – We ensure you remain compliant with all relevant government legislation and meet all tax obligations.
- Monthly and quarterly financial reports – profit and loss and balance sheets to show your monthly and year to date position.
- Accounting for business loans and investments – We ensure that all assets and liabilities are accounted for correctly in your balance sheet.