Paper Chase Accountancy

JULY 25, 2025

Point-of-Sale (POS) Integration: Seamless integration with POS systems is critical for capturing sales data, managing inventory in real-time, and ensuring accurate revenue reporting. Food and Beverage Cost Percentage: Direct insight into profitability for F&B operations. This ensures accuracy and compliance.

Hospitality

Paper Chase Accountancy

JUNE 16, 2025

To effectively manage the prime cost ratio, consider these strategies: Regularly track food and beverage costs. Audit Support: They keep records that can support business audits, helping to validate calculated ratios. Integrating these tools with your POS and financial reporting platforms enhances real-time insights.

Hotels

Paper Chase Accountancy

JUNE 16, 2025

To effectively manage the prime cost ratio, consider these strategies: Regularly track food and beverage costs. Audit Support: They keep records that can support business audits, helping to validate calculated ratios. Integrating these tools with your POS and financial reporting platforms enhances real-time insights.

Hotels

Paper Chase Accountancy

MAY 22, 2025

This process involves comparing the tips reported by waitstaff with the tips recorded in the restaurant’s POS system. 2 Cross-reference this data with POS system records. When handled correctly, tip reconciliation can help restaurants maintain control over their finances and avoid costly errors or audits.

Cash Management

Paper Chase Accountancy

MAY 30, 2025

IRS Audits: Inaccurate or incomplete records can trigger costly and time-consuming IRS audits, leading to significant penalties and fines. Daily Bookkeeping Tasks Sales Reconciliation: Compare daily POS (Point of Sale) reports (cash, credit card, gift card sales) with actual cash deposits and credit card settlements.

Bar

Paper Chase Accountancy

JUNE 2, 2025

Technology, like integrated POS systems and mobile apps, can enhance tip tracking efficiency and reduce errors. Regular Audits : Conduct routine checks to verify reported tips align with sales records. Regular audits are also necessary to verify the accuracy of the recorded data. They reduce human error and save time.

Tip Distribution

Paper Chase Accountancy

MAY 21, 2025

Point-of-Sale (POS) System Integration: Seamless integration of POS data into accounting systems is crucial for real-time sales tracking, accurate revenue recognition, and identifying trends. Knowledge of Industry-Specific Tools: Are they proficient with common hospitality POS systems (e.g., Opera, Cloudbeds)?

Hospitality

Paper Chase Accountancy

JULY 24, 2025

They manage financial tasks like budgeting, auditing, and revenue management across diverse business operations. You need someone who understands the nuances of the food and beverage industry, can navigate the intricacies of payroll and inventory, and who’s committed to helping your business thrive.

Book

Paper Chase Accountancy

MAY 20, 2025

Key Takeaways Restaurant bookkeeping requires specialized tools and systems, including management software, POS systems, and a well-structured chart of accounts. POS System: A good POS system tracks sales and integrates with your bookkeeping software. Restaurants may have fluctuating inventory costs due to seasonal ingredients.

Cash Management

Paper Chase Accountancy

JULY 7, 2025

It’s not just about maintaining financial records, but understanding the unique needs of the food and beverage industry and how these can significantly impact daily operations and profitability. Integration Works seamlessly with other restaurant management systems like POS and inventory. Choosing the right service is crucial.

Cash Management

Paper Chase Accountancy

JULY 21, 2025

Establishing clear financial policies, regular audits, and strict cash handling procedures will help to ensure that the business runs smoothly and profitably. Carry out regular and surprise audits to deter theft. Make use of modern accounting software for accuracy and efficiency.

Hospitality

Paper Chase Accountancy

JULY 3, 2025

Revenue Management : Hospitality accounting involves tracking multiple revenue streams, such as rooms, food, and beverage sales. Cost Control : It’s essential for inventory management and controlling food and beverage costs. Services : Ensure they offer comprehensive services, from tax planning to audit representation.

Hotels

Paper Chase Accountancy

JULY 30, 2025

Specialized Revenue Tracking : Hospitality bookkeeping services track revenue from diverse sources like rooms, food and beverage, and event services which is not a common practice in traditional bookkeeping. Additionally, integration with POS and payroll systems can streamline the bookkeeping process, improving efficiency and accuracy.

Hospitality

SpotOn

JULY 15, 2025

The cons: Like all jobs, serving people alcoholic beverages night after night has its downsides.   These programs teach you how to s erve alcoholic beverages responsibly, spot fake IDs, and handle intoxicated customers—all stuff you’ll deal with on the job.   It is the fastest way to learn how to bartend. 

Front of House

Paper Chase Accountancy

JUNE 5, 2025

Accounting for restaurants and bars often requires tracking numerous revenue streams, from food and beverage sales to event hosting. Regular audits help in identifying any financial discrepancies early. In contrast, accountants for hotels primarily focus on room occupancy and related services. Stay compliant with tax laws.

Hospitality

7 Shifts

AUGUST 18, 2024

Table of Contents The Costs of Opening and Running a Restaurant The Difference Between Fixed and Variable Cost Understand And Calculate Your Prime Cost Understand And Control The 5 Major Restaurant Costs Restaurant Labor Costs Restaurant Food Costs Restaurant Utility Costs Restaurant Kitchen Equipment Costs Restaurant POS System Costs Ready?

License

Modern Restaurant Management

APRIL 2, 2020

When a restaurant fails, the impact radiates across Main Street and affects an entire ecosystem of food and beverage providers, community banks, farmers, and many more,” said Chris Comparato, CEO of Toast. Checklist app automates daily food safety and operational task management as well as regular maintenance and audit procedures.

Employee Relations

7 Shifts

SEPTEMBER 6, 2024

The cost of goods sold (COGS) is a restaurant metric that shows you the cost of all ingredients used to prepare a menu item, including the food, beverage costs, and other direct expenses. Phil Gadd, owner of The Loaf Bakery, said their company saved on labor costs by 4% when they used 7shifts with their POS system.

2024

ChowNow

SEPTEMBER 17, 2024

AP refers to the money a restaurant owes to suppliers for goods and services received, like food ingredients, beverages, and equipment. Purchase Orders (POs) : Documents outlining what was ordered and the agreed price. Proper AP management ensures timely payments and helps maintain positive relationships with vendors.

Cash Management

Modern Restaurant Management

MARCH 11, 2020

Focused on empowering small- and medium-sized businesses (SMBs) by providing enterprise-level solutions at affordable prices, the SpotOn ecosystem goes way beyond traditional payment processing and point-of-sale (POS) software. We’re excited to see how 7tasks is received by our customers.” ParTech, Inc.

Bar

Modern Restaurant Management

JANUARY 8, 2024

Consider, for instance, a scenario in which your Point of Sale (POS) system can forecast the popularity of a new dish based on historical customer behaviour. This capability can prove invaluable for refining pricing strategies, optimising ingredient and waste management, and planning forthcoming shifts, among other benefits.

2024

7 Shifts

MAY 1, 2024

For instance, you can record your food and beverage sales separately. On a similar note, when searching for a modern cloud-based POS system to keep track of your sales, look for one that can be integrated into other restaurant software. Some of the best POS systems you can try include Toast, TouchBistro, and Square.

Cash Management

Restaurant365

DECEMBER 10, 2021

Full integration between your payroll software, accounting system, and point-of -sale (POS) system can help eliminate this manual import and offer substantial time savings. If you have full POS integration with your accounting software, you can seamlessly transfer detailed labor data. Ask for a demo of Restaurant365.

Point of Sale

Restaurant365

JANUARY 22, 2020

For a food and beverage restaurant business, it’s not enough to play defense against online criminals. Your point of sale system (POS) may be tracking your private company financials, and your internal communications may include intellectual property or confidential corporate information. Make sure your equipment is secure.

Audits

Restaurant365

AUGUST 19, 2020

There are some general areas to focus on when starting to audit your human resources information systems (HRIS) and payroll systems. Integrated payroll, POS, and scheduling systems allow for streamlined restaurant reporting software capabilities and can help you meet your payroll tax reporting obligations. Filings and Paperwork.

Restaurant Law

Apicbase

AUGUST 29, 2024

For multi-site food and beverage businesses, maintaining operational excellence across all locations can be daunting. What Is Food and Beverage Management? Food and beverage management, often abbreviated as F&B management, involves overseeing the operations of establishments that serve food and drinks.

Beverage

The Restaurant Times

SEPTEMBER 16, 2021

Restaurant point of sale (POS) software is one of the smartest investments you can make in 2021 if you own a restaurant. Over the last decade, point-of-sale (POS) software has evolved to improve the consumer experience and empower business owners to run operations more efficiently. . How A Restaurant POS Software Can Benefit You.

POS

Lavu

NOVEMBER 17, 2023

This low profit margin can be attributed to the high overhead costs associated with running a restaurant, including rent, labor, food and beverage costs, and utilities, often account for a major chunk of your expenses, making it challenging to increase your restaurant profit margin. 3 Ways to Improve Your Restaurant Profit Margins 1.

Fast Casual

Harbor Touch

APRIL 17, 2018

If you purchase equipment, like a restaurant POS system , for example, it may be eligible for depreciation deductions. If you are audited, and the IRS believes you are overcompensating employees based on other amounts reported within the restaurant industry, you may not be able to deduct them fully. Expensing Asset Purchases.

Employee Relations

Lavu

FEBRUARY 2, 2024

Proper food waste management is crucial in this regard, involving practical tips such as conducting a waste audit to identify areas where waste can be minimized. How do POS Systems Reduce Food Waste in Your Restaurant? A POS system is not just about taking orders; it’s a powerful tool for efficient inventory management.

Waste

Harbor Touch

MARCH 18, 2025

With a POS system like SkyTab and solid accounting software, you can track it all without losing your mind. A restaurant POS system like SkyTab, though, has no upfront cost, just $29 per month. For his SkyTab POS, he deducts the $29 monthly fee as an ongoing expense. Credit card tips pull from your POS system.

Point of Sale

Harbor Touch

MARCH 18, 2025

With a POS system like SkyTab and solid accounting software, you can track it all without losing your mind. A restaurant POS system like SkyTab, though, has no upfront cost, just $29 per month. For his SkyTab POS, he deducts the $29 monthly fee as an ongoing expense. Credit card tips pull from your POS system.

Point of Sale

Restaurant365

SEPTEMBER 22, 2020

This covers the IT infrastructure that stores, processes, or transmits payment information, from a server POS terminal to your restaurant accounting software. Your point-of-sale (POS) system processes and stores enormous amounts of sensitive information. Use an Anti-virus Program on Your POS Systems. Delete Credit Card Data.

POS

Restaurant365

DECEMBER 17, 2020

Accuracy in these numbers is key to remaining compliant in case of an audit. The IRS has always done audits for organizations on employment tax issues, which included reviewing Form W-9 and 1099 compliance. As a result, Form 1099 audits are becoming more common. State-level interest in increased audits stems from a couple areas.

Audits

Restaurant365

APRIL 14, 2020

Much of the typical food and beverage inventory in restaurants tends to have a relatively short shelf life, making accurate inventory numbers essential to run a functioning kitchen, make economical orders, and adapt to long-term trends. Schedule consistent restaurant food inventory audits in advance.

Inventory

Restaurant365

AUGUST 21, 2020

There are some general areas to focus on when starting to audit your human resources information systems (HRIS) and payroll systems. Integrated payroll, POS, and scheduling systems allow for streamlined restaurant reporting software capabilities and can help you meet your payroll tax reporting obligations. Filings and Paperwork.

Blog

Restaurant365

JULY 17, 2020

Accounts payable is a critical business function in keeping the internal processes flowing smoothly and ensuring your food and beverage vendors are paid on time. AP automation includes an audit trail, showing you every step of human intervention in invoices company wide. Integrate Your POS System with Restaurant Accounting.

Point of Sale