IMC Group

All you need to know about Accounting for Restaurants

As a Restaurant owner, you must be wondering why there are so many talks about separate accounting for restaurants. Restaurant accounting, however, is really unique and stands out from other types of accounting systems at a fundamental level.

The intrinsic factors responsible for dealing restaurant accounting in India separately are perishable and uncertain items instead of robust items for other industries. Three features that make restaurant accounting unique are
Restaurant accounting is the process of recording, analyzing, interpreting, and reporting financial data for a restaurant. Restaurant bookkeeping only records the transactions in the general ledger.

Activities of accounting for Restaurants

Common Problems with Accounting for Restaurants

The restaurant business is really competitive, and there are usually no hefty margins in this business. This warrants streamlining of value streams and application of timely, reliable, and efficient accounting and financial management systems. The most commonly faced accounting problems are:

Selection and Use of Appropriate Tools to effectively Manage Accounting for Restaurants

Thanks to that, we are in a computer age and without the need of complicated and confusing sheets and ledgers containing numbers stacked in multiple rows and columns. Accounting software products are plenty, and we have lots of choices to select from according to our specific requirements.

QuickBooks is one of the most popular and widely used software that comes with specialized modules specifically designed for restaurant accounting.

Whether you opt for conventional manual systems or computerized software, there are these numbers that you need to record regularly

These data are huge and can’t really be managed manually, and using a software program is always a welcome move.

Choosing a good POS system is also important for complete accounting for Restaurants as these two are closely intertwined and, once linked, can capture methods of payments, inventory and labor costs, and lots of other variables.

QuickBooks Point of Sale can be well integrated with your cloud-based restaurant accounting software and deliver the complete accounting solution, in accordance with the likes of Zoho and Xero.

Why IMC becomes your perfect partner in your accounting for the restaurant

At IMC, we are well qualified and certified accounting professionals with a total focus on your complete satisfaction and delight. We deliver the highest quality of accounting and bookkeeping services with unmatched consistency and timeliness.

Apart from carrying out all the accounting activities already mentioned, we offer the following benefits

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