Restaurant Entrepreneur

3/6/2016

What Accounting System are you Using?

Entrepreneurs, if you are in the restaurant business I hope you have incorporated an accounting system to support you with your day to day activity. Sustainability may not seem possible without one. This industry is exciting but yet it comes with a fast environment which can be overwhelming. What are your secrets to making it all work? Do you understand your finances and what your monthly expenses mean for your business?

After reading Xero.com ( a software I have not used), I found the below five tips useful for all entrepreneurs in this industry.

Get a back-end system that's flexible (open shifts and replacements)
Keep your pricing competitive
Get a POS (Point of Sale) system that ties with your accounting software
Manage stock well to avoid waste
Account for all receipts

Remember, you are in this business to not just survive but thrive!

If you happen to not have an accounting software and need support with reconciling and maintaining your financial records, Fontenot & Associates Solutions is here to help. It is critical to have your accounts reconciled prior to entering this information into your accounting system because "trash in - is trash out".

If opportunity doesn't knock, build a door." - Milton Berle

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