Restaurant & Hospitality Accounting System & Process


With the great advances in technology, accounting no longer needs to be a complicated process. In the past (and even still today with some accounting systems), it was necessary to hire bookkeepers and/or accountants for many of the internal office functions. However, today this is no longer necessary, greatly reducing internal accounting costs.

We meet your needs

Determining a process that works best for you and your operation(s) is key.

Some of our clients have no internal office help at all. Because the software is so user-friendly (and we set it up to be turn-key), it is the owners themselves who actually enter the invoices, record the deposits, and write the checks. It is that easy.

For others, they have their managers enter the invoices that fall under their control directly into the system. For example, because the bar managers accept the bar deliveries & approve the invoices, they are the ones who enter them into the system. And because only a handful of invoices are received each day, it is most efficient to enter them that same day. By doing so, they are not only "approving" the invoice for payment, and have confidence in their cost figures, but it eliminates the need for handling paper more than once (either by them or someone else). Eliminating redundancy keeps costs down.

Other clients choose to have an "administrative assistant" -- not a bookkeeper or accountant -- who enters the invoices and daily sales information. By using an "administrative assistant" rather than a "bookkeeper", they keep payroll costs down and can use this person for multiple tasks (printing menus, filing, etc.). So, by using this approach, they are able to delegate tasks.

Keep in mind, good financial internal controls are always in place regardless of which method you use since the items entered into the system are always approved by the owner before the checks are paid, and the folks entering the invoices do not have access to check printing, checkbook balances, or a myriad of other functions. So, while the records are always up-to-date, good internal controls exist.

Basic Restaurant & Hospitality Accounting System & Process:

We prepare:

  • Monthly financial statements
  • Monthly bank reconciliations
  • Monthly meals & sales tax returns
  • IRS Annual Tip Report
  • Annual breakeven analyses
  • Annual 1099's
  • All Year-End accounting and corporate tax returns (at no additional cost), including:
    • US Corporation or Partnership Income Tax Returns
    • State Business Corporation Excise Return

We maintain:

  • Fixed asset records & detailed depreciation schedules
  • General ledgers & journal

We advise:

  • Ongoing tax planning advice
  • Business planning
  • Forecasting and budgets
Another option more and more of our clients prefer is our web accounting, whereby the software resides on a secure Citrix server accessed via our website. This is most beneficial for our hospitality clients who have multiple locations or want to be able to access their books regardless of where they or their managers are. In additional to receiving timely weekly flash reports from us, web accounting also allows for complete or partial outsourcing of various accounting functions, such as bill paying or bookkeeping services. For example, some clients have the managers enter the invoices on the web and an office person review and issue checks. Others have us do the check runs, which provides great internal control and can eliminate the need for any office person. And still others have us do it all, enter invoices, record deposits, process payrolls, and do check runs.

So, regardless of whether you want to keep your accounting internal or on the web, determining a process that works best for you (now and in the long run) is the key. There is no need to spend thousands of dollars on complicated accounting systems that then require a bookkeeper or accountant to run. Furthermore, these systems require someone to set them up and to design the financial statements, another cost involved. Keep it simple and get timely and meaningful reports - you can have both.

Basic Restaurant & Hospitality Accounting Work Flow: