Dealing with finances and keeping them under control can be difficult for any small business, and it is often the one area where new business owners think they can save money by doing it themselves. For certain types of work this is made harder by the nature of the job. An example of this is the catering industry, more specifically cafes and restaurants. The reason for this is easy to see; they do the majority of their business concentrated in a small arc of time, so while frantic cooking and serving is going on, keeping a note of outgoings and incomings can be set aside or forgotten.
Even when the place isn’t full to capacity, there is a lot of food preparation to do, staff to organise shifts for, suppliers, orders and so on. The highest percentages of businesses that fail are in the hospitality industry, and often that is due to poor money management, or bad bookkeeping in other words.
This does not mean it is impossible, or even extremely difficult to manage money in this industry, it simply means it is important to choose the right software, (if you want to keep your own records rather than pay a professional). The right programme will keep you on track and give important predictions, (by showing trends etc), whereas the wrong one will throw a very large spanner into the works and jam everything up.
At Probookkeeper the software we use, (Xero), is the highest recommended by many for this field of business.
It goes beyond simple money management and helps you manage cash flow, pay suppliers, even manage staff rosters and much more. Not only that, but it is quick and simple to use.
You can take a photograph of an invoice or receipt, and this will be integrated into your accounting. See at a glance what you owe, to who and when, and it makes everything ready your taxes too.
Xero does payroll, but by adding a third party app you can manage rosters and know when and how long each staff member worked and how much they are owed, and all at a glance.
Use this accounting programme to look after invoices, orders and sales, leaving you more time to do what you do best, provide your customers with an enjoyable experience so they will return.