• Restaurant accounting
Many restaurateurs try to avoid accounting for restaurants, but it is an essential element of running a business.
Restaurant accounting is the process of interpreting and analyzing the revenue, cash flow, inventory, and income statements of a restaurant. It allows you to document all financial transactions of your business and determine its performance.
Bookkeeping Is Important For every Business!
Below we will list some of the services that M&A Accountantns offer for restaurants in Astoria
1- Recording transactions in the general ledger
2- Accurately coding and categorizing those transactions, especially expenses
3- Analyzing ledger and journal entries
4- Accounts Payable (i.e. processing invoices/bills and paying vendors)
5- Bank Statement Reconciliation
6- Sales tax filing and sales reconciliations to POS reports
7- Creating financial statements to determine financial health including the balance sheet, income statement, and cash flow statement
8- Defining budgets, benchmark KPIs such as COGS ratios and prime costs, and tracking performance toward goals
9- Completing tax returns & providing tax advice and assistance
10- Offering financial insights and advice
11- Auditing