All financial transactions are properly classified and posted in the accounting records monthly, weekly, or daily. Credit card settlements and bank deposits are reconciled to ensure all cash received is reflected. Vendor invoices and other expenses are classified and posted.
Weekly Flash Report
Weekly analysis of your revenue, prime costs (food, beverage, and labor), and cash flow so you have a timely feedback about your operations, allowing you to make adjustments the following week vs waiting until the next month.
Integration with your POS system
QuickBooks Online integrates with the majority of POS systems, which allows for revenue, inventory, expense, and labor information to be easily captured in your accounting system. This integration ensures that you have an accurate picture of your complete operational performance.
Bank, credit card, and merchant account statements are reconciled to ensure all transactions are properly included and classified in the accounting system.
Financial Statement Preparation
We will prepare a balance sheet and income statement each month to show the results of your operations for the month and compared to the prior month and/or prior year.
Based on what is important to you, we will create at least 2 custom reports that will provide additional details on your business’ performance in specific areas. Reports can include analysis of such areas as product profitability, food and/or labor costs, inventory, and cash flow.
Business Reviews with CPA
We will meet with you regularly to review the performance of your business, placing an emphasis on your prime costs and profitability. We will discuss what the numbers mean so you have a clear understanding of your business’ performance
New Business Setup
Just starting your food business? Start off with a solid financial foundation on day one. From establishing your accounting policies and procedures to assisting you with obtaining your business bank and merchant accounts, we can guide you through the administrative processes necessary to start your business correctly.
Our Project CFO provides the expertise of a seasoned CPA to assist with a specific project or transaction. This solution is often used to help businesses navigate through different growth phases or economic downturns or even overcoming specific business challenges.
Projects we can assist with include (but not limited to):
Labor and Compensation Analysis (Salaries/Wages/ Bonus Plans)
Purchases of vehicles, equipment, furniture
Industry specific calculations (i.e. franchise fees, royalty payments, commissions)
Agreed Upon Procedures
The following services can be added to any menu item above or provided a-la-carte:
Sales and Liquor Tax Returns
Full Service Payroll
Vendor Bill Management and Payments
House Accounts/Customer Billing and Collections
Expense Reports/Credit Card Management
Budget Creation and Monthly Monitoring
Product Pricing Analysis