Monthly financial figures do not tally
Unable to discern reasons behind fluctuating monthly profits
Uncertain of how to increase profitability
Lack of third-party auditing
Daybooks accounting is a common accounting practice among lots of businesses. It's straightforward and records day-to-day transactions which is sufficient for most businesses. However, in the case of F&B businesses, the sheer volume of transactions and the multitude of channels involved render this method of accounting much less effective than normal. In order to solve all the pain points listed above, we recommend the adoption of accrual-based accounting instead.
With an accrual-based accounting system, every transaction is tracked and recorded for easy reference. The biggest advantage in adopting this practice is consideration of depreciation and amortization and build-up of cost centers, so as to reflect the true monthly cost and profit.
In order to assist with the implementation of accrual-based accounting, we will help alter the financial-related in-store operations. Our clients will gain access to numerous practical templates. In addition, we digitally upload every invoice for your convenience in a digital archive.
Our clients notice that the accounting process becomes much smoother and more organized upon implementation. Discrepancies decrease drastically and even if such incidents do occur, they are able to spot and rectify the problem immediately.
Every expense is also clearly stated so our clients understand where a bulk of their expenditure lies. This allows them to make informed and strategic decisions on potential areas to cut cost so as to improve business profitability.
Last but not least, we act as an external auditing agency that can help validate our client's accounting records.