A Beginner’s Guide to Hospitality Bookkeeping for New Business Owners in Brisbane

Starting any business can be exciting and challenging at the same time — hospitality businesses are not exempted.

One of the most crucial parts of a successful business is how well its financial records are. If you are a hospitality business owner, it is important to understand hospitality bookkeeping and always be on top of tax compliance.

Let’s take a walk through the basics of hospitality bookkeeping and how you can manage your financial records easily.

What You Need to Know About Hospitality Bookkeeping

As a hospitality business owner, you know that more than simply providing good food and service is required for success. To keep your business profitable and in compliance, then, you need accurate financial records that are up to date.

·         Effective bookkeeping means that you

·         Stay compliant with tax laws

·         Maintain a positive cash flow to pay your operating costs

·         Keep track of your expenses so that you don't overspend

·         Accurately calculate your profits and be sure you're on track to meeting financial goals

Without good bookkeeping, you may well face penalties, miss out on good business opportunities, or even worse, start to run short of funds altogether. Here are the things you should pay attention in particular:

Proper monitoring of sales: This includes cash transactions, credit card charges, and tips or gratuities received from patrons.

Well-managed Cost of Goods Sold (COGS): This is crucial in controlling your costs. This includes itemised expenses like food, beverage, and supplies expenditure.

Expenses: Hospitality businesses often incur diverse types of operational expenses: rent, utilities charges, staff wages, and the purchase of machinery. This keeps track to make sure you cook within your budget.

Payroll: Guaranteeing that your staff are paid accurately and on time is both important to keep employee morale high and to ensure compliance with Australian employment laws.

Tax Preparation: You should keep a detailed record of not only all your income but also your expenses in order to file your tax returns accurately and on time.

If you feel overwhelmed and lost over the things you need to do, give Evisory a call. We are always here to help.

Here is how we can help you:

Accurate Record-Keeping: We make sure all of your economic transactions are tracked and recorded correctly. This gives you peace of mind and reliable reports — providing a foundation for making good financial decisions in the future.

Cash Flow Management: We are meticulous about your cash flow. We ensure that your company has funds available to meet everyday expenses and staff salaries.

Tax Compliance: We make sure you are compliant with all the rules of Australian Taxation Office regulations pertaining to your business. This helps keep you from incurring penalties or problems at tax time.

Financial Insights: With our professional advice, we offer in-depth financial insights that can help grow your business.

Starting a hospitality business in Brisbane is a fantastic adventure. However, effectively managing your finances is a must for long-term survival and Evisory can help you there. Let hospitality bookkeeping experts handle your financial records and be confident in running your business while crushing numbers.

Give Linda a call to walk through a complimentary business health check.