Business expansion is an exciting opportunity for restaurant and café owners. Nothing says success like opening another restaurant or café under your name. Keep track of your growing food business empire with Xero tracking categories. Tracking in Xero enables you to take a detailed look at various branches of your business. This is particularly helpful if [...]
Hospitality management is more than cooking and hiring staff. You need to know the bench-marking numbers for your industry. This will guide you to know if your business is on the money. Don't rest on benchmarks. Aim to have your food business performing better than benchmarks. According to Silver Chef's 2016 HISI Report the following benchmarks [...]
We believe that staff Christmas parties should be banned. Sounds harsh, doesn’t it? We learned a long time ago that a Christmas party of silly hats, cheap gifts and a dinner with too much beer does not grow people and strengthen teams. But experiences enjoyed together does. Replace your Christmas parties with team building training events [...]
A COA (Chart Of Accounts) is simply a list of accounts that are used to record all the transactions of your food business. When money (numbers) are moved around your business, they are recorded in the Chart Of Accounts. It’s a list of all account titles and account numbers arranged according to the classifications in the [...]
Most food business operators will lease the premises required to run their business. Those that have managed to buy real estate and be their own landlord have a valuable asset to give themselves security into the future. However, there will come a time when you will need to sell the real estate to move onto [...]
It’s obvious - they both need to balance. You worry about balancing the beers while Restaurant Bookkeepers keeps your Balance Sheet in balance. Every financial transaction in your business has a debit and credit. This means that if you take $10 out of one account, it, must be recorded to have a corresponding entry on [...]
Working in a restaurant or cafe takes on a new dimension when you own one. Your time and focus quickly shift from creativity to practicality and profit. The responsibility and learning can be exciting and daunting at the same time. According to Silver Chef (Australia’s largest hospitality equipment funding suppliers) CEO Damien Guivarra, there are [...]
Running a restaurant is as easy as juggling a dozen fry pans greased with butter - on the handle! Probably not our best joke, but neither is spending time preparing BAS reports for the ATO. Fortunately, the Australian Taxation Office (ATO) understands that small business owners need simpler compliance processes. From 1 July 2017, restaurant and [...]
Opening a new restaurant or cafe? Then you need to understand your business tax and reporting obligations. BAS Definition for Restaurant Bookkeeping BAS stands for Business Activity Statement. Business owners such as restaurateurs must submit this form to the ATO (Australian Taxation Office) to report their GST (Goods & Services Tax) and PAYG (Pay As [...]
So you’re passionate about food - I get it! Somewhere in your wonderful journey of food and coffee, you turned your passion into a business - a restaurant, cafe or franchise. What a great opportunity - to pursue your passion of food and be your own boss. Somewhere between getting a restaurant design, buying commercial [...]
