Reconciling your takings daily (or at the end of shifts) is a critical step in keeping control of your cash flow, whether you be a restaurant, cafe, bar, or any hospitality business. This reconciliation then needs to be worked back into your books to ensure your accounts are balanced and the sales revenue you expected to earn is the same as what’s being banked.
Training is key here. Often, it will be your staff who are performing this end-of-day reconciliation, so it’s important they’re comfortable with not only the process of calculating the takings, but any steps you require thereafter in order to minimise cash variances and ensure accuracy in your accounting.
Wages are one of the key expenses for most small businesses, so it’s important you’re on top of how much your employees are working and what you need to pay them.
Keeping a record of your staff’s shifts and hours, and also forecasting what these hours will be ahead of time, means that you can plan for the cash required to pay your staff on time. Keeping this time tracking system simple and easy for staff, and using a system with good reporting capabilities, that integrates with your own accounting system, is key.
Discounts and promotions
Promos and discounts can be a great tool to attract customers and track marketing efforts, but often these can take on a life of their own. Before you know it, you’ve got more codes and offers than you can keep track of and things can get a little messy.
Making sure you have a system to regularly check in and see what promotions you’ve got going means you can make sure you’re not offering discounts you shouldn’t be, and it also provides the opportunity to take stock of past promotions and assess their effectiveness, which can inform future marketing efforts.
Cost of goods
Hot on the heels of your wages cost, cost of goods is one of the biggest business expenses and has a huge impact on your overall profitability and margin.
Tracking your cost of goods, therefore, is critical. With proper insight into this financial metric, you’re able to think strategically about ways to reduce your expenses and increase your profitability, which can have huge potential for your business’s bottom line.
Modern businesses recognise that being able to facilitate customer payments in a variety of forms is a smart move, but it’s also important to keep on top of the channels by which money’s coming in, so you can identify opportunities and capitalise on them.
Tracking these payments regularly will save you time and ensure nothing gets missed. In the world of Kounta, this process couldn’t be simpler – integrated payments sync with your POS, which in turn integrates with your accounting software, so you’re all sorted.
Kounta’s sophisticated reporting capabilities integrate seamlessly into all areas of your business, which makes tracking your cash flow super simple. Whether it’s communicating directly with your accounting system, syncing integrated payments with your POS, integrating your workforce management software with our system, or enabling detailed business reporting through Kounta Insights, we’ve got you covered.