Accounting Firm for Restaurant in Singapore
Make ‘customer satisfaction’ your mission. Let experts work on the restaurant’s accounting needs.
Running a restaurant in Singapore without ever doing accounting or generating financial statements like running a marathon blindfolded. A professional accounting firm can do it in a short amount of time & with fewer efforts.
The restaurant owners, like other business owners, are expected to comply with the Singapore Reporting Financial Standards (SRFS). It means investing hours in:
- Collecting and recording purchase invoices, & cash, credit or debit card sales
- Maintaining journal
- Balancing business’ accounts
- Administrative work like calculating and paying salaries
- Filing GST with IRAS
- Meeting deadlines by various regulating agencies
Need to Appoint a Singapore Accounting Service for Restaurant
The non-core administrative tasks do not generate profits for the owner. They simply gobble their time which they desperately need to improve the quality of their goods & service.
Regular updating of a company’s financial transactions is mandatory in Singapore. The trained accountants can easily process the business digitised financial data and come to know its financial health.
It is the reason why the owners must appoint an experienced provider of accounting services for their restaurants. On all accounts, it is a justifiable expense.
Their accountants assist with the tasks like:
- Sorting and storing invoices & checks
- Filing invoices & checks
- Tracking card and online transactions
- Maintaining vendors’ accounts & payment details
- Generating Balance Sheets & Profit/ Loss, & Cash Flow Statements
- Generating Accounts Payable Report
- Bank Reconciliation
- Preparing Directors Report /Compilation Report
- Preparing GST Report & filing GST with IRAS
- Preparing the XBRL statement
- Annual & tax filing
- Confidentiality of the financial data
- Complying with SRFS & rules & regulations
Accounting & Bookkeeping for a Restaurant
The trained accountants update the business’ books meticulously. It means one less worry for the owners. It frees them to focus on providing quality services to ensure customer satisfaction.
These accounting services bookkeep for the restaurant owners. Their accountants promptly record the business’ daily sales transactions before they are forgotten.
Prepare Sales Report
Sales reports prepared by the accounting firms give restaurant owners an insight into what is working for their business. Comparing data with the results gives them a chance to improve their operation and strategy.
Instead of relying on the guesswork, they get to make data-driven decisions about the number of raw materials and ingredients to buy and avoid wastages.
Preparing Accounts Payable Report
Nothing annoys a vendor than a late payment for the goods delivered and services rendered. Accounting services assist the owners in mastering the cash flow of the business by preparing accounts payable ageing report. It means the business dues are paid on time.
Every business has to keep a keen eye on its cash flow. Accountants do it by meticulously recording each of restaurants’ financial transactions and by reconciling its accounts. They compare business’ payments using checks, internet banking, or card against bank entries.
Well-known restaurants can name their price. However, for most others, profit margins are small. It means they have all the more need to be more careful with their finance.
The accounting firms can analyse data and prepare sales vs costs of goods or sales vs labour costs for them. The thorough financial reports enable them to keep their prime cost well below the earnings through sales.
Running a restaurant means being ready to accept instant feedback from customers. They have to maintain quality and provide prompt service. These are the areas where the successful restaurant owners focus on. They find time for it by hiring an experienced accounting firm and by letting its experts take care of the accounting needs of the restaurant.