Improve your business by understanding your figures at a glance with the help of hospitality accountants

By Sky Accountants

There are plenty of figures in bookkeeping, POS and other business systems and it could be helpful to have the most important ones in a dashboard. With the help of hospitality accountants, create a weekly set to quickly measure results and manage them. Find out what figures can truly influence on improving results and add them to your dashboard.

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For restaurants, cafes and clubs, you can start with four key numbers such as the food cost, beverage cost, employee cost and sales per head. It is critical that customers are counted carefully through the POS. Ask your staff to enter the number of customers every time an order is put through, so you don’t have to guess about customer spending.

You can also ask your hospitality accountants or bookkeepers to set up your bookkeeping system at your service. It would be good to review the four key numbers each week through a bookkeeping software like Xero, MYOB or Quicken so important figures and your bank balances will be available online 24/7.

You want an easy-to-read dashboard page that everyone can understand. It may be helpful to use dollars, percentages and comparison numbers when calculating for cost per day or cost per customer. You can check the wage cost per customer, number of people who have dessert, linen costs per shift, power cost for the week, number of pizzas sold compared to number of pastas sold, etc. Measure trends by comparing this week with last week or with the same time last year. You can also compare one month with another. All of this can help you improve your business.

Once you find the right dashboard that works for you, celebrate when sales are up and improve areas that still need work. Ask hospitality accountants to pull all the figures and to do an audit on returns credited on monthly statements, reconciliations and server order errors.

As you look for different ways to grow and improve your business, seeking professional advice from a business accountant and consultant could prove to be an important and helpful decision.

You can click here to speak to business experts. We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.  Our goal is to help you grow your business, find ways to invest more and increase your productivity.

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