As the owner of a restaurant, what business records should you keep? Should you employ a part-time bookkeeper? Should you rely on your accountant? Or, should you do some of the bookwork yourself?
RECIPE FOR SUCCESS INGREDIENT CARDS
Ingredient 3: Cook the Books
Question:
What business records should you keep?
Answer:
Keep accurate, up-to-date records such as:
Bank accounts and statements, cash receipts, cash payments, petty cash book, sales journal, purchase journal, and financial statements.
With the proper records, you will be able to answer important questions such as these:
- How much cash do I have at the moment?
- How much do I owe?
- How much do people owe me?
- Can I afford to spend funds on new equipment?
- What is my net profit after taxes?
- What are my sales and expenses this month, quarter, or year?
- What were my sales and expenses last month, quarter, or year?
- How do my sales and expenses compare to last year?
- Are my sales and expenses normal for this type of business?
- Can I compare my results with industry averages?
- What are my assets, debts and net worth?
You are in business to make a profit and keeping correct financial records will enable you to measure, control, evaluate and forecast your profitability, your financial needs and your financial viability.
Good financial records are key to business success. By keeping accurate records of your business you will be able to make better business decisions and you will find it easier to raise funds and sell the business at some future date.
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