Open ECX’s Post

‘𝗦𝘁𝗶𝗹𝗹 𝗯𝗮𝗸𝗲𝗱 𝗶𝗻𝘁𝗼 𝗺𝗮𝗻𝘂𝗮𝗹 𝗔𝗣 𝗽𝗿𝗼𝗰𝗲𝘀𝘀𝗲𝘀? - 𝘄𝗵𝘆 𝗮𝘂𝘁𝗼𝗺𝗮𝘁𝗲𝗱 𝗔𝗣 𝗮𝗻𝗱 𝘀𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁 𝗿𝗲𝗰𝗼𝗻𝗰𝗶𝗹𝗶𝗮𝘁𝗶𝗼𝗻 𝗮𝗿𝗲 𝗰𝗿𝘂𝗰𝗶𝗮𝗹 𝗳𝗼𝗿 𝗙𝗼𝗼𝗱 & 𝗕𝗲𝘃𝗲𝗿𝗮𝗴𝗲 𝗽𝗿𝗼𝗱𝘂𝗰𝗲𝗿𝘀 𝗶𝗻 𝟮𝟬𝟮𝟰.’ Nathan Ollier, CEO of Open ECX, emphasises that the UK Food & Beverage (F&B) sector, facing workforce shortages, supply chain disruptions, and rising costs, must adopt rigorous spend management and digital systems to thrive. He stresses the importance of efficient invoice processes and timely payments to protect vendor relationships and streamline operations. Implementing automated AP solutions can drive down costs, ensure accuracy, and maintain supply chain integrity. The F&B industry must prioritise these systems in 2024 to stay competitive. Click the link below to learn more and follow Food & Drink Network UK for more industry updates. #FoodAndBeverage #SupplyChain #Automation #SpendManagement #DigitalTransformation

📊🔪 How to Master #RestaurantBookkeeping in 5 Simple Steps! 🍽️ Attention all restaurant owners and managers! Are you tired of the chaos in your bookkeeping process? The latest article from Restaurant365 has you covered with an easy-to-follow guide to streamline your accounting and keep your business thriving. **1. Record Sales Through Your POS Daily**: Accurate sales tracking is more than a necessity; it’s the heartbeat of understanding your revenue streams. Modern POS systems can automatically generate daily sales reports ensuring every penny is accounted for. Imagine integrating your POS with restaurant management software for ultimate efficiency! 🖥️💰 **2. Streamline Accounts Payable**: Vendor relationships are the cornerstone of a successful restaurant. With AP automation, capture and route invoices with lightning speed, ensuring timely payments and fostering positive relationships. Say goodbye to late fees and lost invoices! 📬✅ **3. Simplify the Complexities of Payroll Processing**: Payroll can be a headache, but it doesn’t have to be. Whether you choose to outsource or automate, ensure accuracy and compliance with integrated payroll solutions. Reduce the risk of costly penalties and focus on what you do best – running your restaurant! 🛠️👨🍳 **4. Reconcile Your Bookkeeping with Your Bank Accounts Frequently**: Keep your bookkeeping records in sync with your bank accounts with frequent reconciliations. Automated, integrated systems can save you time and ensure every transaction is accurately recorded. 📚🏦 **5. Analyze Your Numbers to Stay in the Black**: To maintain a healthy bottom line, regular analysis of your financial data is crucial. Reports such as P&L statements and prime cost insights (food and labor costs) can reveal strengths and weaknesses. Daily analysis empowers you to take proactive measures and keep your restaurant profitable. 📈🔍 Embrace detailed records and specialized restaurant accounting software to bring order to your finances and drive your restaurant to new heights. Read the full article here 👉 *[Link]* #RestaurantManagement #POSSystem #AccountsPayable #PayrollProcessing #BankReconciliation #DataAnalysis #RestaurantOwner #RestaurantLife #HospitalityIndustry #FinancialHealth #RestaurantSuccess

Thinking about *expanding your restaurant* to multiple locations? Here’s how your accounting can adapt: Consolidate financial data ➝ Combine data across locations to get a holistic view of the business. Track inventory and COGS by location ➝ Compare each unit’s performance to account for unique needs & turnover. Centralize your Accounts Payable (AP) Management ➝ Automate vendor payments, view real-time spend analysis, & reconcile deliveries. *Automate* your restaurant expenses with MarketMan and *scale* with confidence. #RestaurantTech #FoodService #FoodTechnology #Restaurants #Restaurateur #RestaurantSuccess #FoodAndBeverage 

💡 Struggling with Inventory Management in Your Restaurant? 💡 Poor inventory management can lead to overstocking, wastage, and increased costs. Fynbos provides precise bookkeeping and management accounts to help you keep track of inventory, reduce wastage, and manage costs effectively. Benefits: ✅Reduced Costs: Efficient inventory management cuts down on unnecessary expenses. ✅Improved Profit Margins: Less wastage means better profitability. ✅Operational Efficiency: Streamlined inventory processes. Choose Premium Compliance, Financial Visibility, and Industry Insights, Choose Fynbos. Contact us today 👉 https://bit.ly/3Llkq1g #fynbosaccounting #accounting #accountingservices #accountinglife #accountingsoftware #xero #dext #simplepay #accountingsystem #accountingandfinance #accountingfirm #accountinghub #accountingsolutions #capetownbusiness #SME #supportlocal #foodandbeverage #hospitality 

Running a #restaurant is more than just serving great food. Keep a close eye on the numbers. Generate accurate #reports to gain insights into your restaurant’s #financial health.    ✅Daily Sales Report 🔹End-of-day report that measures costs, sales, and future sales  🔹Revenue reconciliation against settlement    ✅Profit and Loss Statement 🔹Accurately record sales and costs  🔹Reconcile items like sales volume, food costs, labor costs, operating costs and profits   ✅Cash Flow Statement 🔹Timely record inflows and outflows for smooth operations  🔹Gain insights into the state of your operations, investments, debt and financing    ✅Balance Sheet 🔹Cash and accounts receivables, inventory, property, equipment, and long-term investments  🔹Accounts payable, short-term loans, income taxes owed, and all long-term liabilities    ✅Revenue and Controllable Costs 🔹Rent, third-party reconciliation, late fees, tickets, fines, electricity, maintenance, and ingredients  🔹Food sales, beverage sales, merchandise, online orders, phone orders, gift cards, consumer packaged goods, and more #OutsourcedAccounting #CashFlowManagement #SMBAccounting #AccountingSolutions #BusinessGrowth #EfficientAccounting #Bookkeeping

Are you aware of the unique challenges of managing accounting in the food service industry? Navigating the complexities of production, trading, and service activities requires a nuanced approach. Here's a brief expert insight: 1. It all starts with the menu. Detailed planning ensures not only customer satisfaction but also cost-effectiveness. 2. Understanding the full cost of each dish, including ingredient costs and labor, is crucial for setting the right prices. 3. Efficient inventory management and correct staffing are fundamental to operational success. Struggling with these aspects can significantly affect your business's profitability and sustainability. Delving deeper into each area can provide solutions and improvements. Interested in exploring this further? 👉 https://lnkd.in/db6m4zmJ #jaraaccounting #cateringfinance #accountingtips #financialmanagement #restaurantaccounting

Navigating supplier payments can be a challenge for restaurants. 🧾🍽️ Fynbos simplifies supplier payment management, ensuring timely payments, reducing discrepancies, and maintaining strong supplier relationships. Focus on your menu, and let us handle the rest.  Choose Premium Compliance, Financial Visibility, and Industry Insights. Contact us today 👉https://bit.ly/3Llkq1g #fynbosaccounting #accounting #accountingservices #accountinglife #accountingsoftware #xero #dext #simplepay #accountingsystem #accountingandfinance #accountingfirm #accountinghub #accountingsolutions #capetownbusiness #SME #supportlocal #foodandbeverage #hospitality 

Negative Stock Balance Negative balance appears when the estimated balance in the program is bigger than the amount of goods and products at the warehouse. Negative balance affects the accuracy of reports, cost, pricing and financial results.    Why it happens: - staff forgot to enter a purchase invoice - instead of some product another one was sold, similar or having the same price - purchase invoices were entered with mistakes - entering incorrect figures during inventory check   Very often an accountant or a manager is a person responsible for entering purchase invoices. From time to time they simply don’t have enough time for filling in purchase invoices into the program, and negative balance is growing. Also, sometimes staff members forget to pass the invoices to the office.    With Bakeit.app there’s no need to spend plenty of time looking for guilty parties. Our system will help to restore order in the stock, save time of a manager and identify a person responsible for receiving goods. The only thing to do is to let the operating personnel enter primary documents from a tablet.    With Bakeit.app a shift supervisor or a senior baker will be able to enter goods into the system at the warehouse when they are received from a supplier. Consequently, you will always have valid stock at the right time.  A manager or an accountant will be able to deal with strategic issues instead of routine paperwork.   To find out more about stock management in Bakeit.app write “want to know more” in comments, send a message or leave an inquiry on our web-site https://bakeit.app   #possibilitiesBakeIt #BakeIt.app #BakeIt.app #business #foodservice #automation #foodservice automation #solutionforbakeries #solutionforfranchises 

🌟 10 Financial Keys to Running a Successful Restaurant 🍴💼 A thriving restaurant isn’t just about great food—it’s about smart financial management! Here are the keys to success: 1️⃣ Detailed Budgeting: Plan for every expense and monitor your progress. 2️⃣ Food Cost Management: Control inventory and minimize waste to boost profits. 3️⃣ Labor Cost Control: Schedule smartly to balance service quality and efficiency. 4️⃣ Accurate Menu Pricing: Price for profit and adjust based on performance. 5️⃣ Cash Flow Management: Stay ahead by tracking your income and expenses. 6️⃣ Financial Reporting & KPIs: Review key metrics regularly to guide decisions. 7️⃣ Tax Compliance: Keep payroll, sales tax, and tip reporting stress-free. 8️⃣ Technology Integration: Use POS systems like Toast to streamline operations. 9️⃣ Vendor Relationships: Negotiate contracts for better pricing and terms. 🔟 Partner with a Restaurant Bookkeeper: Simplify your finances and focus on growth. 💬 Ready to elevate your restaurant’s financial game? DM us today to learn how WBS: The Restaurant Bookkeeper can help you thrive! #RestaurantSuccess #FinancialKeys #WBSRestaurantBookkeeper #RestaurantLife #SmallBusinessFinance

Financial Reports: A Restaurant's Roadmap to Success Accurate and comprehensive financial reports are essential for restaurant owners to make informed decisions and ensure long-term profitability. These reports provide valuable insights into: * Profitability: Track revenue, expenses, and net income. * Performance: Analyze sales trends, labor costs, and food costs. * Cash flow: Monitor cash inflows and outflows to manage liquidity. * Tax compliance: Ensure adherence to tax regulations. * Investment opportunities: Identify areas for growth and expansion. By regularly reviewing financial reports, restaurant owners can identify areas for improvement, optimize operations, and make data-driven decisions to drive success.