Accounting and bookkeeping for F&B businesses

What F&B businesses need from accounting and bookkeeping

• Daily or weekly sales reconciliation from POS systems against bank deposits and card settlements
• Recording of delivery platform payouts net of commissions, with the fees separated out
• Outlet-by-outlet profit and loss so each kitchen's food and labour cost can be compared
• Supplier invoice capture and payables management across many small vendors
• Monitoring of taxable turnover against the GST registration threshold, and GST returns once registered
• Treatment of renovation, kitchen equipment and deposits as assets rather than expenses

Questions to ask a provider

1. Which POS and delivery platforms have you integrated with before, and how do you reconcile their payouts?
2. Can you report food cost and gross margin by outlet every month, not just at year end?
3. How do you handle cash takings and petty cash at outlets?
4. Who reviews the GST return before it is filed, and how do you treat platform commissions for GST?

Pitfalls to avoid

• Booking delivery platform deposits as gross sales without separating commissions overstates revenue and distorts margins
• Monthly reporting that arrives six weeks late is too slow to act on rising food or labour costs
• Providers who quote for a single outlet may reprice sharply when you open a second or third

More on accounting and bookkeeping

Our guide to finding a accounting and bookkeeping provider in Singapore covers typical costs, rules and how matching works.