I'm working with a couple that just bought a club. They have no financial acumen, and I'm not an
Chart of Account for nightclub, dinner and bar - and software recomendation
Answers
I'd work with one of the online systems.
Quickbooks online is well known, but turning on anything (say, budgets) gets expensive. Additionally, it can get a little complicated.
Wave, Freshbooks and Xero are all reasonable options. I generally am biased towards Xero, with one caveat in this case. If they want to manage inventory, Xero doesn't do that. There are plug-ins for it. Xero is the (imho) cleanest general ledger. Wave is "free"ish, which is nice. Freshbooks seems favored by people who send a lot of invoices.
Chart of accounts? KISS. Rent, Maint, Operating (telephone, mail, everything), payroll, food & bev, alcohol. Nothing else unless it is more than, say, 2% of your expenses. Talk to a
Cheers!
The National Restaurant Association offers a Uniform System of Accounts for Restaurants, includes a guide to preparing financial statements in standardized restaurant-specific format. Probably a good starting point, with good ideas.
Keith ... Thanks. I took a quick look at the 3 packages you indicated. I think Wave will be best. eg no cost.. and looks like it has enough capability to categorize expense. I know them..and they are not very
Ditto goes for the account structure. They can expand as time goes by.
Joe .. thanks for pointing out the NRA for the accounts.. I'll check it out ... hopefully free access.