A bar and restaurant
Another great use of cloud accounting technology is in the retail and hospitality sectors. Connecting the whole of the business, from tills in store to inventory and tax records, is a highly efficient and effectiveway for start-ups in these sectors to handle their administrative burden.
That’s exactly what happened when our client, a bar and restaurant owner, came to us, looking to use technology to help their business flourish.
With our guidance, the client was able to link their tills to their accounting system. Then, by configuring all food and drink items available, as well as the VAT rates for each, they can now easily generate sales data, VAT returns, profitability and food and drinks splits at the close of each day. Not only did this provide us with a clearer picture of their finances and tax liabilities, allowing us to give the right support at the right time, it also gave our client the chance to see just howwell the business was doing and how different food and drink sales were performing. However, it’s not just with sales that this commitment to cloud accounting has proved beneficial for the owners. Staff management and costs are often a real issue for new, small businesses to tackle and one that can take a substantial amount of time and effort to keep on top of. With clever integration of different systems, our client has managed to bring the time recording and payroll functions into their accounting software with ease. Staff log in to the till system at the start of their shift and log out at the end. The hours logged by the system are then automatically used to populate the payroll data for the week or month, meaning the owners don’t need to process employee hours and pay them manually. Staff then use a secure online portal to access their payslips and book annual leave which automatically feeds into the payroll calculations for the next period. Embracing the opportunities that this technology provides has streamlined a number of processes for our client and greatly reduced the time they need to spend on administration and paperwork. They can now concentrate on dedicating their time to the business itself, safe in the knowledge that we have access to accurate data to support them, when needed.
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