Startup Accounting Services For Food Catering Business: How to Begin?

Startup Accounting Services

Published: 02/24/21

Turning your passion for food into a business endorsement is one of the best ideas you can ever invest in. With the right startup accounting services tagging along you can become an overnight success even (no joke!) and you can earn profit too. Even if you are toying with the idea of starting a food catering service, accounting still remains one of the most important aspects of the business to become successful.

A lot is involved in the food business from managing inventory to sales to counting the number of sales in a day or on a weekly basis and so on. Without the help of an accountant, you cannot manage things properly.

Since it’s a small business, you can take help from online accountants who charge nominal fees accommodating your food catering business in the long run.

Accounting Services For Startup: Food Catering Business

Before you get up and about running a food catering business even at a small level, you need to understand the language of hospitality finance.

A catering company, even as a moving food truck, provides the food and beverage for private and corporate events. The task is to keep the guest well-fed with the selected menu of delicious food, drinks, and snacks. You can offer a customized menu as you will be responsible for planning the menu, hiring cooking and serving staff, cooking and delivering the food to the desired location.

So within the limited budget, you can offer some of the following services for your catering business;

  • Food Catering
  • Beverage Services
  • Bartending Services
  • Hot Or Cold Buffet Setup
  • Chair And Table Rentals
  • Dining Area Set Up And So On

If you are sticking purely to food catering then it’s great. It’s the core of the catering business. You can offer full-service and charge as per dollar need.

However, CPA fees for small business charges must be kept in mind when you plan to hire one to handle your accounts. So here’s what you need to remember.

1. Find The Bookkeeper

There are plenty of bookkeeping startups, like My Count Solutions, available online who assist small businesses just like yours. As the owner, you will face some challenges to run the business and manage the accounts on your own. Staffing, inventory management, and controlling the cost of the goods sold is a time taking task.

A Professional Bookkeeper understands the complexity of the food industry and therefore can manage the front and back house management.

2. Accounting Software

A proper CPA Portal will help to streamline all the data entry tasks too. If you want to customize the invoices, track the revenue, create the profit or loss statements.

The ideal accounting software will let you report the documents and is easy to use and allows you to access the data online anytime you want.

3. Set Accounts Chart

You must be able to categorize the accounts to set the cash flows. The most common set includes the assets, liabilities, expenses revenues, and owner’s equity.

When you hire professional help even if it’s remote or online then they can break down the accounts into business-specific categories too like inventory and sales, marketing and advertising, and so on.

They can monitor the metrics rather easily.

4. Point Of Sale System

You want to manage your cash, receipts, whether it’s via texts or emails. Even the inventory management and ogre management need to be properly managed. When you get the hang of a bookkeeping startup they help you stay organized and put about all the related tasks.

Besides they also track the necessary factors like;

  • Payroll

For the food business, it can be a daunting task to track the employee working hours. Work hours are irregular and different types of payment can be a hassle.

  • Accounts Payable

Paying vendors and suppliers on time is important. Updating the invoices on the accounting software is important to generate the payment schedule.

  • Inventory

For a small food catering business, you optimize the inventory you buy and reduce food waste.

  • Cash Management

Saving the raw materials, getting more customers means earning more jobs which ultimately would lead to more cash inflows.

  • Sales

Keep track of the expenses and the profits being made. That’s what startup accounting services are for.

  • Reconciliation

Reconcile the bank accounts, loans, credit cards, and so on. You need to be accountable for everything.

  • Audit

Evaluate the food safety, quality, and management control too. The audit in the food industry is relevant not only to the profit and loss but to the high standard of the food quality too. 

Let the Accounting Services Cook your Books!

The success of the catering business not only relies on your passion, management, and taste of the food you serve but also how well managed your books are. Only then you will be able to expand and grow your food catering business if you can keep a close eye on the cash inflows and outflows.

CPA fees for small businesses will vary based on different factors but rest assured My Count Solutions is the perfect solution for sore eyes looking for a service provider who is ideal in bookkeeping and accounting services.

You can contact us and learn how My Count Solutions can help grow your catering business towards success.

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