I have just got a new client who owns a restaurant. He is hoping to open more quite soon, and wishes to report on them individually. I run QB and have spoken to the help line and they have suggested using the 'location' facility for each restaurant. Does anyone else use QB for restaurants?
And is there anything specific I need to be mindful of? He is not yet VAT registered, but is probably about to reach the threshold where he will be due to register.
Should each restaurant be a separate limited company?
Before any one jumps on me, not to avoid the Vat reg issue, but given high incidence of failure, one doesn't take down the next. Unless of course he plays silly beggars and puts things through both and uses two ltds as if they are one. Seen that happen before.
Care re vat, I mentioned briefly on the other thread. Come back on here if you need further clarification.
Also...systems are key. More so when vat reg. Get them right from day one and it makes life a hit easier, but be warned most of such businesses are nit the most straight forward to look after given the cash nature, owners thinking the cashbook is their own, staff turnover is huge.
Payroll.....do you do? It's often weekly for such and can be a nightmare as the is a LOT of coming and going. Also you will need a Tronc system for the tips run through payroll.
Have fun
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Hi, I've been lurking on these pages for a few months but not actually posted before. This site is great btw.
I use QB and have a client like this. Assuming the same company for all restaurants, the simple solution is to setup customer jobs. This will allow you to run P&L by customer job to get a view on each restaurants profitability etc. Each transaction you enter would need the customer job (i.e. restaurant) filled in.
Sorry Cheshire - I cant find the link to the café post re VAT. Are you able to post the link please? x I have emailed him asking about his company structure so thank you for that! I am so pleased I asked the questions first!
I have looked at QB last night and thought about classes or locations. I will have a look at customer jobs too. Thanks Alan
Hi, I've been lurking on these pages for a few months but not actually posted before. This site is great btw.
I use QB and have a client like this. Assuming the same company for all restaurants, the simple solution is to setup customer jobs. This will allow you to run P&L by customer job to get a view on each restaurants profitability etc. Each transaction you enter would need the customer job (i.e. restaurant) filled in.
Hope that helps.
Hi Alan, lurking without joining as I can see you have just become a member. So, ditto what John said, we would love to hear more (intro can be on this thread if that's easier til you find your feet) and another QB expert is a much needed requirement given our existing few are so very busy.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Sorry Cheshire - I cant find the link to the café post re VAT. Are you able to post the link please? x I have emailed him asking about his company structure so thank you for that! I am so pleased I asked the questions first!
I have looked at QB last night and thought about classes or locations. I will have a look at customer jobs too. Thanks Alan
Caroline
It's Joanne, my name is below the line in the signature bar. If you are just using a phone you may not be able to see it, but you can on a PC etc
i would need to trawl through to find it, can't be arsed just now but will have a look later this morning. Gone a blank on the posters name so that's not helping. It wasn't a post re vat, it was just a general one re a cafe and some 'issues' -ones to avoid.
Is your client vat registered?
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Might not help you as much as I thought. But has one or two bits in it about vat schemes, not paying staff outside of the payroll rules etc. Anything else - just ask.
