Correct bookkeeping is particularly important in the catering industry. It not only ensures order and an overview of finances, but also meets important legal requirements. In this blog post, we take a detailed look at accounting in the catering industry and explain its special features.
Contents
Accounting in the sweden phone data catering industry: special features
Digital accounting solutions for the hospitality industry
Conclusion
What exactly is “accounting”?
Accounting involves much more than just recording income and expenses. It is the basis for internal accounting , enables financial planning for your company and ensures compliance with legal requirements. The core functions of restaurant accounting include:
Recording all business transactions : Every financial transaction must be fully documented. This includes income from the sale of food and beverages, expenses for ingredients, rent, salaries, insurance, loans and other operating costs.
Monitoring income and expenses : The ongoing review of these items is crucial for liquidity management and helps to identify financial bottlenecks at an early stage.
Preparation of financial statements : Periodic financial statements such as the profit and loss statement and a balance sheet provide information about the financial success of the company and are essential for strategic planning.
Tax compliance : The correct payment of taxes, including VAT and, where applicable, corporate tax, is a critical aspect that must be carefully managed.
Two methods for determining profits
According to the German Commercial Code (HGB), restaurants are often required to keep double-entry bookkeeping (Doppik) . With this method, every business transaction must be entered twice - once in debit and once in credit. Whether this requirement applies depends on various factors, such as the legal form, annual turnover and profit.
Small businesses and companies that do not exceed certain limits (e.g. annual sales of less than 600,000 euros and annual profits of less than 60,000 euros) may be exempt from the obligation to keep double-entry bookkeeping and use the income and expenditure account instead . This method simply calculates profit as the difference between income and expenditure.