Fine Dining Restaurant – Melbourne CBD
Problem – Martin (owner of 3 venues) had a good bookkeeper, but not a ‘great’ bookkeeper. Everything was done manually, right from entering supplier invoices to paper timesheets. Technology kept changing in the hospitality industry, however at the venue, things were still done the way they were done 10-15 years back. With the increase in the workload (staff, supplier invoices, bank transactions), the bookkeeping fees kept going high and spiralling out of control. Martin needed a better solution if he was to grow his business.
Solution – The first thing we suggested to Martin was to move from Myob to XERO as this would work better with his business model. We streamlined the entire accounts payable function which was costing the business a lot of money
under the old bookkeeper. We also implemented processes and systems to integrate payroll and point of sales with XERO.
Did it work? 100! Martin was absolutely delighted with our ideas and work processes, and more importantly our attention to the finer details. He realized he could now spend more time working on his 3 venues. However, the biggest win
was a saving of over $20,000 in annual bookkeeping fees, not to mention a reduction in accounting fees as well (as we incorporate the BAS/IAS lodgements in our monthly fee).