We'll communicate frequently with finance updates catered to your business. Have urgent inquiries that just can't be put off? Rest assured, our team will respond to you in one business day or less.
Our platform enables seamless automation of data inputs from the majority of major providers, minimizing typical financial errors. We've teamed up with key players such as Gusto, Stripe, Shopify, and Square. This ensures that your catering service's finances are consistently reliable.
Say farewell to mountains of invoices and the tedium of manual record-keeping—Bench Accounting automates data directly from your connected accounts. Gain insights from a unified dashboard to effortlessly grasp the financial stability of your catering business and make enlightened decisions.
DR. BUKKY KOLAWOLE
As a catering service business owner, you'll be able to claim a variety of business expenses for tax purposes. Common tax deductions for caterers include:
- Kitchen equipment and supplies: Anything you buy to use in your catering business, such as ovens, serving platters, utensils, and other kitchen equipment, can be claimed as a tax deduction. This also includes consumable supplies like napkins or plastic utensils.
- Food and ingredients costs: The cost of food and ingredients used to prepare meals for your clients can be claimed as tax deductions.
- Business insurance: The cost of business insurance that covers your catering business can be deducted from your taxes.
- Vehicle expenses: If you use a vehicle for business purposes, such as delivering food to your clients, you can claim related expenses such as fuel, maintenance, and insurance.
- Marketing and advertising expenses: If you advertise your catering services online, in print, or through other platforms, these marketing costs can be claimed as tax deductions.
- Employee wages and benefits: If you have employees, you’re able to deduct their wages as well as any benefits you offer.
Please note that tax laws can change and vary by location, so it's always a good idea to consult with a professional tax advisor to ensure you're taking advantage of all possible deductions for your catering business.
Handling the accounting for large events where payments are made in installments involves a proper system in place to track all the incoming payments. Here are a few steps you could take:
- Set up a reliable and automated bookkeeping system: This system should be capable of tracking all installment payments, including when they are due and when they are received.
- Record each payment as a partial payment towards the total cost: Each payment should be recorded separately to avoid confusing the total amount still owed.
- Always issue receipts: Upon receiving each installment, always issue a receipt to the payee. This serves as a record for both you and them.
- Follow up on late payments: Have a mechanism in place to follow up on any late payments to ensure your financial records are up-to-date.
In addition, you might consider hiring a professional bookkeeper to handle these tasks, as they can provide valuable insight and save you time and effort.
The best method to track and manage inventory for your catering business is to utilise a reliable inventory management system. This type of system can help prevent overstocking or understocking of items. It not only tracks the incoming and outgoing goods but also provides real-time data and analytics. Some popular options include systems like QuickBooks or Zoho Inventory that specifically cater to businesses like yours. They offer features such as barcoding, order management, and automatic reordering. Remember, effective inventory management can save you money and allow your catering business to operate more efficiently.
Nope! All bookkeeping is completed in-house.
Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.
We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.