A Coca Cola is a Coca Cola and other wisdom.
Over 40% of business owners say they hate accounting. Why is that? Well, people think of accounting as something difficult and or boring. So we count for our clients: the beans, the rubber gloves, the toilet paper and the filet mignons, plus we know that Veuve Clicquot is a champagne. No more boring data entry, we do that for our clients. Thus, nothing boring remains, only the excitement about managing the business by the numbers and not by the seat of the pants; and the growing profits...
At ANDADO we try to make accounting easier, faster and more accurate. And less expensive - all that by using automation. Focus on 'key performance indicators' is possible when bookings mostly happen automatically within 12 hours after close of previous business day. We have a narrow focus on restaurants and hotels. (Our methods would also work for other businesses.)
A lot has changed since I studied accounting for the first time, almost 50 years ago. The good news is that credit and debit works the same, not only since then -
but since father Luca De Pacioli invented double-entry bookkeeping in the 15th century. Over the last decades computers have become more powerful and "the books" are mostly stored in "the cloud". That resolves the need to have a staffer on site to do bookings. Our offices are in Arizona, but we have clients hundreds of miles away, even in other countries such as Mexico.
We generate actionable information faster and less expensive: we give the operator numbers such as Prime Cost, the sum of labor and cost of goods sold. We produce budgets in cooperation with our clients and deliver cash-flow and labor forecasts and relevant KPI [key performance indicators]. We also differentiate cost accounting from financial accounting. While cost accounting is really key to efficiently operate and manage a restaurant, financial accounting is for the external constituencies such as the fiscal/financial authorities, partners, banks etc. not less important but with different goals and objectives. Also: to manage successfully numbers have to be there more like next day or week.
Now here is the secret how this isn't all bragging: we use a system that is 'a learning organism' like the terminator would say (imagine Arnold saying it in Schwarzenegger_English). If we code a Coca Cola as a non alcoholic beverage our system 'learns' that and going forward charges it to the same G/L account, maybe the remaining variable being a cost center such as bar, restaurant, catering etc. which is also set. In addition to a software learning items by vendor and by cost center, we also use software that does the actual reading of invoices (bills), digitizes the bills (makes into data) and exports to the accounting which can literally be ANY accounting package. Maybe in 25 years Coca will be 'out' but until then: Coca Cola will go to the identical ledger account. Soft beverages, or just non alcoholic. Now that of course is true for all items: once they are in our database, linked to their proper accounts, cost center and cost unit, the repetitive data entry is done. Typically in 3 month we have automated thousands of items and many dozens of vendors used by a restaurant.
Ultimately what we do is creating order; we are organizing a workflow that enables restaurant's to reduce paper handling by 60 to 80%. We enable retrieval of bills in seconds. No more "who has the bill?" Under the owners car seat? You get the picture. Once the bills are digital everything else becomes easy. If you wanna try it out, give us a call at 480 222 0050.