Accounting Process in F&B Industry in Singapore
- Initial Setup
- Accounting Software: Implementing suitable accounting software that integrates with POS systems.
- Chart of Accounts: Setting up a detailed chart of accounts tailored to the F&B industry.
- Daily Operations
- Sales Entry: Recording daily sales and categorizing them by revenue stream.
- Expense Recording: Entering daily expenses, including purchases, utilities, and wages.
- Periodic Tasks
- Inventory Reconciliation: Regular reconciliation of inventory records with physical counts.
- Payroll Processing: Calculating and disbursing employee wages, including statutory deductions.
- Monthly/Quarterly Tasks
- Bank Reconciliation: Reconciling bank statements with accounting records.
- GST Filing: Preparing and submitting GST returns to IRAS.
- Financial Analysis: Reviewing financial performance and making adjustments as necessary.
- Annual Tasks
- Financial Statements Preparation: Compiling annual financial statements for stakeholders.
- Tax Filing: Preparing and filing corporate tax returns.
- Audit: If required, facilitating external audits and ensuring compliance with audit requirements.