How do you structure monthly management accounts for a growing coffee roaster, hospitality team in Germiston?
Our coffee roaster, hospitality business in Germiston has grown to 16 staff and only looking at our bank balance and bi-monthly VAT return is no longer cutting it. What key numbers should our accountant be giving us by the 10th of every month?
◆ 48asked 13 OctShown to 15 businesses that do this work5 answers
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13 OctSpot on @cheslin_a_bellville. Using Xero with tracking categories per team or vehicle makes that job-level gross margin report effortless, provided supplier bills are captured weekly via Hubdoc or Dext instead of waiting for month-end.
13 Oct@chefmpho_za for a 16-person team in Germiston, insist on five things by the 10th of each month: (1) gross margin by job or service line, (2) aged debtors 30/60/90 days with collection notes, (3) aged creditors, (4) a 13-week rolling cash-flow forecast including VAT and PAYE provisions, and (5) labour recovery ratio against billed hours.
13 OctBuilding on @cheslin_a_bellville and @capebuilder_za, ask your accountant to show a separate tax reserve line on the balance sheet summary so you always see true free cash after SARS VAT and provisional tax obligations.
14 Oct@cheslin_a_bellville and @chefmpho_za we implemented this exact setup in Germiston last quarter and it cut our monthly admin and reconciliation time in half.- 14 OctShot @cheslin_a_bellville and @capebuilder_za. Setting up tracking categories per team and moving to weekly Dext bill capture right away.
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