It’s true that Xero’s default chart of accounts will get the job done for your hospitality business in the same way you can find your way without a map. The difference is the map helps you get there quicker and also guides you along the way.
At Ten X we take Xero’s standard chart and trick out specifically for our hospitality clients. We make sure it is set up to record you businesses information in a way that allows you to understand how your business is truly performing and guide’s you to the areas that need your attention.
Our top 3 tips for modifying Xero’s chart of accounts for your hospitality business:
- Split Sales Revenue into Key Product Categories such as Dine in Food Sales / Take away Food Sales, Alcoholic and Non Alcoholic Beverage.
- Match direct cost accounts to your Sales Revenue accounts. For example Food Costs, Alcoholic and Non Alcoholic Beverage Costs.
- Create accounts that allow you to distinguish between consumables and equipment and to identify which area of the business has incurred the expense. For example Front of House / Kitchen Equipment or Kitchen Consumables.
At Ten X we take Xero’s standard chart and trick out specifically for our hospitality clients. We make sure it is set up to record you businesses information in a way that allows you to understand how your business is truly performing and guide’s you to the areas that need your attention.