Running a Food Truck? Are you Managing These Key Expenses?

accounting services Sydney CBD

Running a food truck requires no less effort than a full-fledged café. You will be doing pretty much the same such as ordering, preparing, and serving food, hiring and training staff, cleaning, accepting payments, filing taxes, and so on. Similarly, you need to look at bookkeeping and other taxation needs the same way you would have with a restaurant.

The reason why accounting is essential is that many expenses might be happening right under your nose. Unaware, you might be having the wrong idea of profitability for your food truck. Let’s have a look at expenses that professional accounting will help track and manage.

Beginning Capital and Investments

You might either be using your personal savings for starting a food truck or taking a loan. If you are using personal money, you should use a separate account for business transactions, preferably a checking account. And if you are taking a loan, you should keep a track of its instalments as expenses as well.

POS System Cost

If you are using a POS system, you will be paid either upfront or per transaction or both. Thus, depending on your chosen plan, you should track your business expenses accordingly.

Setup Cost

Although you aren’t buying land for the food business, you are buying equipment and insurance at the start. Keep a track of how are you paying for and recovering those costs through business. Initial inventory and license fees will also add up here.

Running Costs

This covers the cost of food, material, fuel, staff, marketing, and owner pay. Thus, you will make a profit only after you cover all these costs.

Since this looks too much for one person to manage, Sydney CBD accounting services can help manage everything ensuring you have the best profit margins.


Forensic Accounting: Accounting with an Investigative Approach

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Forensic accounting is a specialized form of accounting that is used by many businesses and firms. It is based on the same principles used for other forms of accounting, however, it specifically takes an investigative approach while working with the accounts. It is specifically used to track any funds that are missing or to find out any other discrepancies that may get missed during the general form of accounting.

Forensic accounting is a specialized way to find out if there has been any tax fraud or tax evasion. It is interesting to note that forensic accountants must also have a sound knowledge of taxation laws as they are required to deal with the legal professionals on a daily basis. Therefore, they should have a clear understanding of the taxation rules and regulations that are applicable in a specific geography. There are forensic accounting services in Sydney that can help you with audit procedures at your business or your firm. They would run substantive tests on the agreed accounts to give you the assurance that the accounts are compliant with the accounting principles.

It is important that you run these audits for your business if you don’t have an annual audit mechanism in place. In case you do not have sufficient accounting knowledge, experienced and professional forensic accountants would help with all your auditing needs, including any requirement related to revenue testing procedures, asset verification procedures, balance sheet items review, stock reviews, etc.