Accounting challenges F&B companies face
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Irregular collection and transportation of Z reports, sales receipts and supplier invoices to HQ, resulting in accounting backlog. Manual entry of daily sales data from POS to accounts is manpower-intensive and costly. Manual process is time-consuming and error-prone. |
Benefits of SME Survival accounting
Strong focus on automated accounting.
Accounting best practice and system integrated with Hungry-Go-Where POS.
Focused on the F&B industry with pre-built P&L and balance sheet statements for F&B.
Our team of professional accountants manages your accounting entirely, taking care of all accounting responsibilities including accounts receivables data entry for cash, card and invoiced payments, and accounts payables data entry for settlement of suppliers invoices.
In addition, the profit & loss statement, balance sheet and analytics reports are automatically emailed to SME owners every month.
Reports can be consolidated by company or by individual outlet.
Accounting task |
Manual process |
SME Survival accounting |
Outlet manager sends hardcopy documents and Z reports to HQ |
Weeks |
Immediate |
Lost supplier invoices |
more than 15% |
0% |
Data entry into accounting module |
Never ending |
Never |
Employee job satisfaction |
Low |
Increased |
Cost over time |
Increasing as salaries rise |
Low |
Savings
Savings at least $600/month in salary cost as there is no need to hire a part-time administrative assistant to perform daily sales data entry.
100% accuracy of daily sales data transferred from POS to accounting system since all sales transactions recorded in the POS is automatically pushed into the accounting General Ledger module.
100% timely submission of monthly / quarterly / yearly financial statements and tax documents to IRAS, avoiding expensive late submission fines.
API
SME Survival encourages the use of software applications with open API.
When software applications adopt an open API business model, F&B companies can be assured that their applications can be integrated at any time necessary.
SME Survival FAB Accounting and FAB HR API is shared to be integrated with other software applications.
| fab_accounting_api.pdf |
| fab_hr_api.pdf |