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FINANCE by Mind Map: FINANCE

1. SALES RECORDING

1.1. INTERNAL

1.1.1. Record the details of each transaction for each day across each account (Cash, Cheque, Credit Card, and Accounts)

1.1.1.1. Keenly note any "occurrences" that might skew the reconciliation

1.1.1.2. Detail every/any booking fee paid i.e. date paid, date reserved, and booking fee sent

1.1.2. Send TO Reports to Accountant every month

1.1.2.1. Kioko: Off book analysis and recon of Daily sales and TO report

1.2. KIOKO

1.2.1. Kioko: Posting of customer invoices and sales receipts

1.2.2. Kioko: Posting of commissions and offsetting the same against customer invoices

2. PRICE VARIABILTY ANALYSIS

2.1. Scenario analysis with individual menu items being the subject

2.1.1. informed/warranted by an increase in expenses incurred and change in demand

3. SALES

3.1. ACCOUNT RECONCILIATION

3.1.1. THIS IS TO BE COMPLETED ON A MONTHLY BASIS BEFORE THE SECOND WEEK

3.1.1.1. INTERNAL TEAM

3.1.1.1.1. Match every sale detail to the summary statement received from the third party (Safaricom, KCB, and Equity)

3.1.1.2. KIOKO TEAM

3.1.1.2.1. Kioko: Recon of Cash/Till/PDQ (KCB & Equity) and Tips

3.1.2. Any needed correspondences are to be had early in the second week

4. ANALYTICS

4.1. INVENTORY MANAGEMENT ANALYSIS

4.1.1. to be generated on a monthly basis and included in the Month's performance report

4.1.1.1. contextualizes the purchases with a comparison to the level of sales recorded for a particular Cost object category

4.1.1.1.1. the metrics are to judge performance and may also be used as a counter for any singularities that cannot be explained by the purchase summaries

4.2. SALES & EXPENSE FORECASTING

4.2.1. Generated on a weekly basis

4.3. FINANCIAL STATEMENT ANALYSIS

4.3.1. Performed on a monthly basis

5. PAYABLES

5.1. ACCOUNTS RECONCILIATION

5.1.1. Check the statements from the suppliers against the internal trackers, matching each invoice detail

5.1.1.1. (If any) send notes to the parties of interest

5.1.1.1.1. Once resolved, check the "Zero balance" supplier statement against the ageing summary from QB

5.2. SUPPLIER STATEMENTS

5.2.1. Requesting for the statements -dated from the start of the current year

5.2.1.1. Done in the first week of each month (between 1st and 3rd)

5.2.1.2. once reconciled and their payment has been processed, request for updated statement - (2nd/3rd week)

5.2.1.2.1. Zero outstanding balance Statement will be saved and replaced each month

5.3. PAYMENT PROCESSING

5.3.1. cheques against reconciled supplier statements

5.3.1.1. attention to be given to individual credit terms and urgency of deliveries

5.4. INVOICE TRACKING

5.4.1. COST ALLOCATION

5.4.1.1. Pilot - performed on menu items with a 1-1 recipe relationship

5.4.1.1.1. to validate the inventory turnover and stock movement

5.4.2. Log all relevant invoice details to internal trackers

5.4.2.1. Once every two weeks, scan all the invoices that are with you

5.4.2.1.1. these are then to be uploaded to the central folder

5.4.2.2. Send physical copies to accountants ( or person in charge of QB updates)

5.4.2.2.1. Each month's invoices should be filed once the reconciliation for the month is completed

5.4.2.2.2. Kioko: Posting of supplier invoices and credit notes

5.4.2.3. Check the pricing indicated in the invoices against Supplier's pricing checking to confirm that any applicable discounts or price changes have been effected.

6. COST ACCOUNTING

6.1. BUDGET PROJECTIONS

6.1.1. generated on a weekly basis

6.1.1.1. informed by the sales projections and adjustments made to them

6.1.1.1.1. Contrasted against the cost of the Order Projections from the Order Tools (both kitchen and bar) to generate the Planned vs Budgeted variance report

6.2. PURCHASE ORDER GENERATION

6.2.1. Review the order projections with the heads of each department (Food & Drink)

6.2.1.1. Forward the adjusted projections to the GM for final review

6.2.1.1.1. With the PO Suite generate the POs and forward them to the GM for placing

6.3. EXPENSE TRACKING

6.3.1. correctly split the purchased items between each cost category

6.3.1.1. supported with proof of delivery that bears the stamped of "RECEIVED"

6.4. REPORT GENERATION

7. REPORTING

7.1. MANAGEMENT REPORTS

7.1.1. KIOKO TEAM

7.1.1.1. Sharing of management report

7.1.1.1.1. once shared, this should indicate that the month's accounts have been reconciled and closed

7.1.2. INTERNAL

7.1.2.1. To be generated on a weekly and monthly basis

7.2. INVENTORY TURNOVER REPORTING

7.2.1. Generated on a monthly basis

7.2.1.1. highlights how many rotations in stock were made to facilitate the sales made

7.3. BUSINESS PERFORMANCE REPORT

7.3.1. To be generated on a monthly and quarterly basis

7.4. BUDGET & FORECASTING REPORT

7.5. COGS Report

7.5.1. To be generated on a monthly basis (i.e. for a 30/31 day period)

7.5.1.1. it'll breakdown the expenditure among the food & drink cost categories

7.6. BUDGET & FORECASTING REPORT

8. RECONCILIATION

8.1. SALES RECONCILIATION

8.1.1. INTERNAL TEAM

8.1.1.1. Request for merchant (Mpesa, KCB, and Equity) statements - at every month's end

8.1.1.1.1. Matching each day's summary in the internal trackers to the statements provided

8.1.2. KIOKO TEAM

8.1.2.1. Kioko: Recon of Cash/Till/PDQ (KCB & Equity) and Tips

8.1.2.2. Kioko: Posting of journals from undeposited account to Cash/Till/PDQ (KCB & Equity) and Tips

8.2. PETTY CASH RECONCILIATION

8.2.1. INTERNAL

8.2.1.1. Request for the Mpesa Statement, once every two weeks (15th)

8.2.1.1.1. transfer the transaction details as is in the statement to the Reconciliation workbook

8.2.2. KIOKO

8.2.2.1. Kioko: Posting and recon of petty cash every two weeks

8.2.2.1.1. Recon Windows - 1st and 15th of every month

9. SALES

9.1. MONLTHLY REPORTS

9.1.1. Spreadsheet to detail all the sales made

9.1.2. details any misallocations between how a sale was booked and how it was paid for

9.1.2.1. these are to be indicated on the day's banking form (summary document filled in by the cashier)

9.1.3. can be used in place of the TO reports and departmental sales generated from the POS

9.1.4. To be used in the sales reconciliation (till reconciliation, PDQ reconciliation)

9.1.4.1. This will serve as a point of reference between the Kioko team and the internal team

9.2. MASTER TRACKER

9.2.1. Summarizes the sales figures on a weekly as well as on a monthly basis

9.2.1.1. these sales figures are split between Dine-In sales, Delivery sales, food Sales, and drink sales

9.2.2. Other indicators include; top selling items (both food and drink), Food cost, drink cost, Labor cost, COGS

9.2.2.1. top selling items in terms of both quantity and value

9.2.3. Monthly Stats: this 'tab' offers a summary of the numbers run over a calendar month

9.2.3.1. it will serve as a summary of the month's numbers and performance metrics

9.3. CASH TIPS RECON

9.3.1. Details the cash received and the cash banked

9.3.2. reconciliation is on a reducing balance summing the cash received from bills paid and netting the cash banked (and/or tips paid out)

9.3.2.1. used to generate the summary sales numbers

10. Payroll

10.1. Kioko: Payroll processing and filing of statutories

11. Tax Obligations

11.1. Kioko : Filing VAT & WHT, catering levy

11.1.1. VAT & Withholding tax - 20th

11.1.2. Catering levy - 10th

11.1.3. NSSF, NHIF, PAYE - 9th

12. RECONCILIATION

12.1. PETTY CASH RECON

12.1.1. this details the transactions made through the MPesa phone

12.1.2. The details herein are as per the statement from safaricom

12.1.2.1. These are counter-checked against the invoices that have been handed in after a purchase

12.1.2.2. each receipt is logged in as present/absent when compiling the month's transactions

12.1.2.2.1. this is to keep the users informed

12.1.3. *for integrity purposes this document will have only one editor. Any invited users will have only Viewing privileges'*

13. PAYABLES

13.1. SUPPLIER INVOICES

13.1.1. details each invoice from every vendor. Most important being the invoice number and payment status

13.1.2. this also summarises each vendors's balance (i.e. sums all the unpaid invoices)

13.1.3. Each month's' summary is presented at the first page "Payment Schedule"

13.1.3.1. Color coded are the balances to reflect whether or not the vendor has shared a statement of accounts

13.2. PEPPERTREE INVOICES

13.2.1. This folder is populated with scans of each invoice delivered.

13.2.1.1. updated every two weeks

13.2.1.2. Naming convention used (<Vendor><date>)

14. COST ACCOUNTING

14.1. Daily Expenses

14.1.1. splits each invoice/receipt into the respective cost category

14.1.2. Summarizes the weeks' total spending

14.1.2.1. this week totals do not include any expenses incurred for staff food and supplies (indirect COGS)

14.1.2.2. computes each week's after tax sales

14.1.2.2.1. used to calculate each week's food & drink cost (% of net sales

15. TROUBLE SHOOTING

15.1. FINANCE

15.1.1. SALES

15.1.2. COST

15.2. OPERATIONS

15.3. BUSINESS PERFORMANCE

15.3.1. COST

15.4. LICENSING & STATUTORIES

15.5. SUPPLY CHAIN

15.6. CUSTOMER EXPERIENCE

15.7. MAINTENANCE & REPAIR

15.8. HR

16. ACCOUNTING

16.1. EXPENSE POSTING

16.1.1. INVOICES

16.1.1.1. SUPPLIERS

16.1.1.1.1. FOOD & DRINK

16.1.1.1.2. OPERATIONAL

16.1.2. PETTY CASH

16.1.2.1. posted every two weeks once the statement is shared

16.2. SALES POSTING

16.2.1. BREAKDOWN - % split between food & drinks. Applied to all the categories

16.2.1.1. ACCOUNTS

16.2.1.1.1. invoices generated for each day's sales

16.2.1.2. WALK IN SALES

16.2.1.2.1. sale receipts

16.3. RECONCILIATION

16.3.1. BANK

16.3.1.1. statement received

16.3.1.1.1. payments allocated to supplier invoices

16.3.2. PETTY CASH

16.3.2.1. statement received

16.3.2.1.1. receipts are matched against each transaction

16.3.2.1.2. statutories charged against their respective sub accounts under payroll liablities

16.3.3. SALES

16.3.3.1. merchant statements match recorded transactions

16.3.3.1.1. journals have been passed allocating sales to their respective accounts i.e. cash, till, PDQs

16.4. MERCHANTS

16.4.1. COMMISSIONS

16.4.1.1. posted once the statement is received

16.4.1.1.1. UBER

16.4.1.1.2. JUMIA

16.4.1.1.3. GLOVO