Like any small to medium size business ownership or management, running a variety of regular reports is crucial to the success of the business and filing taxes. When you own a business such a catering company, bar, hotel, restaurant, nightclub or any other type of business that deals in beverage dispensing, there are more than just the basic balance sheets, income statements and cash flow statements.
The Basic Small Business Financial Reports
Staying with the above-mentioned reports of balance sheets, income statements and cash flow, here is a small break down of each.
The balance sheet identifies the net worth of a company and includes the company’s assets, liabilities and owner’s equity.
The income statement, also known as a profit and lost or P&L statement, is a list containing any and all income. In the beverage dispensing industry examples include sales and all expenses i.e. operating expenses, non-operating expenses and losses.
The cash flow statement is the sum of incoming and outgoing cash. It is broken down into three categories.
Operating activities – the inflow and outflow of cash in order for the company to operate on a daily basis
Investing activities – the sales of business assets
Financing activities – money that’s borrowed or money paying off a loan
Other non-bookkeeping specific reports bar owners can and should run on a regular basis include daily reports of sales statistics, advanced reports based on specific and current needs like sales of a specific product or sales performance of a staff member.
Stock and order reports are highly crucial to stay top of appropriate products at optimum level for your business.
Provargo Reports and Overviews
Provargo are a Denmark based bar management system company specializing in a number of ways for catering outlets to take control on their reports. Thanks to their revolutionary beverage dispensing units, information is available on demand. These beverage dispensing units are have been brought into the 21st century by being able to collect and submit data via wireless technology. Data collected includes but is not limited to measurements poured from bottles and taps, times of each pour and bottle changes.
All the data gathered and sent can be accessed via Provargo’s user-friendly cloud-based database, ProCloud. From ProCloud, users can get a general overview any time they want of the general performance of the bar from product sales to staff performance.
ProCloud also offers the ability to generate reports and export them into an Excel document. These reports include daily report, and advanced report, stock and order report, losses report and device overview.
The losses report generates a list containing the number of potential pourings which were not made perhaps due to a bottle change taking place with liquor still in the old bottle that could have been sold. The losses reports add up the total loss per bar in a given period.
The “device” in device overview is the actual beverage dispensing unit for example Provargo’s wireless liquor dispenser the V4 Digipour. The report details when a pour is made, the measurement poured, bottle changes and more.
The reports and overviews Provargo offer provide greater control for any bar owner at any time. This streamlined and automated workflow allows more time for auditioning bands and schmoozing the clientele.