Back and Forth Bar’s POS & Bookkeeping Solutions
Back and Forth’s owner, Regan Truong, came to Enkel looking for a solution to get his bookkeeping in order and track the contributions he made to the business in getting the business ready to launch.
He personally funded the majority of the start-up costs, and wanted to ensure that they were recorded properly. He also wanted a bookkeeping workflow that would help him understand his sales data to make better decisions about his inventory and understand his margins.
How Enkel Helped
Back and Forth needed a simple POS solution that would integrate with their Xero accounting software. We built a custom solution and workflow that works perfectly for Back and Forth’s needs.
As their full service bookkeepers, we are the main contact for Back and Forth’s accountants, making tax season a breeze. We also help them to keep on top of Back and Forth’s PST and GST filings, reminding Regan when the filings are due and helping him compile the data necessary.
Back and Forth uses a POS system called Micros (by Oracle).
Their version doesn’t directly link with Xero, so we developed a simple workflow to pull sales data, match it within the accounting system and reconcile the bank accounts accurately.
We set up a custom chart of accounts that helps Back and Forth identify revenue and cost of sales by product type, so that Regan can use the data to understand his margins at a more granular level.
Since Regan supplied the majority of funding to get the bar up and running, we ensured his contributions were recorded as shareholder loans. That way, he can draw on those funds later on down the road, tax free.
Managing a successful bar is a busy job. Regan simply doesn’t have time to worry about bookkeeping—and now he doesn’t have to.
The workflows we set up make it easy for him to submit his receipts and invoices. His chart of accounts allows him to have great visibility on his margins and operating expenses. Easy.