The Admyn Hospitality Accounting & Bookkeeping Cheat Sheet

Running a venue means juggling menus, rostering, suppliers, customers, equipment breakdowns, reviews, and the occasional 11th‑hour booking. What you don’t need is confusing accounting jargon making your life harder.

So we made this for you, a simple, no‑fluff cheat sheet written in normal human language. Great for those just starting out their management journey or just for a quick refresh.

Why We Made This Cheat Sheet

Most hospitality owners are deeply operational thinkers. You’re wired for service, quality, efficiency, vibe, and guest experience.

But understanding the basics helps you make better decisions week-to-week. It helps you catch cash leaks sooner.

It helps you understand where profit is really coming from.

This guide breaks down the financial lingo you may see in:

• Your accounting software

• Weekly reports

• Supplier statements

• Your payroll platform

• POS integrations

📘 Common Accounting & Bookkeeping Terms (Explained Simply)

Accounts Payable (AP)

Money your venue owes to suppliers - food, drinks, linen, utilities, etc.

Accounts Receivable (AR)

Money owed to you - such as functions deposits or corporate accounts.

Accrual Accounting

Recording income and expenses when they occur, not when cash moves. Helpful for venues with prepayments, bar tabs, and events.

Assets

Things your business owns: equipment, furniture, POS hardware, bank accounts.

BAS (Business Activity Statement)

A form you lodge to report GST, PAYG withholding, and other obligations.

Break-Even Point

The sales amount you must reach before making a profit.

COGS (Cost of Goods Sold)

The direct cost of serving food and drinks — ingredients, beverages, packaging.

📙 Key Financial Concepts (Made Hospitality-Friendly)

Gross Profit

Sales minus COGS. Useful for recipe costing, menu pricing, and spotting supplier cost creep.

Gross Profit Margin

(Gross Profit ÷ Sales) × 100. A core hospitality metric for controlling profitability.

Liabilities

Money your venue owes - loans, ATO debt, supplier bills, credit cards.

Payroll / PAYG

Staff wages and taxes withheld.

POS Integration

Connecting your POS to your accounting system to reduce manual entry and errors.

Prepayments

Function deposits, ticketed events, or accommodation payments collected ahead of time.

🍽️ Hospitality‑Specific Terms You Will Actually Use

Delivery App Fees

Commission withheld by delivery platforms — must be reconciled properly.

Settlement Reports

The breakdown of what delivery apps deposit vs what they keep. Crucial for revenue accuracy.

Bar Tabs & Split Bills

Frequent causes of reconciliation issues when not synced with POS.

Surcharges

Public holiday, weekend, or card surcharges — must be correctly allocated.

Tips / Gratuities

Whether processed through payroll or redistributed — requires proper classification.

🧾 Why Understanding This Stuff Matters

You don’t need to be an accountant, but building your financial intelligence gives you real control over how your venue performs. When you understand the fundamentals, the numbers start working for you, not against you:

• You read your weekly figures with clarity, not hesitation.

• You catch issues early, before they hit your margins.

• You understand what’s driving your wage costs and how to manage them.

• You price your menu with intention, backed by real numbers.

• You get a clearer sense of your cash flow, so nothing blindsides you.

Stronger financial understanding leads to stronger decisions, and that’s what keeps a venue steady, profitable, and growing.