As a restaurant owner, you will no doubt be busy with organizing your menus, supplies and staff situations – but who is taking care of your finances?
The key to any successful business is watching the pennies, dimes and bucks – do you know enough about restaurant accounting to make sure that the money coming in the door is more than the money flying out? Monitoring your cash and keeping track of your finances is imperative for you to make the most of your business.
Larger restaurants groups will tend to have their own accounting systems, but the savvy smaller guys will take advantage of outsourced restaurant bookkeeping services and the valuable knowledge that specialised restaurant accounting services will be able to offer you, to keep you on track. You may not have enough time or back office space to contend with the day to day paperwork or for keeping records to analyse your takings and expenditure.
A specialised restaurant accounting service can provide you with daily, weekly or monthly analysis and up to date figures which will assist you in your cash flow management. By outsourcing bookkeeping for your restaurant, you will be able to concentrate on your sales and service to make your venture a success.
Think about the advantages of such a service and the invaluable advice you will gain from these specialists who will not only provide you with this knowledge, but also free you to promote and polish your dining experience for your customers. Knowledge is power, remember? Coupled with a comprehensive Point of Sale system, you can know where you stand at any point of time on any day of the week. All you really need to do is work out what information and when you want it – the service can be tailored to your needs at the touch of a button.
In a nutshell, you can gain so much from an outsourced restaurant accounting service, rather than a standard accountancy practice, however good they may be. Companies who are experts in the restaurant industry know what they are looking for, and what information is critical to your success. They can provide you with, to name but a few:
- Advice on the best Point of Sale system for your business and any feasible add-ons such as hand held credit card machines, automatic orders to the kitchen etc.
- Accounting Software, suitable for your needs
- Cash Flow Management and Records
- Inventory Reports
- Profit and Loss Statements – including comprehensive rundowns of your best and worst selling items
- Outsourced bookkeeping- tailored to your restaurant needs
You can take advantage of as much or as little of the services they are able to offer you, the depth of the analysis is your choice.
Time moves on, so don’t get stuck in the doldrums and take advantage of what is available to you as a restaurant owner who wants to be successful. Get the best advice possible, and give your business a fighting chance of surviving, particularly during your start up period when cash is key.
About the Author
CFO Business Growth Solutions, LLC provides Nationwide Restaurant Accounting, Restaurant Bookkeeping Services, Menu Engineering, POS Business Intelligence, Menu Writing and CFO Restaurant Consulting Services. For more information go to http://www.cforas.com