Everybody wants to own a restaurant because they think it is such a glamorous profession. After all, these types of business are all about having a good time and enjoying a great meal. Of course, that’s all the customers ever get to see. Little do they know that in most cases the owners of these establishments are married to their businesses and spend more time at then than they do at home.
If you happen to own a restaurant more than likely you work somewhere between 10 to 14 hours a day and usually do not even get time off to enjoy a vacation. Most restaurateurs can easily relate that statement, and if you happen to be one of them and would like to reduce your responsibilities, you might want to think about hiring a restaurant booking service. Below we are going to discuss some of the different ways a typical restaurant could benefit if they did decide to go this route.
# 1 – Improved Financial Statement Accuracy – The majority of every outsourced restaurant accounting and bookkeeping service is owned and managed in some capacity by a CPA. The accountants that run these firms always review their client’s financial statements before they are sent out. In addition, they supervise the bookkeeper who is in charge of each account to ensure they know exactly how to record the transactions.
Most restaurants financial statements require multiple adjusting entries at the end of each period. Some of these entries could be for depreciation, labor, insurance, food and other accruals. It takes a great deal of knowledge and experience to know all the accounting rules and regulations to make these entries, and most restaurant bookkeepers simply do not possess that kind of knowledge.
# 2 – Payroll – Many restaurants use a payroll service to cut their employees checks and file all of the required state and federal documents. Virtually every outsourced restaurant bookkeeping service also provides these type conveniences, and their fees are usually much lower than a standalone company.
# 3 – Most Small Restaurants Don’t Need a Full Time Bookkeeper – Unless you run a very large restaurant, it is very difficult to justify hiring a full time restaurant bookkeeper just to maintain the books. Virtually every small business would not only benefit financially, but would also be able to improve their origination, if they were to bring in an outside bookkeeping service.
# 4 – Improved Financial Records Security – Unlike most small businesses, all outsourced restaurant accounting services backup their data each and every day on a computer that is not located in their office. That means, if there was ever a break-in, fire, or any other type of natural disaster, the service would always have access to their client’s financial records.
If you run a restaurant and you are looking for a way to cut down on your workload, decrease your expenses, or improve your overall operation, then you might want to look into hiring an outsourced restaurant bookkeeping service.