When it comes to owning a restaurant, your responsibilities extend past the day to day functions and all things food and service related. As the owner you are responsible for tracking the finances. Profits, expenses, payrolls, taxes, assets, inventory – these are just some of the financials you need to track to ensure your restaurant is staying above water.
Being aware of your financial status is so important. Many new restaurants fail in their first year because they are not able to keep up sufficient revenue to continue. Restaurants have many unique aspects to track, and it can be difficult to track them all on your own. Knowing exactly where you are with all areas of your finances also informs your decisions on a daily, weekly, monthly, and longer term basis. Analysis of the patterns that you see will affect what you can do, or may need to adjust to keep your restaurant running efficiently and cover costs.
Bookkeeping and accounting is a huge, consuming, but absolutely necessary job. If you are not familiar with restaurant bookkeeping, it may be overwhelming to learn and manage. You don’t want to take away from running your restaurant – you need a partner who specializes in the ins-and-outs of restaurant financials.
Restaurant bookkeepers are specialists who understand what it takes to track and manage a restaurant’s financial data by maintaining accurate books with all financial related information. Some of the tasks of restaurant bookkeeping include:
- Ensuring that your restaurant is in compliance with legal requirements.
- Finding ways to maximize your profits so you can stay open.
- Tracking all of the extensive expenses which go into restaurant accounting so you do not fall behind or forget to address any of them.
- Keeping records for analysis of financial performance over time and to make sure there are no discrepancies.
- Double checking orders and receipts to ensure everything is correct.
- Analyzing inventory of food and supply orders based on data patterns so you are not wasting money by buying a surplus or running out of necessary items.
- Monitoring payroll to make sure employees payments are accurate and timely.
- Staying on top of sales and income tax obligations so you do not have any surprises come tax season.
- Creating reports on a regular basis so you as the owner understand how your restaurant is performing and can make informed decisions.
Let the experts at Emerald Coast Restaurant Bookkeeping and Payroll Services support you with our extensive restaurant bookkeeping knowledge, so you can stay focused on what matters, your restaurant. Contact us today for more information.