Restaurant businesses have taken a beating recently, but they’re expected to bounce back soon after restrictions are eased. After all, people will always need to eat. Make sure that you’re ready for the next boom by keeping your accounts in order and planning for the future. This is where restaurant accountants can help.
Why you need a restaurant accountant?
Like any restaurant owner, you probably dread filing your taxes each year. Tax preparation probably eats up weeks of your time—and you’re not even sure if you are doing things correctly.
Don’t let tax preparation woes hamper your core activities of growing your restaurant and serving great food. Leave your restaurant accounting functions in the hands of a capable accountant who specialises in the F&B industry.
What restaurant accountants can do for you?
A restaurant accountant’s job is to help keep your business in good financial health. The best ones offer a wide variety of services to ensure this outcome.
- Weekly reporting of food and labour costs to keep expenses under control while improving profitability.
- Weekly or monthly inventory valuation to prevent over or undersupply.
- Cloud-based accounting system setup, including systems that will let you quickly and accurately pay staff and suppliers.
- ePOS setup and linking with bookkeeping software so that sales and bank deposits are automatically reconciled.
- Cash flow management.
- Automation of accounting processes including remote document scanning, cloud accounting software, stock control and staff management.
- Raising finance to expand, such as assistance with crowdfunding, finding alternative finance, etc.
- Buying or leasing the right property in a suitable correct area.
- Benchmarking with industry standards.
- Appropriate tax solutions.
Build a more resilient business in the competitive restaurant market by hiring restaurant accountants. When your finances are in order, you will be able to survive—and even thrive—no matter the state of the economy