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Running a Restaurant Is Hard
These days, running a successful restaurant is a lot more than just offering great food, excellent customer service and a unique ambience.
You may have million things to do every day but unless you are on top of your numbers, your business may become just another statistic. It is absolutely vital to have good bookkeeping and accounting process because it can improve all other aspects of your restaurant.
Our expertise as Restaurant Accountants let us offer you customized solutions at your doorstep. We aim to provide you with reliable service and flexible yet effective financial plans to enable your restaurant to secure itself in a vastly deteriorating economy.
Our restaurant clients include one of London’s best Steak House, one of the best French cuisine restaurants, a multi award winning Indian restaurant. We are extremely proud of our staff members, who serve our clients better than big accounting firms that serve Michelin Star restaurants.
Some of the services that we offer our restaurant clients to keep them in good health:
Comparing business performance with industry benchmarks. For example, prime cost (food and labour) should not be more than 65% of the total sales. Occupancy cost should be within 8% of sales, and more.
Weekly or fortnightly food and labour cost reporting. It helps to keep costs under control and keep a close eye on profitability.
Inventory valuation on a weekly or monthly basis. This is done to avoid too much or too little supply.
Setting up cloud-based Accounting structure, document scanning facility. Setting up systems to pay suppliers, staff members weekly/fortnightly/monthly.
Epos setup with useful reports and analysis. Linking with accounting software so that it automatically reconciles sales and bank deposits.
Correct VAT treatment of food items. For example, there are different VAT rates of hot and cold items, eat in or take away.
Tronc advice on tips and gratuities. You don’t need to pay any Employer’s N.I. on the service charges payment to staff members. Similarly, employees don’t need to pay any employees N.I. on the service charges payment. It needs a separate tronc scheme set up. We also ensure complying with auto-enrolment regulations.
Knowing break even sales. You must know the minimum sales level your restaurant needs every week to maintain a positive cash flow. If your sales are less than the breakeven level, then it means you are losing money and it needs to be turned around urgently.
Cash Flow management. No one would rather, be in a situation where cash is sufficient one week only to turn into a shortfall and potential overdraft in the next. Without accurately planning the cash flow, any restaurant business can suffer an irreparable damage.
Less time spent working manually. Being specialist restaurant accountants in London, we keep ourselves updated with recent development in technology such as remote document scanning, Epos management, software for cloud accounting, staff management and stock control. Some of our clients saved more than 75% of their time by adopting new technologies for work, which they used to do manually earlier. Saved time was invested to grow their business.
Raise finance to grow business. There are lot of options available these days to grow finance for expansion such as crowdfunding, alternative finance, finance comparison platforms such as capitalize.
Acquiring the right property in the correct area. This is extremely crucial; we advise our clients to get the right property, right area with reasonable rent.
How to proceed further?
To setup a no obligation consultation/meeting with one of our experienced Restaurant Accountants, just click the button below, give your details or simply give us a call and someone will be in touch with you very soon.