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5 Bookkeeping Tips for Restaurant Owners

Wednesday, August 3rd, 2016

Statistics show that 25% of restaurants end up closing after being open for less than a year. When a restaurant fails this quickly, it usually is not because of the quality of the food or the service. When this happens, the problems are much more likely to have something to do with the restaurant’s accounting and bookkeeping practices. Running a successful restaurant involves much more than preparing high quality food and offering top notch service. Just because a chef has mastered their craft in the kitchen, it does not mean that they have a strong grasp of restaurant accounting and bookkeeping practices. Therefore, it is imperative that you keep a sharp eye on the books, analyzing trends and capitalizing on opportunities. Here are a few tips to help you along the way.

Use Your POS Data Effectively

Your point-of-sale system can be a simple conduit for delivering food to your customers and money to you or it can be so, so much more. Leveraging the power of data derived from these machines, you can evaluate your overall health, daily business trends and much more to make calculated decisions with regard to staffing, pricing, and operations.

Create a P&L Statement

Creating a restaurant profit and loss statement is one of the best ways to get a top-down view on your businesses overall financial health. Compare staffing, food, and operational costs with total income to see where you stand. Keeping this record updated will go a long way to providing you with a weathervane of sorts for where you business should be headed.

Invest in Good Restaurant Accounting Software

In today’s age of software-drive business, it is absolutely essential to have professional, reliable accounting software. Depending on the software used, you can manage anything from payroll and staffing, to time management, inventory and sales tracking. Software like QuickBooks make it easy to track multiple areas of your business, gauging your progress as you go.

Commit to Accuracy

Again, you’re a busy professional. You may feel like you have a million responsibilities, and you may well be right about it, but keeping accurate and consistent records is vital to your businesses health and prosperity. Most financial anxiety in the restaurant industry stems from a lack of commitment to excellent record keeping, putting your business on uneven footing. Thankfully, there’s a better way to do things.

Hire the Professionals

If you feel unable or unwilling to give your bookkeeping the care and attention it needs, you are not alone. Thousands of business owners look to professional bookkeeping services every single day to handle their payroll and accounting needs. If you are looking for the freedom to focus on the core vision of your restaurant while also having incredibly consistent and accurate books, choosing a bookkeeping firm is the option for you.

Why Is Bookeeping For Your Business So Important

Thursday, April 25th, 2013

In order to have bookkeeping skills and experience, you should have the basic experience of handling bookkeeping jobs as well as proficient in bookkeeping procedures. Although it is not mandatory that you should possess qualification in accounting or bookkeeping, it is an added advantage if you have some form of formal training in this field.

The steps in creating a business plan for your bookkeeping business are ideally the same as for any other venture. Firstly, market research is key. See what your competitors are doing right, and wrong. Research can be easily performed on the web, or you could call up your competitors feigning interest as a potential client to see what services they offer. Learn from your competitors mistakes so you don’t follow the same pitfalls, and improve on the positive aspects of their business.

Starting and running a business in bookkeeping is one of the most profitable businesses that you can start from home. Apart from being low cost, you also do not need to rent office space for you to provide these services especially when you are just starting out. However, what is required is the knowledge and understanding of bookkeeping procedures as well as possessing the personal quality of being able to pay attention to detail.

There are two types of bookkeeping: single entry and double entry. In single entry bookkeeping, the record of each transaction is carried to either the debit or credit column of a single account. In double entry bookkeeping, two entries of each transaction are carried to the ledger: one to the debit side, and one to the credit side, of the corresponding account. This is so the two entries can be used to check each other.

If you think about it, bookkeeping from home makes total sense. You will be hard pressed to find companies whose accounting systems are not computer based. Every companies ultimate goal is to cut costs and increase profits. So in order to keep these overhead costs low, many companies are willing to hire work at home employees these days. So it only stands to reason that many businesses would be interested in providing someone with the right skills and knowledge with a virtual bookkeeping job..