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5 Bookkeeping Tips for Restaurant Owners

August 3rd, 2016 10:46 pm

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.

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Self Assessment & Tax Return

Self Assessment involves completing a tax return in order to tell HMRC about your income and capital gains. There are deadlines for sending in your tax return (usually the 31st of January) and penalties and interest apply if it is not submitted on time.

If you pay tax on your earnings or pensions through PAYE (Pay As You Earn) you won’t normally need to complete a self assessment tax return. If you are self-employed, a company director, a trustee or if you have foreign income the government usually asks you to complete a self assessment tax return to determine the tax payable on your income.

DCC Accountants in Greenford can help with all aspects of self assessment tax returns for private and self employed people. Once you have provided the required information will ensure that your tax return is submitted accurately and on time.

Tax Return Accountants

Getting your tax return done needn’t be stressful, complicated or expensive. DCC Accountants will deal with completing your tax return accurately and efficiently, giving you the peace of mind of knowing that your tax affairs have been dealt with by a professional.

Whether you are a CIS subcontractor, self employed, a company director or private individual DCC Accountants Accountants Bolton are able to handle your tax returns professionally.

There are two main types of tax return – a ‘short return’, which must be submitted by the 31st October 2010, and a ‘full tax return’ usually issued to people with more complicated tax affairs such as company directors. DCC Accountants can help in either instance.

Professional Book Keeping Services

They offer a comprehensive bookkeeping service to small businesses in the Bolton area. Whether you are a sole trader, partnership, sub contractor or limited company DCC Accountants book keeping service is both efficient and professional.

All businesses are required to keep accurate records for both taxation and VAT purposes. DCC Accountants Accountants Bolton will explain what records you are required to keep and as long as you provide the information to us on time, we will take care of all of the bookkeeping.

Our book keeping service is also affordable, making it perfect for small businesses, and growing local companies. We will keep records of your financial transactions including sales, purchases, income, and payments right up to the trial balance stage. This will make it easier at the end of the year to produce an accurate set of accounts.