What Restaurants Need in An Accountant

Did you know that 46% of all small businesses fail because of bookkeeping errors and that cash flow problems wipe out another 82%? Worrying statistics like these are why we believe it is now more important than ever to make sure you have the accounting processes in place that you need to succeed. Systems, processes and communication are just a few of the things we can help you with.

There are 5 main areas we look to address in our engagement with restaurant owners.

Do you use restaurant-specific accounting processes?

Restaurants are a unique industry. Restaurant accountants, like ourselves, should follow industry best practices. We know how to allocate balance sheet accounts, income & expense accounts, and how to utilize this structure to be successful.

Do you use cloud-based software or apps?

Online software and apps eliminate the need to send backup files and give you real-time information sharing between you and your accountant. That kind of efficiency is often overlooked by restaurant owners but it can be a godsend for a busy restaurant manager. We can get you started on this.

Does your accounting software integrate with your POS and automatically reconcile sales and bank deposits?

Your accounting software (QuickBooks Online, Sage, etc.) should integrate with your POS. If it does, your sales and bank deposits will reconcile themselves automatically; this is much better than manual reconciliation whereby fraud and mistakes are very much possible. Automatic reconciliation offers assurance that what’s put into your POS hits the bank.

Do you allocate payroll between Front of House (FOH) and Back of House (BOH)?

Are you lumping together FOH and BOH payroll? It can seem easier to count it as one big expense. Breaking out payroll by specific roles, such as server, chef, line cook, etc allows for more accurate record keeping which allows the ability to see exactly where your business is profiting or losing money.

Do you work with other restaurant owners and do you understand key restaurant metrics and what they should be for my business?

Our team has extensive experience working with restaurants, and we consider this to be an area of specialty for us. This allows us to know industry trends, as well as to know what you expect as an owner. We can give you a perspective into what other businesses in your industry are reaching for and can set up similar goals specific to your business. We can help you to understand the numbers and use industry benchmarks to help drive your business forward.