Any successful restaurant needs successful financial oversight, but owners and managers have plenty to do aside from these concerns, like running the restaurant.
That’s why management may want to consider restaurant bookkeeping to support these duties, especially during the busy seasons or expansion. After all, everyone could use a cover now and then.
What is a restaurant bookkeeper?
A restaurant bookkeeper oversees financial and budgetary records of a restaurant, commonly known as the “books”. They ensure the accuracy of figures like revenue and expenses, track inventory and tax obligations, and make recommendations to maximize profit.
Here are some of the specific tasks that restaurant bookkeepers tackle.
Reports
Above all, bookkeepers assist with tracking the restaurant’s financial performance so that you can make sure you’re putting more money into your pocket than you’re taking out of it.
This involves monitoring and recording metrics like revenue and expenses for accounting reports, which allow management to address inefficiencies and improve operations.
Expense Tracking
Rent, equipment, utilities, marketing? You might see these expenses in your scarier dreams, but keeping count of them during the daily bustle of restaurant life can prove more difficult.
A bookkeeping service will stay on top of your obligations to help you avoid missing your payments and keep your costs in perspective.
Order and Receipt Reconciliation
While software can track orders and receipts nowadays, double-checking these results is important.
A bookkeeper will review order history to ensure that all customers have been appropriately charged so that you don’t lose out on revenue.
Inventory and Invoices
By Analyzing figures like sales volume and item popularity, a bookkeeper can help to advise on food and supplies orders so that neither too much nor too little is ordered.
They can also reconcile vendor invoices with shipments to ensure all materials received have been properly charged and logged.
Payroll and Taxes
Bookkeepers can review timecards to ensure that labor payments are accurate. As part of this responsibility, they’ll monitor restaurant payroll and income taxes so that you have proper records during the most wonderful time of year – tax season.
On the topic of taxes, a restaurant bookkeeper will also tally the sales tax owed by your business so that you don’t accidentally overlook those requirements either.
Deposits
Having sufficient cash on hand is critical for providing change and employee tip-outs, but you’ll also want to keep reserves in the bank for credit or debit expenses.
By employing the help of a bookkeeper, you’ll have someone who can maintain a proper balance of funds so that you always have your money exactly where you need it.
Lighten the Load
Restaurant bookkeeping services are an investment in your business’s financial well-being and yourself as an owner or manager.
With help on bookkeeping duties, you’ll have more time for the things you need to do, like de-escalating a Yelp war with a demanding customer, as well as the things you love to do, like curating an unforgettable dining experience.