How an Accountant Can Grow Your Restaurant Business?
Posted by Amit Gupta on March 24th, 2017
Are you in the food service business? Then restaurant accounting is absolutely necessary if you want your operations and profits to grow. Properly tracking and managing your restaurant’s cash flow is crucial to success. But if you are like most restaurant owners, all of your time and attention probably goes into managing the day to day operations, with very little time to spare for accounting. This is why it makes sense to hire a restaurant accountant or accounting firm with expertise in the food service industry. You simply don't have time to do everything—so go ahead and delegate your bookkeeping, payroll, and taxes to someone who can truly keep an eye on your finances.
Good restaurant accountants do more than just ensuring compliance and produce financial reports. More importantly, they are valuable sources of advice, providing you the information and intelligence you need to make profitable decisions. They can identify potential problems to prevent losses down the road. They also help you interpret trends in your restaurant’s cash flow (good and bad) so you can adjust the way you do business accordingly.
When you have an accountant, you can be sure that your expenses—food inventory, rent, wages, insurances, and so on—are recorded and organized properly. This will ultimately let you get a clear picture of how much is being spent on each category, daily, weekly, by month, etc. Your accountant can also keep records of your income (which can be tricky for restaurants that do a lot of cash business). Knowing how much your restaurant makes—without under- or overestimations—is essential to intelligent budgeting. All transactions are accurately recorded to the penny. Precision is important in accounting, as even a few pounds and cents multiply over time to affect your bottom line.
A professional restaurant accountant can likewise recommend and implement software products and technical solutions that can help you manage your money. From point of sale systems to inventory management systems, you can rely on your accountant to guide you to the right path.
You’ve heard it before: 90% of restaurant businesses fail in their first year. Having a great menu, the perfect ambience, and friendly service is no doubt wonderful, but it takes more than these to make a restaurant successful. Don’t lose sight of the fact that you are running a business—a business that needs to turn a profit so it can grow. If you are serious about thriving in the competitive restaurant market, then you need to stay on top of your finances. Talk to a restaurant accountant today.
About the Author:
Allenby Accountants is an independent accounting firm, located in Uxbridge, West London. We are accountants, business advisers, offering financial services and helping you to achieve your business ambitions. Our offered range of services include accounting, bookkeeping, tax management, VAT management, tax planning, Inheritance tax, capital gains tax issues, succession planning, etc. We specialise in offering services to sectors like medical & healthcare, retail industry, professional services, property & construction industry, charity and not-for-profit organisations and more.
Like it? Share it!
About the AuthorAmit Gupta
Joined: December 9th, 2016
Articles Posted: 59
More by this author