You probably didn’t get in the restaurant industry because you wanted a chance to show off your accounting skills, right? Whether you have a taco truck or serve fine dining, you entered the restaurant industry because you thought there would be a decent demand for the food you make. But surprise, that pesky bookkeeping goes right along with your burritos or béarnaise.
In an industry haunted by high turnover, thin margins and frequently fluctuating vendor costs, bookkeeping tasks can’t be put on the back burner. Here are some tips to keep your books just as balanced as your flavors.
Make Your Finances Part of Your Routine
Just like you have a set-up list and weekly inventory routine, finances can not be put off, “until a better time.” Because, really, is there ever a great time to sit down in a restaurant? Work entering your financial documents into your routine to stay up-to-date and keep items from getting lost. By setting a concrete time to attend to accounting tasks you’re avoiding the intimidating pileup of data entry and analysis, while consistently gauging your financials, such as cash flow.
There is a certain amount of cred gained by doing things, “old school,” but not when it comes to true debits and credits. Avoiding learning at least the basics of a solid accounting software can hurt your business and potentially limit your growth. In addition, accounting software with digital apps help you quickly turn random invoices and sales slips into digital documents ready for processing. No longer are you keeping up with various receipts: point, shoot and capture your important documents.
Prioritize Your Pricing
Far too often restaurant pricing strategies have little actual “strategy” involved. Keeping an eye on the competition and analyzing their prices is a good start, but it doesn’t end there. While you want to keep a competitive standard in the market, failing to look at pricing through the lens of fluctuating vendor prices can cause you to minimize or delete an already razor-thin margin.
Know When Its Time to Call a Pro
While it’s true your restaurant may be too small for a full-time, in-house accountant, virtual accounting firms offer customized plans for big and small businesses alike. If your avoidance of all things financial is placing you in jeopardy or you simply don’t feel you have the right skills, a digital bookkeeper can be a time-saving, sanity-saving and often cost-saving investment.
If you’re feeling a bit in over your head when it comes to bookkeeping for your restaurant, contact one of our professionals. We can customize a plan to keep your eye on the plates and not on the figures.