Most people who ever see the back of their favorite restaurants find themselves amazed by how small the non-public space is. Most restaurants rightly dedicate the largest part of their building to the area that makes money – the dining area. When you then allow appropriate room for cooking, cold and room temperature storage, luxurious business suites typically don’t make the cut.
What’s funny about this is that the business operations of a restaurant – purchasing, compliance and basic business accounting, often make or break a restaurant no matter how beloved the dishes they serve might be.
Virtual accounting allows business functions a management priority, if not a space priority. The good news with virtual accounting and cloud document storage is that those old office space needs are obsolete. Your files, binders, and ledger books are all virtual!
Imagine all those invoices and receipts – paper or the ones clogging your email – now residing in an organized fashion next to up-to-date profit & loss (P&L) statements. Go even further and think of these documents folding seamlessly into projection reports and tax reporting documents. What’s more, that organized “office” is anywhere you need it to be: at a meeting with investors, when you’re at a trade show, yes, even when that burning business question wakes you up at 2 a.m. When your restaurant utilizes online bookkeeping, you access organized accounting documents, anywhere and everywhere you need them.
Virtual accounting brings your previously time-draining task of collecting or downloading financial information into a few taps on a device to upload items securely to your own portal for processing. Quicker than you can change the daily specials board, you’ve updated your accounting system with your latest purchase orders and invoices.
As well, virtual payroll accounting allows you to simply upload timesheets for processing instead of taking time to manually review and phone in hours to a payroll processing service – or even worse pull together all the paper work and process manual checks.
And while you thought virtual or cloud-based accounting services only existed for large, high-dollar clients, some of the benefits are best shown through small business operations.
If you’re concerned that your business operations aren’t getting the “space” they deserve in your restaurant, look at all the possibilities virtual accounting and bookkeeping can offer you. Talk with one of our experienced professionals to find out how we can build a custom restaurant accounting system just for you.