If you’re running a restaurant, I’m going to guess that you didn’t start your operation because you wanted a workload of bookkeeping and accounting. It’s your love for food, and your talent for creating a menu and an ambience that people will appreciate that got you started on this journey, and you’ve got plenty to do to ensure that you can get quality meals served to your clientele every day of the week.
Still, like any business, you can’t ignore the financial aspect of your restaurant. Though the jury is out on the exact statistics, it’s a large percentage of new food establishments which fail in the first year or two of operation. The reason for those failures isn’t necessarily that they can’t cook well. You’ve got to be able to manage the money side of things, and that means you’re going to have to do some accounting and financial management.
Fortunately, with modern technology, there are a number of solutions that make the process more manageable. For starters, there’s accounting software that simplifies managing of your bank accounts as well as bills due to your suppliers. And current state of the art POS systems can talk to your inventory systems as well as your financial software, to hold it all together.
But still, managing your accounting is time consuming, and takes you away from your most important responsibilities. And it’s an area in which you can’t really afford to make a mistake. For example, if you don’t stay on top of your suppliers’ invoices and miss a payment, those vendors are likely to cut off your deliveries, and that could cripple your ability to keep your restaurant running. So it’s worth considering that the best accounting solution for your restaurant may be to outsource it all to a virtual accountant: a professional team who is experienced at working with the restaurant trade.
Don’t get scared when you hear the word “outsource”. We’re not talking about jobs leaving the country. We’re just referring to farming out vital work which is outside of the scope of your main competencies, in this case, accounting, to a group that specializes in that type of work.
What can an outsourced accounting solution bring to your restaurant? A virtual accountant can essentially take over all of your existing bookkeeping and accounting tasks, starting with daily routines, like processing sales receipts, accounts payable and receivable, and bank reconciliations. They’ll also manage your inventory control for food and beverages. They will be able to manage your POS system, and make sure it integrates properly with the rest of your systems. The virtual accountant can also handle payroll, sales tax tracking and payment, and a myriad of other financial tasks.
The benefits of an outsourced accounting solution are numerous. You can expect savings over hiring, paying and housing an in-house accountant or bookkeeper, who you probably don’t have office space for in your restaurant. You’ll have access to a team of experts who will keep your books current up to the minute, and who are always available when questions or issues arise. And, most importantly, your time is freed up for much better uses than cumbersome bookkeeping work.