Here at Keeping Your Balance, we deal with a lot of restaurant owners, with a wide variety of eateries, and all sorts of different cuisines. There’s one thing, however, that they all have in common: employees. Unless you’re a one-person food truck or stand, you’ll certainly need a fair share of help. In fact, most restaurants need a good number of employees. If you’re open to serve three meals a deal, it’s going to require multiple shifts, in contrast to many business that only need one crew that works the same 40 hours every week.
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Accounting is tedious and time-consuming work, but it’s essential if your restaurant is going to survive. We know it’s not likely that you studied finance or business when you were in school, and of course your main focus has always been perfecting your recipes and creating the right atmosphere in your dining establishment. And that’s as it should be. But the fact remains - you’re now the owner of a business, and you’re going to need to manage your finances properly if you don’t want to become a part of the all too familiar statistics of restaurants that fail early in their career. While we can’t train you to be a CPA in the confines of this short article, we can help you identify some of the points that you need to include in your bookkeeping routines so that you can stay on top of your restaurant accounting.
Running a restaurant is a huge responsibility. You’ve got to make sure that you never run out of essential supplies, manage your staff and make sure that they’re providing best of breed service, and keep customers coming through the door happy. Hopefully you have some time left over to perfect your recipes and develop your menu, which is why you opened up shop in the first place, right?
With frequently moving sales, perishable purchases and an ever-changing workforce, restaurant management remains a challenge. This extends to additional complexities in bookkeeping. Here are a few of the challenges that fall to restaurant bookkeepers beyond typical bookkeeping. These are extremely important to note for managers or owners doing their own bookkeeping.
The restaurant world is fast paced, can change on a dime and keeps their owners and managers awake many nights worried about low margins. However, one area where you can free yourself from additional stress is to add someone to your team that excels in the business of numbers, so you can return to the business of serving incredible food. Here are a few things to take into consideration when considering adding a restaurant accountant. See if these are areas where your restaurant might need some additional help.