Restaurant Accounting

 

Issues All Independent Restaurant Owners Face:

Vendor invoice matters: 

Valuable time and resources are wasted dealing with lost, un-posted or unpaid invoices and credits rather than restaurant management.

Unreliable Accounts Payable reports: 

As the invoices pile up because you or your bookkeeper fall behind in data entry, you’re never sure what you really owe.

Inaccurate checkbook reporting:

Calling the bank every morning for your account balance is not balancing your checkbook. You lose the ability to forecast cash flow by the frequent handwriting of checks to vendors vs. regular check runs.

Key income-producing details:

Income is only produced by the time spent on the strategic activities for getting customers to your restaurant and a consistent dining experience that keeps them coming back. Bookkeeping is not income-producing, but it is necessary.

Accounting methods: 

If you are getting a monthly Profit & Loss Statement at all, chances are you’re not receiving a restaurant-specific format. Only complete and properly constructed financial statements allow you to review your performance at a glance and determine where you are earning money and where you are not.