Opening a restaurant is indeed a tougher task than many other kinds of businesses. Not everyone who dreams of opening up a restaurant can actually be able to open one. Among the many aspects of a restaurant business, restaurant bookkeeping service is something that has to be carefully worked upon. From strategic planning to inventory management solutions, accounting helps in understanding how much profit a company or a business is making and how much it can save for better revenue generation.
There are a few accounting companies that can offer you just the right bookkeeping solutions. Such firms provide high-quality management information and accounting solutions to restaurant owners. The tailor-made solutions provided by such companies for restaurant bookkeeping can help you save as much as 40% of the business cost.
You will notice that there are many restaurants where business owners outsource restaurant bookkeeping services so that the accounting part of the business can be handled professionally. Hiring a bookkeeper is not as easy as it sounds. Listed below are a few tips of hiring a reliable source for the same:
1.Knowledgeable: You would need two things: one is an accountant and the other a bookkeeper. Both the accountant as well as bookkeeper should be extremely knowledgeable. The bookkeeper should have basic knowledge about income, cost of goods sold, expense accounts, assets and liabilities. Hiring an accountant who can also provide you with bookkeeping services can be much more helpful since the accountant can do better analysis of everything.
2.Availability: Hiring a bookkeeper means him/her been available to put entries on a daily basis in the books. Information being put in on a consistent basis can help you fetch reports on a daily basis. If the accountant has various projects in hand, it would be very difficult to maintain records for your restaurant on a daily basis.
3.Finding loopholes: It is important to find loopholes in the financial transaction and fix each and every one of them in time. Only an experienced accountant can figure out what is lacking in the bookkeeping service and understands what has to be done to make sure there are no missing entries, duplicate entries, etc.
4.Familiar with the industry: A bookkeeper who is familiar with the restaurant bookkeeping industry can be just the person for you. The basic bookkeeping fundamentals are applicable to all the industries, however restaurant bookkeeping requires a very specific way of accounting, and not every accountant can handle bookkeeping services related to the restaurant.
5.Competent: Programs like QuickBooks have been specifically designed as full-service packages that incorporate the budgeting, job costing, invoicing, bookkeeping, reporting aspects of a business. Make sure the accountant you hire is aware about such concepts and has knowledge about using such programs.
With all the factors you need to look into when you hire an accountant, you also need to know the benefits of outsourcing accounting aspect in your business. There is a majority of business owners who practise accounting outsourcing services among which a large majority of people are restaurant owners. Here are a few reasons why outsourcing is better:
1. Bring in efficiency: An effective accountant helps to bring efficiency in your business by keeping the debits and credits in place. Know how much your business saves and what the regular expenditure of the business is that helps you to make better business decisions.
2. Professionalism: Hiring an in-house restaurant bookkeeping team might not bring you that kind of professionalism you look for in an accounting department. Outsourcing a team which has years of experience in handling accounts in the most professional way is best way to obtain valuable services.
3. Provides Multiple aspects: Restaurant bookkeeping service includes dealing with multiple aspects such as financial reporting, accounts payable, accounts receivable, managed payroll, reconciliation, managed payroll, etc. There are a few outsourcing firms which also offer other benefits like tax and license processing for your restaurant, order management, bad debt analysis, web-based invoice imaging, profit and loss statement, fixed asset account management, etc.
Stacy Thomas is a Business critic and journalist actively involved with the some of the big business circuits across the globe. He is also an ace columnist with major business magazines and particularly an expert in restaurant bookkeeping and outsourcing services at QuatrroFPO .