The day-to-day demands of running a restaurant often cause restaurateurs to neglect their financial operations, leading to disaster.
If a restaurant owner hasn’t been closely monitoring their financials and with such tight profit margins, by the time they discover a problem it may be too late to fix it.
As a restaurateur, you are responsible for pleasing customers, managing employees, maintaining vendor relations, overseeing quality control, and managing inventory, among other things. Saying that you are a jack-of-all-trades is an understatement!
A Sherman Oaks Accounting & Bookkeeping powered by One Source Services restaurant specialist can take a significant portion of that workload off your plate, so to speak.
We have accountants who specialize in restaurants and will look at at financial operations, make adjustments where needed and offer invaluable advice and insight into the financial health and future of the business.
They understand how important the supply chain is to smooth daily operations. They will analyze your current accounts payable system to see that it’s properly implemented. They will look for ways to save money, like eliminating late fees and taking advantage of vendor terms and early pay discounts. They will figure out why vendors aren’t being paid on time and troubleshoot so that vendors are kept happy and continue to want to do business with you.
A Sherman Oaks Accounting & Bookkeeping powered by One Source Services accountant will also correctly set up credit cards in QuickBooks so that expenses are recognized correctly when credit card charges are entered, and they will regularly audit reconciled accounts to confirm that data entry is accurate and financial reports are meaningful; any account that has a beginning and ending balance should be reconciled to ensure accurate financial reporting.
Our accountants can set-up and process payroll, too. Running payroll internally comes with huge liabilities no matter what industry you’re in and it’s always recommended that businesses outsource payroll to an experienced provider. Penalties and interest can be quite large if payroll taxes are filed late or incorrectly.
A specialized accountant can take care of it all.
They can even assist you in selecting the right restaurant P.O.S. system, control inventory, improve fraud and theft prevention, and implement better cash handling accountability measures.
The restaurant business has especially tight profit margins making it crucial that financial reports are analyzed on a regular basis. Restaurant owners should look at things like sales vs. cost of goods sold ratios, labor ratios, and prime cost (aim to keep the cost of food plus beverage plus labor at roughly 60%-65% of total sales).
An experienced, professional Sherman Oaks Accounting & Bookkeeping powered by One Source Services accountant will cover all the financial bases, provide meaningful financial statements, analyze the data and then make it understandable so that you are not blindly running your business.
Good financial processes and reporting can be the difference between success and failure for a restaurant.