Accounting/Bookkeeping Considerations for Restaurants
Operating a profitable restaurant is a delicate balance of delivering an enticing menu, managing an effective service staff and maintaining acceptable margins. Considering the financial concerns at the center of these 3 factors, successful restaurateurs must have an effective bookkeeping system to provide them with objective data on which they can evaluate and make operational decisions.
Lescault and Walderman has been working with local DMV restaurants and diners helping them deploy and manage the procedures and bookkeeping systems needed to track sales, costs and inventory, manage cash flow and ensure timely tax compliance.
We use a variety of best practice software that integrates and interfaces directly with POS System operations to:
Track Sales – First and foremost, an effective accounting system should be able to track sales at the point of sale and immediately deliver that data to the proper fields for bookkeeping and reporting purposes. This becomes critical as it relates to managing operations and maintaining tax compliance. Without accurate sales numbers, restaurant owners and management cannot make informed decisions or ensure proper purchasing, scheduling and long-term planning.
File Monthly Sales Tax – Using the data provided by the POS and backend systems, we are able to schedule and automate the regular form completion and submission required for monthly filing. Failure to implement a reliable sales tax tracking system can result in extra manual processes and failure to comply with tax requirements, which can result in expensive fines and other penalties.
Track Inventory – Another important consideration of restaurant accounting/bookkeeping is the accurate and timely tracking of inventory. This requires processes and systems integrate seamlessly with the accounting system to deliver regular, reliable data to management. Failure to maintain an adequate inventory of ingredients and/or catering supplies can result in a lack of product availability which can negatively impact sales.
Cash Flow Management (used to ensure capital for ordering supplies, etc.) – Maintaining a proper and regular cash flow is critical to any business. Cash must be available to purchase ingredients, make payroll and satisfy accounts payable according to the terms of each vendor agreement. Without cash flow, restaurants simply cannot operate efficiently or effectively.
If your restaurant is considering any of these systems or in need of a full services accounting/bookkeeping firm to help you manage the ongoing operations of your business, call Leascault and Walderman at 866-496-2042. We have the experience and expertise to help you select and implement the proper procedures and systems for your restaurant.