Opening a new restaurant is exciting and hectic and requires a great deal of attention and care if you want to be successful. New restaurants are more vulnerable financially than larger, more established businesses, and all restaurant owners know how crucial the first few months are. With so many pressing issues demanding your attention, don’t let bookkeeping get put on the back burner.
Using a restaurant bookkeeping service as you launch your new restaurant can help save on labor and startup costs in the short term and stabilize your business’s finances in the long term. Here are some of the reasons more and more NYC restaurant owners are outsourcing their bookkeeping with Vilardi+Co, and why it might be time for you to do the same.
Save time and stay focused on operations
No matter how skilled you are, you can’t do everything yourself. If bookkeeping is not already one of your core competencies, then keeping your own books could be keeping you from what’s important and hindering your success. Part of your job as a successful restaurant owner or manager is to ensure you have the right people in the right roles. You’ve hired an expert chef to keep your kitchen running smoothly, why not hire an expert bookkeeper to keep your books running smoothly as well? The time you’ll save daily, weekly, monthly, and annually, means you’ll be free to focus on the successful operation of your restaurant.
Save on payroll and other costs
One of the largest expenses for restaurants is payroll. Hiring an in-house bookkeeper means extra payroll, benefits, and taxes. Hiring a bookkeeping service is typically significantly less than keeping a bookkeeper on staff, even part-time. Working with an external bookkeeper means you only pay for the amount of help you need. Period.
In addition to saving on payroll, a professional bookkeeper can easily identify cost-saving opportunities. Just as an experienced chef can identify the cook on a steak just by glancing at it, an experienced bookkeeper can see exactly where you’re spending too much money, or where you should be spending more money to increase profitability.
Get tax-ready financial reports
When you outsource your restaurant bookkeeping to the pros, all relevant tax-related financial reporting will be done for you. And when working with a reputable bookkeeping service, you can be sure that all required documentation is accurate, giving you peace of mind come tax season.
Prevent errors and fraud
Restaurants are hectic, cash-heavy businesses. Not only does this increase the likelihood of cash-handling errors, but it also provides ample opportunity for fraudulent activity. Whether it’s new employees, disgruntled employees, dishonest vendors, or a long-term partner skimming off the top, you may not notice anything until it’s too late. An experienced professional bookkeeper can spot these activities right away and help you protect your investment.
Get unbiased financial advice
It may seem counterintuitive to have your books kept by someone not involved in the daily operations of your restaurant. However, this is actually a huge benefit. By staying separate from the operations, an external bookkeeper is able to maintain a clear, unbiased view of your restaurant’s financial health. The only thing they have to go off of is the numbers. Their only task is to do the required accounting work to keep your restaurant up and running and report back to you regarding its financial strengths and weaknesses. In the early stages of your restaurant, this professional financial insight is invaluable.
Get restaurant bookkeeping services from Vilardi+co.
With more than 20 years of experience in the highly-competitive NYC restaurant industry, our experts at Vilardi+co can help make the complexities of running a restaurant more manageable and help you reach your financial goals. Give us a call at 917-848-0006 or contact us for more information.