As a restaurant owner and manager, you have a million things going on at all times. From handling orders, organizing schedules and keeping up with patrons, accounting ends up at the bottom of your priority list.
And even though you know bookkeeping is important, there are plenty of other things that demand your attention throughout the week. So how do you find the time to maintain and manage your restaurant’s accounts?
Restaurant managers and owners have a few options when it comes to accounting. Some people decide to set aside time to work on accounting while others delegate bookkeeping to an employee or third-party vendor. Depending on your availability and budget, one option may suit your needs better than another.
Schedule time for accounting each week
If you have some time available, set aside a day each week to go over your accounts and budget. As the saying goes, a stitch in time saves nine. By reviewing your books each week, you’ll be able to identify budget issues potential savings and review opportunities for growth with any profit. DIY accounting is a good option if you’re low on funds and have a little extra time to devote to bookkeeping. That said, it can be difficult to schedule accounting time without any interruptions.
Hire an accounting firm
If you don’t have enough time or need a little help managing your restaurant accounts, it’s a good idea to hire an accounting firm. They can review your books and help you discover gap areas, learn about possible tax savings and ensure you’re set for taxes at the end of the year. It also takes the responsibility off of you so you can focus on other pressing matters. This is a great option if you have additional money available and are short on time or resources to do your accounting on your own.
Have a blend of both
Luckily, you don’t need to pick between one or the other if you want support occasionally. By working with an accounting firm bi-monthly or quarterly, you can keep track of your books while saving time and money. If you’re able to review your accounts and work with a trained professional accountant, you’ll lessen the chances of some kind of financial oversight. This is a great choice for those who have a little extra money and a little less time.
Ultimately, it’s up to you to find a system that works for your restaurant. However, if you find yourself constantly struggling to keep up with your bookkeeping, it might be time to adjust your strategy. Here at Vilardi & Co, we work hard to provide our clients with customized accounting solutions, so you get as much support as you need. And with a specialty in the hospitality industry, we can help you create money-saving strategies, manage taxes and more.
Contact us today to learn more about our work with restaurant accounting. We can’t wait to work with you!