Have you ever wondered how a restaurant that has great food and great service can go out of business?
Do you know the number one reason why restaurants are successful?
Restaurants are successful because the owners recognise that controlling costs is the most important factor that determines the success or failure of a restaurant.
Simply put: Profit = Sales - Costs
If you don't (or can't) properly manage your costs your business will eventually fail. On average, restaurants only make 5 cents profit on every dollar coming into the restaurant. Successful restaurant owners recognize this fact and use qualified bookkeepers and accountants to help them properly manage and understand their finances.
Why you should outsource your bookkeeping
Bookkeeping is an easy skill to learn. Most restaurant, bar and cafe owners believe that they can do it themselves, and they can do it themselves, there is no disputing that. The question is, will it be done to the highest standards, performed in a timely and efficient manner, and provide valuable business information that leads to actionable next steps. Usually, that is where the restaurant owners fall short, they usually keep the accounting records themselves and they are prone to errors and they eventually fall behind because they are too busy.
Bookkeeping is the accounting process that involves recording, interpreting, classifying, analyzing, reporting and summarizing financial data. Bookkeeping is the process of recording financial transactions. The Bookkeeper is a person whose job is to keep records of the financial affairs of a business.
Outsourcing your bookkeeping to a highly knowledgeable bookkeeping company to handle all these financial tasks, can yield your restaurant greater control and accountability. It can be highly beneficial to find a bookkeeper who has restaurant experience. An ideal candidate is someone who has both restaurant management and bookkeeping experience to provide you with impartial third party financial insight, free of any conflict of interest. That person has the knowledge of both front-of-the-house operations as well as back-of-the-house management, and can help take your restaurant to a new level. Outsourcing can also help reduce the risk of fraud associated with your business’ accounting because there is a separation of duties and more rigorous steps taken when providing financial statements for the business.
We can provide the following services weekly or monthly:
- Post cheques, deposits, and credit cards to ledgers
- Record the sales and expenses
- Prepare bank reconciliations
- Prepare the general ledger
- Prepare payroll
- Prepare financial reports
All you have to do is write cheques and make bank deposits – we will do the rest. We use QuickBooks software and will provide you with complete details of all transactions, profit and loss reports, balance sheets and cash flow.
It’s easy as the 3 steps below:
1. You write cheques and make deposits.
2. You deliver your records to us (employee hours, bills, cheque stubs, bank statements, receipts etc.)
3. We provide all financial details and customized management reports and analysis to help you control your overhead expenses, weekly or monthly and if required, to your accountant at year-end.
Below is a short list of bookkeeping functions that can be provided to meet your needs:
- Configure accounting system and setup Chart of Accounts
- Bank Account Reconciliation,
- Credit card sales reconcillation and settlement,
- Employee Tips,
- Petty Cash Reconciliation,
- General Ledger Postings,
- Accounts Payable,
- Payroll Support (Outsource),
- Government Reporting and Remittances (HST, EHT, WSIB, PD7A)
- Coordination with external CPA for filing of annual tax returns,
- Procedures Monitoring,
- Management Reports - Balance sheet, Profit & Loss, Cash Flow Statements monthly,
- Budgeting/Forecasting,
- Cash Flow Management,
- Year end adjustments
Fixed Fee Monthly Rate Starting at: $350.00 (hourly rates also available)
If you operate a full service restaurant, coffee shop, bar, take out location, catering business, banquet hall, cafeteria or food truck, allow us to free up your time and allow you to focus on sales, strategy, customer service, operations and ultimately increasing profits. From the “back of the house” to the “front of the house”, improve operational efficiency with our accounting services.
Call us today (905-901-3063)
Let us take care of your bookkeeping paperwork so you can get back to doing what you do best....running your business.
Serving: Milton and surrounding areas (Mississauga, Oakville, Burlington, Waterdown, Hamilton, Georgetown, Acton, West Toronto, West Brampton)
