It’s pretty understandable that when you’re opening a new restaurant, the details about finances and bookkeeping aren’t at the top of your list. After all, you wanted to produce a stellar dining experience and faultless food that people would love! But it’s vital that you get your financials right because it can help you properly deliver on that passion.
While you could rely on toronto bookkeeping services to take care of this, you need to know the basics first before making such a big decision. What good is there having a bookkeeper if you don’t track how much you’re paying your staff, or how much you’re supposed to be spending on ingredients?
There’s a lot that you need to track when you’re operating a restaurant. Everything from payroll to accounts payable to inventory and cash management. There’s so many places that you need to be, and, first and foremost, you need to keep accurate and up-to-date records to be sure that your bookkeeping is accurate. In short, you need to know the basics of tracking cashflow before you pull the trigger.
You want to keep a close eye on your restaurant’s expenses. That’s because restaurants frequently operate on a very tight budget with slim margins. You’ll want to keep a close eye on your record-keeping and on your tax obligations, just to start. If you’re doing this yourself, then you need to keep track of everything from payroll and sales/use taxes to property rent and other costs.
Additionally, you’ll want to pay attention to a couple of other factors. These include accounting software and your POS system. You want to ensure that your POS system is accurate, easy to run, and suits your business. Be sure that your staff are well-versed in operating the inventory and POS systems that you have in place, ensuring that you’re providing adequate and in-depth training to all of your staff.
Whether or not you choose to purchase accounting software is at your discretion, as you might prefer to hire on a CPA to handle your accounts and associated duties. Whatever the choice you make, you need to be sure that you weigh the benefits of each option before you make your final decision.
If you’re not planning on handling the financial aspects and bookkeeping yourself, then you will need to look at hiring a bookkeeper. You’ll want to find one who has prior experience and is knowledgeable of the food and beverage industry along with back-of-house and front-of-house operations, so looking for restaurant bookkeeping services specifically can be a wise decision. Either that or someone who has had previous experience working at a restaurant doing the financial tasks – but pay close attention to the skills and knowledge that they bring to the table.
There are plenty of options out there, along with many professionals who can offer you advice and guidance. Ultimately, it’s up to you to finalize any decision that affects your restaurant.