Running a restaurant, while rewarding, is no joke – it’s hectic, demanding, and stressful. It’s no surprise if you will find yourself having too much on your plate that you won’t have enough time to take care of one of the most important things in operating your business, which is restaurant bookkeeping.
Love it or hate it, bookkeeping is essential for your restaurant if you want to keep your doors open. Our good news for you is we have bookkeepers at miplly who are not only good at crunching numbers but also understand the ins and outs of the food and beverage industry.
Putting bookkeeping on the back burner will do you no good. It’s time you let us take care of your books so you can focus on running your restaurant.
Here’s a fact: A restaurant is a risky business. Around 60% of new restaurants will close within their first year of operation, and 80% won’t survive before their fifth year. While there’s a long list of reasons why restaurants fail, a common denominator for these reasons has to do with money management.
If you want to boost your restaurant’s success, one thing you should prioritize is keeping your financial records updated. With an efficient bookkeeping and accounting process in place, you’ll be able to easily monitor what you’re spending and earning, properly manage inventory, keep track of tips and determine the overall performance of your restaurant business.
Some restaurateurs believe that they could do bookkeeping on their own. Although this is possible, there’s also a high risk of errors, inefficiencies, and missed opportunities. For example, failing to reconcile your bank account at the end of each month could leave you running low on cash without you even realizing it, which could get you in trouble with your suppliers.
With a restaurant bookkeeper on your side, you’ll have someone keeping a watchful eye on your financial records and budgets. They will make sure that the data in your books are correct, your inventory is monitored, and your business remains compliant. Why spend your precious time doing bookkeeping things when you could leave it to the hands of an expert?
Even for a well-seasoned restaurateur, bookkeeping can be challenging – because, let’s face it, managing books isn’t the reason why they opened their business in the first place. To add to that, compared to other industries, restaurants have a complex business structure. It’s only in a restaurant where production and retail happen in the same place in a matter of minutes. This means restaurants require unique bookkeeping and accounting methods that would not be applicable to most businesses.
With such specific needs, you want to make sure that you work with a professional who speaks the language of numbers and of the restaurant industry.
Find restaurant bookkeepers at miplly.
Engaging with a professional bookkeeper with knowledge and expertise in the food and beverage industry can make your life a whole lot easier. A few of the many things that a restaurant bookkeeper can do for your business include:
Effectively keeping records of your transactions is essential to ensure that you have the right data and you remain tax compliant. A bookkeeper will keep records of your restaurant’s income and expenses and tax documents and also work on classifying and summarizing these financial transactions.
Sure you have the software you use to track orders and receipts, but double-checking and making sure they match up is vital. A restaurant bookkeeper will check the order history to make sure that there are no errors or omissions and that payments on food orders were collected from your customers in full.
Inventory management is key to keeping your costs low and your business profitable. One of the duties of a bookkeeper is to ensure that you remain within the food and supplies budget. Bookkeepers can also help check storage shelves to see if the records of your orders are accurate.
You have people paid by the hour, while some by salary, which makes payroll complicated and time-consuming. A bookkeeper is responsible for calculating and distributing pay for your employees, making sure that proper deductions are made and that your staff is paid accurately.
In addition, a bookkeeper will also take care of your accounts payables. They will be on top of your obligations, ensuring that your bills are paid on time so that you continue to keep your suppliers happy.
With a slim profit margin and a myriad of payables to take care of, we understand that the last thing you want is to add to your increasing costs. Outsourced restaurant bookkeeping services will help you get rid of unwanted expenses and improve your cash flow.
Here at miplly, we structured our packages to serve our clients based on their needs. You can have access to the expertise of a restaurant bookkeeper while keeping your costs reasonable.
Making it a priority to keep your customers happy and serving delicious food makes a lot of sense, but it’s only one part of running a restaurant. For a restaurant to continue thriving and become profitable, you also need to think about the business side of things, such as making sure your financial records are accurate and updated.
We won’t blame you if you don’t have the time to take care of books because we know you have a lot of things to take care of – and that’s why we are here to help! At miplly, we have bookkeepers who are experienced in the restaurant industry, who understand your unique requirements, and who will deliver the support that you need.
When you work with us, you will be assigned a bookkeeper who will be your direct point of contact. Besides taking care of your records, they will also guide you through software where you can conveniently monitor and run reports and stay on top of your numbers.
With a professional taking care of bookkeeping duties, you’ll have more time to plan and create an unforgettable dining experience for your patrons.
Use the reporting tab in the menu on your dashboard to see your monthly, quarterly and yearly financial reports.
We specialize in helping businesses achieve financial freedom through strategic tax solutions. Our expert team navigates complex tax laws, minimizes tax liabilities, and maximizes returns. Trust us for reliable and results-driven tax & accounting services that put you on the path to success.
