As a restaurant owner, you understand just how competitive this industry is. Whether you run a sit-down establishment, a bar, or a quick-service restaurant, you need to do everything you can to ensure that your operation runs smoothly, all while maximizing your profit margins to the best of your ability.
As a restaurant owner, you need to concentrate on what you do best; keeping your customers happy. This includes ensuring the quality of food and the level of service is top-notch.
Bookkeeping is a necessary evil that must be done, and for most restaurant owners, it can be a tedious process. Therefore, outsourcing is a great way to keep your books accurate and up to date, all while allowing you to focus on running your business and keeping your customers happy.
5 Reasons to Outsource Your Restaurant’s Bookkeeping
1. It gives you access to experienced bookkeepers
When it comes to running a restaurant, your level of success will depend on a few critical attributes; your industry knowledge, your level of ambition, your ability to overcome obstacles, and your level of expertise. While you may be an expert in growing your restaurant business, chances are you're not as well versed in the area of bookkeeping.
Let's face it, even if you are good with numbers, your valuable skills are much better put to use elsewhere. Outsourcing your bookkeeping ensures that your restaurant's finances are left in the capable hands of an expert - someone who knows the ins and outs of managing all of your diverse fiscal matters and has a knowledge of accounting best practices.
When it comes to dealing with budgeting, accounts payable and receivable, payroll, or financial reports, a professional bookkeeper is there to help you and can provide vital insight on both the restaurant industry as a whole and on your personal business matters as well.
2. It gives you access to someone with accounting tech experience
Accounting technology is changing all of the time. There are new software and advancements happening as you are reading this, and staying up to date on them, all while running your restaurant, is virtually impossible. When you outsource your bookkeeping, you have access to the best accounting software and tools that are specifically designed to streamline your accounting process while managing your books.
The experts you outsource to know how to use all of the advanced systems and can automate your processes and transactions faster and more accurately than if you were to handle these matters yourself. Also, since an outsourced team is based remotely, they will utilize cloud-based technology to communicate and manage your books, making it easier to access your company's data from anywhere at any time.
An outsourced bookkeeping team can help you choose the best accounting software and tools for your business and help you set it all up, migrate your data and integrate it all with other apps. They can also help you create dashboards and custom reports to enable you to make data-driven business decisions.
3. It gives you visibility on your restaurant’s financial performance
Outsourcing your bookkeeping to a team of trained professionals means that your restaurant's financial data is always accurate and up to date. This gives you visibility on how your business is performing and allows you to accurately track all of your expenses, revenue, and the health of your cash flow.
An outsourced bookkeeper can provide you with customized reports based on your individual needs allowing you to be better able to make important decisions about your business. They can also help you out at tax time by letting you know how much sales tax you owe, and they can remit these taxes on time to avoid any costly penalties.
4. It saves you a significant amount of money and time
There is no doubt that hiring an in-house bookkeeper can be expensive - especially when you consider the amount you will have to pay in payroll taxes, benefits, and wages. Outsourcing your bookkeeping can provide you greater value for your money and access to the same level of experience without the added payroll costs. It also means that you don't have to deal with turnover and hiring costs as well, and you never have to train and manage new employees.
Outsourcing allows you to save the time that it would take you to do your own bookkeeping, allowing you to focus on running and growing your business operations.
5. It gives you greater financial oversight
When you make the wise decision to outsource your bookkeeping, you give permission to an independent third party to handle all of your financial affairs. By handing this over to an expert, you can have better control over your restaurant's books, and you also avoid any fraud or embezzlement that may occur by having them done in-house.
Handing over the tedious task of bookkeeping to an industry professional can be an empowering move. It will give you substantial time to focus on more critical aspects of your restaurant business, freeing up vital resources and giving you crucial insight that only a professional can offer.
Are you ready to find out more about how outsourcing can help your restaurant business? At Enkel, we know just what your restaurant needs to succeed. Contact us to find out how we can help with all of your restaurant bookkeeping and accounting needs.