Restaurants have one goal and one goal only—delighting diners. They accomplish that through a combination of delicious food, attentive service, and a warm ambiance. When all the elements come together, reservations and revenue flood into the restaurant.
To deliver the consistency and quality that diners expect, restaurateurs must devote their time to working on issues impacting the restaurant—not on back office tasks like accounting and finance. Spending time mingling with guests or perfecting dishes can go a long way towards a restaurant’s success. However, when an owner is bogged down with back office tasks such as payroll, taxes and cash flow, every aspect of the restaurant can suffer.
The solution many restaurants have embraced is to rely on outsourced accounting services. Key accounting functions like cash management and reconciliation, payroll input and posting, payables and receivables and many more are handled by an off-site team of financial professionals. The outcome is improved accounting and stronger operations overall. Just consider some of the benefits of outsourcing:
If bookkeeping is a time-consuming process for your organization, outsourcing relieves the burden. Instead of spending late nights getting the books in order, restauranteurs can work with an outsourced team to complete this process. This frees up at lot of time and focus that owners and decision makers can redirect to focus on service and strategize how to enhance the restaurant.
Given the casual, cash-heavy nature of many restaurants, fraud is a common problem in the industry. It’s relatively easy for both new hires and trusted partners to skim money or embezzle funds. Spotting this fraud takes an eagle-eye, but for the reasons outlined above, managers are often too busy and might not have the time to notice. Outsourcing shifts the responsibility to an experienced team of accounting investigators who can help keep your restaurant clear of any fraud issues.
Success and stability in the restaurant industry are notoriously elusive. Restaurants must get on sound financial footing, then make wise strategic decisions to grow and evolve. The problem is that basic accounting does not produce the insights decision makers need to act with confidence. As a result, the restaurant’s finances can be both a mystery and a liability. Outsourced accountants are able to dive deep into the numbers to extract the predictions and forecasts restaurants need to plan their future.
Accounting and restaurant management are two very different skill sets. Consequently, restauranteurs may be dedicating large amounts of time, money, energy, and investment into accounting only to end up with underwhelming results. An outsourcing partner offers access to professional accountants, comprehensive accounting services, and dedicated client support—often at a fraction of the cost of keeping things in-house.
Outsourcing is a big decision, and not one to make lightly. You probably want to ask a lot more questions before even considering this option seriously. Whenever you’re ready to have that conversation, reach out to the outsourced accounting experts at BlumShapiro.