By Analytix Editorial Team
Restaurant accounting is a specialized activity that often requires more attention than accounting for other industries given the high volume of transactions throughout various parts of the day.
If you choose to operate a restaurant, what does that indicate about your passion? Probably one of the following two things:
Most importantly, you most likely did not enter the restaurant business due to a love of accounting and bookkeeping. This holds true even if you are a trained accounting professional or a CPA yourself. You probably started the business to answer to your creative side.
What Do Restaurant Accounting Services Entail?
Technology makes business easier by making communications transparent and data accessible more easily and in a secure manner. As restaurants continue to grow their online presence, and as more and more businesses shift to cloud computing, the need to embrace technology also grows. Online reports indicate that restaurant point of sale or service (POS) is expected to grow rapidly, both domestically and internationally. In 2016, the global restaurant POS market was estimated at $10.17 Billion. By 2025, the expected net worth is estimated to reach $24.7 Billion. When optimized, the restaurant POS provides important information on customer experience, kitchen details, menu metrics, etc. From an accounting perspective, the POS yields valuable data on all transactions, thus helping to track expenses and identify ways to reduce them.
Furthermore, the effect of technology is such that almost 50% of diners chose restaurants based on review websites, not just based on recommendations from friends or family.
When Choosing Restaurant Accounting Solutions
Accounting and bookkeeping are key to business profitability and sustainability. This applies to all businesses, regardless of the industry in which they operate. Handing over a few key, non-core services to accounting professionals not only helps businesses reduce the load on existing resources, but also ensures that the work performed is high quality and professional. Following are some considerations:
Checklist of Documentation Required by Services Providers for Smooth Operation
For any outsourcing to prove effective, it must address the firm’s unique needs. There is rarely a one-solution-fits-all formula.
Here is a list of documents that can enable a service provider to gain better clarity on the needs of your firm. The information contained in these documents can help a business provider understand the business better and tailor solutions accordingly, for optimum benefits. Furthermore, as a business progresses, the information provided here will foster a smoother transition.
At Analytix Solutions, we provide our restaurant accounting services clients with features such as a restaurant accounting portal that make information accessible, including customized reports for business owners. Our accounting services are comprehensive and include IT business solutions as well as data management.
If you would like to learn more about how we work, contact us for a risk free complimentary analysis of your restaurant accounting system.
If you work in the restaurant business or hospitality industry, we would enjoy hearing from you. Let us know in the comments section below how you manage your business accounting.