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Ready, Set, Grow: 15 Ways a Monthly Accounting Service Will Help Your Restaurant Through the Stages

Feb 2, 2016 8:16:00 AM / by Brian Paulson posted in restaurants

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Whether you’re taking the first steps toward opening your own restaurant, looking for ways to improve profits at your existing establishment, or exploring new opportunities for growth, partnering with a monthly accounting service will help you set the table for success.

Here's a quick list of ways a monthly accounting service will help your restaurant throughout the different stages of your business.

Opening a Restaurant

When you are preparing to open your restaurant, a monthly accountant will:

  1. Determine the best business structure for your restaurant.
  2. Assist with developing a sound business plan.
  3. Provide advice on point-of-sale (POS) systems and accounting software.
  4. Make sure you are in compliance with local, state, and federal regulations.
  5. Help establish employee documentation for tax compliance and payroll.

In Full Operation

During regular operation, a monthly accountant will:

  1. Prepare and explain your monthly profit and loss statements, balance sheets, and bank reconciliations.
  2. Provide proactive business advice to increase profitability
  3. Oversee payroll distribution and tax compliance for your restaurant.
  4. File annual taxes -- and provide audit support, if necessary.
  5. Develop a highly personalized plan with tax savings strategies.

During Growth

When you’re ready to grow your business, a monthly accountant will:

  1. Identify areas for growth to maximize your restaurant's potential.
  2. Work with you to create a budget to hit your financial goals.
  3. Provide advice on property and equipment leasing and purchases.
  4. Create forecasts to help you make better decisions throughout the process.
  5. Recommend viable options for financing growth opportunities.

 

This certainly isn’t an exhaustive list of all of the ways partnering with an accounting service can benefit your restaurant. And not all accountants provide the same level or quality of service. The key is to find a monthly accounting service that understands your industry, provides excellent customer service, communicates on your level, and treats your business goals as their own to maximize the success of your restaurant at any stage of the game.

Want to find out if we'd be the right partner for your restaurant's monthly accounting needs? Contact us today!

 

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Brian Paulson

Written by Brian Paulson

Brian received his Bachelor’s degree from the University of North Dakota with a double major in accounting and financial management. He’s a member of both the National Society for Tax Professionals and the National Society for Accountants and serves on the board of directors for the Professional Association of Small Business Accountants.

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