Written by the OneBooks Team
Prioritizing the bookkeeping of your business is critical for all business owners. However, some of the individual needs of each company will vary greatly depending on what industry said business belongs to. This is particularly true for restaurant owners; they have unique business challenges they must face when it comes to bookkeeping, and failing to acknowledge these challenges could put your business at risk. This can be a difficult task when paired with other needs of running a restaurant, such as planning the menus and staffing the kitchen.
Worrying about thoroughly tracking your finances can feel very much at odds with your passion for food and hospitality. Hiring a professional bookkeeper can help ensure that all your accounting needs are taken care of so that you can focus on other aspects of the business.
Tips to Maximize the Benefits of Hiring a Bookkeeper for Your Restaurant
There are several ways in which a bookkeeper can help your restaurant excel. These are just a few tips to ensure you are getting the most out of your bookkeeper.
1. Generate Cash-Flow Projections
Cash-flow projections allow you to break down the money that moves in and out of your business, accounting for all income and all expenses. Creating these projections is a constructive way to determine the overall financial status of your businesses while anticipating potential shortages in the future and helping you decide whether adjustments are necessary.
2. Optimize Your Payroll Process
There are many factors involved in the payroll process, including determining pay periods, payment method, the classification of employees, and how much to deduct or withhold from each payment. Minor changes can have various impacts on your business. A bookkeeper can help you identify the most optimal way to handle your payroll process.
3. Ensure Your Accounting Records Are Accurate
It’s not enough to ensure all your transactions and expenses are accounted for. Over time, all sorts of minor errors or discrepancies can cause significant issues and could become a serious problem if the IRS ever audits you. This is why it’s critical to consistently check your records for accuracy, which can be done with thorough documentation and consistent reconciling, something your bookkeeper can take care of on your behalf.
4. Submit Employment Taxes Quarterly
Small business owners are required to submit employment taxes every quarter by the IRS. Essentially, the amounts that were withheld during the payroll process to account for taxes need to be paid to the IRS. Small business owners may also need to cover excise tax and additional state taxes depending on local laws and regulations. Bookkeepers are equipped with detailed knowledge regarding tax information and can verify whether this is applicable in your case, keeping you from getting in trouble with the IRS.
5. Apply for Loans When Necessary
Applying for a loan can be a scary notion, but under the right circumstances, a loan can help you get your restaurant off the ground. That being said, it’s critical that you understand the various aspects of the loans available and apply for the one that will be most applicable and beneficial for your situation. An experienced bookkeeper can help you make that decision.
Give Your Restaurant the Best Chance of Success by Hiring a Bookkeeper
With a professional bookkeeper helping you make vital financial decisions, you can ensure that your restaurant is primed for success and avoid making costly mistakes. Your bookkeeper can ensure that all your accounts are balanced and help optimize your expenses while focusing on producing a solid concept for your restaurant and recruiting the right staff for your kitchen. At One Books, we understand the unique financial needs of restaurants and are ready to help.