Restaurant Bookkeeping

As a restaurant owner, you’ll want to stay on top of your bookkeeping and let it be an integral part of your business, so you can stay on track and keep growing your business. We will share five bookkeeping steps specific to your industry.

Record Sales Through Your POS Daily 

Recording daily sales and categorizing them by cash and credit sales, food versus beverage, or other metrics is very important for clearly tracking your revenue streams. Accurate sales tracking is the foundation of effective bookkeeping. 

Streamline Accounts Payable 

Accounts payable with vendors can be an error-prone process. Streamlining the accounts payable process into an AP automation allows you to quickly capture paper and electronic invoices and route them through customized workflows for approvals. Once the invoices are processed, payments can be sent directly and securely through the same dashboard.

Outsource Payroll Processing 

Employee payroll is subject to regulations on tip reporting, payroll taxes, Medicare taxes, Social Security, and state unemployment. The level of liability for restaurant owners doing payroll on their own can be very high because filing the payroll taxes incorrectly or late can lead to steep penalties.  Outsourcing payroll services ensures accuracy and compliance, saving time and reducing the risk of penalties.

Reconcile Your Bookkeeping with your Bank Accounts Frequently 

Bank reconciliation will confirm your bookkeeping records match your bank accounts, payroll liabilities, lines of credit, loans, and credit cards. Using restaurant accounting tools can help you track any incorrect deposits, lost invoices, or sales discrepancies. 

Analyze Your Numbers

Your restaurant’s financial and operational data helps restaurant bookkeepers make sure the business is healthy. The profit and loss (P&L) statement and balance sheet provide valuable insights into your restaurant’s performance. You will use your reports daily to direct you and calculate and track food and labor costs to optimize menu prices, manage inventory efficiently, and make well-informed staffing decisions. 

Need to outsource your bookkeeping to industry-specific bookkeepers? We can help. Get a free estimate here.