How Professional Bookkeeping Can Save Your Restaurant

How an Experienced Bookkeeper can help you:

Planning requires budgeting and accurate bookkeeping. Our experienced bookkeepers are very skilled at analyzing numbers and costs. We know the major revenue and cost centers. Your bookkeeper can also identify wasteful spending and growth opportunities unique to your business.

Engaging with your bookkeeper can produce answers to your most pressing questions. We can help with:

Knowing if your restaurant is making or losing money.
Identify the key sales and cost of goods sold items that are making or losing money.
To calculate your current gross margin.
Identifying which menu items are not selling as fast as others.
Identify which items are priced below competitors and why.
Understanding inventory turn over ratios.
The application of PPP funds and the ability to deduct those expenses at year end (or not).
Understanding the Profit and Loss to identify estimated tax payments for each taxing authority.
The ability to assist with the creation of a cash flow statement and budgeting tool.
And more!

Effective budgeting makes all the difference. The report will show:

Actual sales vs budgeted sales.
Food costs vs budgeted food costs.
True labor costs vs budgeted labor costs.
Partnership costs using Door Dash, Uber and others.
How much food to purchase.
The right levels of liquor to keep on hand.
The right staffing levels to work in 2021-2.

Bookkeeping is a time consuming task. In the event your bookkeeper does not have the time to assist with budgeting, a professional bookkeeper at Park East Bookkeeping can assist.

Professional Bookkeeping Services can assist by:

Bringing a vast amount of experience and knowledge.
Training your existing staff on how to prepare the key reports.
Guiding you on best practices for budget, forecasting or cash flow preparation.
Improving efficiencies through inventory management.
Cost savings by importing sales, cost of goods sold and payroll information directly into QuickBooks.
Training on your POS to showcase the benefits of inventory by ingredient and food costs.
Purchase order management to manage stock items.
Till management, specific items such as gift card sales, credit card sales, etc. are readily available.
Customer management, names, demographics are readily available for marketing campaigns.
Employee management – employee times and schedules can be created via your POS to streamline efficiencies.
Flexible ordering reports via your POS to identify Kiosk sales and event revenues.

A professional bookkeeper can make all of the difference. This does not mean you can’t keep your existing restaurant bookkeeping team. Rather a partnership can produce insightful results. The reports can be the difference between success and ultimate failure.

In Summary:

Professional bookkeepers working with your team can produce key reports to guide you through the uncertainty of 2021-2. Effective budgeting is a critical step in planning. It begins with accurate reporting and a detailed analysis of your POS (Point of Sale) System. The POS, should be integrated into your accounting software for maximum benefit.

The combination of effective budgeting and customer management is powerful. Marketing campaigns can be created to invite patrons to dine in or carry out.
The main drivers of sales can be identified while removing slower selling menu items.
Highly accurate and detailed reports will guide your ordering practices. Waste can be reduced or eliminated. Overstock purchases will be reduced.
Cash flow will improve as greater awareness on budget vs actual reports will highlight problem areas.

Call us today at (440) – 533 – 9224) for a free-of-charge consultation!

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(440) 533-9224