Why do UK Restaurant Owners Need Expert Accounting Services?Your restaurant is in a good location with plenty of footfall; it has a great menu and a brilliant chef, the interior is comfortable and the service impeccable, so what might impede its success? A recent US-led survey has shown that the way restaurant owners handle their accounts directly influences their success. Of course, robust accounting processes are essential to the success and profitability of any business ? financial reporting, paying bills on time, knowing where you stand financially, making wise investments, tax planning, all require efficient and accurate accountancy practices. The survey asked restaurateurs to share their knowledge about how they accomplish various accounting-oriented tasks. The results showed that restaurants that adopted good accounting practices were more profitable than those that did not. Three accounting best practices stood out: 1. Monthly financial profit & loss statement
Restaurants that received monthly financial statements were more profitable than those that did not.
2. Weekly food and labour cost reporting
Restaurants that received weekly food and labour costs were more profitable than those that did not.
3. Counting and computing inventory on a weekly or monthly basis
Restaurants that did an inventory at least monthly were more profitable than those that did not.
Incorporate best accounting practices to ensure success! An accountant expert in owner-managed restaurants will provide you with the standard of service required to ensure compliancy, save taxes, and make more profit.
Can you afford not to hire an expert accountant? The survey showed that among restaurant owners:
- Restaurants that incorporated all three best practice measures were notably more profitable.
- Those that incorporated two of them were profitable.
- Those that incorporated only one of the best practice measures were not as profitable.
- Restaurants that did not incorporate any best practice measures were likely to be unprofitable.
- Daily recording of sales and receipts
- Detailed cost-recording of purchase invoices
- Weekly food and labour cost reporting
- Counting and computing inventory on a weekly or monthly basis
- Tracking key inventory-item usage on a daily or weekly basis
- POS system integration for tracking staff time and attendance
- Monthly financial profit & loss statement