Despite the charm and attraction of the title “Jack-of-all-trade”, most people know only one or two things in a few niches. It pays to be knowledgeable and skilful about a single profession over dabbling in a dozen.
Today, most professionals, including restaurateur, focus on perfecting their skills. Restaurateur covers more than just the cooking and décor of a restaurant. Even so, the process of restaurant accounting is often their least preferred task of the business. They prefer creating and offering top-notch services than thinking about the accounts. This is why most business-savvy restaurateurs hire accountants for restaurants to help handle the ins and outs of the restaurant’s finances.
If you understand what an accountant does, and know what to look for in a restaurant accountant, you will be able to hire the right one for your business and set your restaurant up for success.
First, let’s see what an accountant can do for your restaurant.
- Accounting Services
Book-keeping and general accounting services are a fundamental part of your business accountant’s job. Although it is imperative for a restaurateur to perform day-to-day bookkeeping and financial recording, your accountant can:
- Streamline your accounting process
- Keep track of your budget
- Able to see the bigger picture of your long-term finances.
- Tax Advice and Auditing Assistance
The accountant ensures that your restaurant business complies with federal and state tax law. They help plan throughout the year so that your deductible goes smoothly by the end of the year.
During restaurant audit, your accountant can assure the auditor that your business financial documents are genuine.
- Business Advising
When you work with a restaurant accountant, you bring a new perspective. Your accountant should assist in planning your target goals and look out for financial trends within the industry.
Your accountant may also offer insurance advice, find ways to short costs without cutting quality, help evaluate your menu prices, and research your potential growth.
How to Choose the Right Restaurant Accounts
When researching for an accountant, you can ask your peers in the local restaurant scene who they hired. You will want to interview the potential restaurant accountants before you choose who to hire. An interview can give you the sense of who they are and what they can bring to your business.
Here are a few questions you should ask your potential accountant.
- Have you worked with restaurants before?
If the accountant has experience working with restaurants, it is a good sign. An experienced restaurant accountant should have knowledge about food ordering and inventory, menu pricing and specific tax codes for restaurants.
- Do you have any financial strategy that benefits our restaurant?
You need an accountant with a proactive mindset to your business. They should break down their short and long term plans for the finances so you can understand your role within the plan.
- What are your fees?
When discussing their services fee, be as direct as possible. You know your budget, and a good candidate should have rates competitive with accountants in your area.
As a restaurateur, you should know that hiring accountants for restaurants can help free up your time to make more crucial decisions. Trust an experienced restaurant accountant if you want to keep the backroom tidy.