Simply Business Accounting
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Torrance, CA 90503

Business Restaurant Accounting

Business Restaurant Accounting with Simply Business Accounting

You might believe that accounting is the same across all industries whether you own a restaurant, an auto repair business, or a dental practice. The truth is, however, that accounting can differ a lot from industry to industry. Have you signed up for a restaurant POS software that you no longer use? Do you have food vendors that you haven't heard from in awhile? Just these two examples may be costing you unnecessary expenses that should be promptly dealt with. Without proper accounting in restaurants, it can be nearly impossible to keep accurate records of your finances and even stay in business. Restaurant accounting is not as easy as it seems.

Restaurant Accounting

Restaurant accounting is the process in which financial data is recorded, analyzed and interpreted for a restaurant. Our customized financial statements, coupled with our guidance, provide you with the information and tools necessary to make important financial decisions.

At Simply Business Accounting, we will help your restaurant with accounting needs that include:

  • Accurately Recording Revenues
  • Creating meaningful Financial Reports
  • Bank Statement Reconciliation
  • Accurately Categorizing Expenses And other Transactions
  • Prepare & File Sales Tax Returns
  • Establishing And Tracking Budgets

Bookkeeping For Restaurants

Knowing what is essential for restaurant bookkeeping services is an important factor in business accounting. Bookkeeping services are often overlooked or neglected in restaurant management and can become hard to get caught up on without the help of an accountant. At Simply Business Accounting we will keep track of the following areas for our clients in the restaurant business:

  • Monitoring and recording activity from Sales Platforms such as Doordash, Chownow, Grubhub, etc.
  • Account Reconciliation
  • Accounts Payable
  • Overseeing Payroll
  • Tracking Expenses And Deposits
  • Keeping Tax Records

Restaurant-Specific Accounting Services

  1. Handling Tips- Each restaurant handles the methods of tipping differently. From split tips, tip pooling, cash tips and tips added to paychecks, it can be complex to maintain accurate balance sheets for payroll taxes. Simply Business Accounting will help you keep accurate balance sheets in regards to this specific restaurant related accounting service.
  2. Profit And Loss Statements- Knowing how your restaurant business is performing on a weekly and monthly basis will allow for the business to be more flexible over spending and/or budgeting goals.
  3. Prepaid Accounts- It is important to consider the restaurants monthly and yearly expenses. These expenses include rent, utilities, lease payments or restaurant software payments. Having Simply Business Accounting services will help keep track of these payments will be beneficial in spending tracking and budgeting.

Benefits Of Accounting Services For Restaurants

Even the most seasoned restaurateurs can benefit from accounting services from Simply Business Accounting.The benefits of having accounting services for your restaurant can free you from additional stress beyond your day-to-day duties that can change on a dime in the fast paced restaurant industry.

  1. Help To Improve Customer Service
  2. Prioritizing Cash Flow
  3. Keeps You Ahead Of Taxes
  4. Removes Stress About Finances

Simply Business Accounting Services For Your Restaurant

Owning a restaurant can be extremely stressful but with accounting help can prove to be equally as rewarding. Simply Business Accounting can even help you set up your QuickBooks to give you an optimal account for your record keeping. We'd love to hear about your business goals and needs for your restaurant. If you are interested in our services, please schedule an appointment using our calendly link, or email us at andrew@simplybusinessaccounting.com. We now also offer virtual consultations for your utmost safety and convenience during the pandemic.