5 Bookkeeping Tips to Improve Your Restaurant Business

As a restaurant owner, your time is extremely valuable. The restaurant business is an incredibly hands-on one, and it is widely known that restaurateurs are some of the busiest professionals out there. Catering to your customers needs and innovating on your menu is highly important, but with all of this said, it is still essential that your restaurant has one thing that many unfortunately donâ€™t: good, consistent bookkeeping. As your business grows and changes, it is imperative that you keep a sharp eye on the books, analyzing trends and capitalizing on opportunities. Here are a few tips to help you along the way.Â

Use Your POS Data Effectively

Your point-of-sale system can be a simple conduit for delivering food to your customers and money to you or it can be so, so much more. Leveraging the power of data derived from these machines, you can evaluate your overall health, daily business trends and much more to make calculated decisions with regard to staffing, pricing, and operations.

Create a P&L Statement

Creating a restaurant profit and loss statement is one of the best ways to get a top-down view on your businesses overall financial health. Compare staffing, food, and operational costs with total income to see where you stand. Keeping this record updated will go a long way to providing you with a weathervane of sorts for where you business should be headed.

Invest in Good Restaurant Accounting Software

In todayâ€™s age of software-drive business, it is absolutely essential to have professional, reliable accounting software. Depending on the software used, you can manage anything from payroll and staffing, to time management, inventory and sales tracking. Software like QuickBooks make it easy to track multiple areas of your business, gauging your progress as you go.

Commit to Accuracy

Again, youâ€™re a busy professional. You may feel like you have a million responsibilities, and you may well be right about it, but keeping accurate and consistent records is vital to your businesses health and prosperity. Most financial anxiety in the restaurant industry stems from a lack of commitment to excellent record keeping, putting your business on uneven footing. Thankfully, thereâ€™s a better way to do things.

Hire the Professionals

If you feel unable or unwilling to give your bookkeeping the care and attention it needs, you are not alone. Thousands of business owners look to professional bookkeeping services every single day to handle their payroll and accounting needs. If you are looking for the freedom to focus on the core vision of your restaurant while also having incredibly consistent and accurate books, this is the option for you.

Here at JDM Business Services, we specialize in turning your bookkeeping logistical nightmares into financial opportunities for growth. We specialize in helping small and home-based business owners restore balance to their businesses with bookkeeping, payroll management and financial reporting. We also offer one on one QuickBooks training and support for new businesses looking to get started on the right foot.