Amid the dinner rushes and the constant flow of inventory, how can one stay on top of the accounting needed to run a restaurant? Keeping track of the books may seem more daunting than keeping up with customers, but it is just as important. Yet in the attempt to do so, many restaurants have made mistakes that can be costly. Here are three common accounting mistakes all restaurants should know and advice on how to prevent them using restaurant software solutions.
1. Not Keeping Track of Inventory
Inventory is one of the most important parts of the restaurant business; you need to stay well stocked and prepared for whatever comes your way. A mistake that many restaurant owners make is simply not keeping up on their inventory. To prevent food and beverage costs from being inaccurate, simply take a physical count and make inventory adjustments every accounting period.
Food and beverage costs are one of the largest expenditures for a restaurant, but they are also the most controllable expense. Knowing at all times what is in your inventory gives you control over your expenses by allowing you to make informed decisions. Without making periodic adjustments to your inventory in your accounting, your financials will only reflect the food purchase, not the food usage. Help your restaurant by keeping track of your inventory and making the adjustments needed for accounting accuracy.
2. Disorganization of Information
When dealing with large amounts of information, it can be hard to see where a problem may exist. If said problem arises in the books, it can be time consuming to sort through all the information to find it. This is why organization is a very important tool when accounting. Software for restaurants allows restaurant owners to see problems in their accounting and pinpoint exactly where it is. Putting all of your costs into categories will help to keep your books organized and make important information readily available.
3. Doing It All On Your Own
Keeping the book is a key task to any business, and doing them wrong can be an expensive mistake. When an owner has so many other important tasks to look after, this can be a huge burden. For keeping the books, you need assistance in order to prevent small mistakes and notice any problems.
You could hire a bookkeeper to come in and handle the books, but there can be a problem with this. They will only be effective if they are kept up-to-date on all financial transactions within the restaurant. A common problem with this situation is when someone buys supplies or gives out bonuses and does not report it to the bookkeeper.
To avoid problems like this, you can use restaurant solutions software. When it comes to finding the right solution, accounting software for restaurants is the answer. This will make bookkeeping quick, easy and accurate. Keep your house in order with smart accounting software.
Running a restaurant is can be a challenge at times, but it is also a passion for many. Don’t let small mistakes take down a big dream. Take care of your restaurant by preventing accounting mistakes.