Restaurant Bookkeeping

The Restaurant CFO Bookkeeping provides accurate, timely accounting for restaurants, bars, and other hospitality businesses. Our experienced team of The Restaurant CFO services professionals understands the unique needs of your business — beginning with your need to spend your time focusing on your restaurant customers.

Our 3-step The Restaurant CFO system furnishes clear and correct daily financial reports, seamless payroll imports through QuickBooks and Tax-ready books. Get in touch with The Restaurant CFO and find out why our accounting system for restaurants is the leading choice for many of America’ss most popular establishments.

Not sure why your restaurant needs an accountant or bookkeeper? Learn more here in our article Why Your Restaurant Needs an Accountant or Bookkeeper!

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What Does A Restaurant Bookkeeper Do?

The Restaurant CFO bookkeepers will help your restaurant have accurate, up-to-date financial statements that you can use to manage your business’ growth and cash flow. The basic tasks we will handle are the same as what any other quality bookkeeping provider would do – except that we have developed highly automated systems, and our team is experienced handling the nuances of high-volume, hospitality companies.

Our account managers have an average of 10 years of experience, and are experts in helping restaurants and hospitality businesses with their bookkeeping. But that experience helps our team go beyond simple, outsourced bookkeeping, and offer financial advice and due diligence help that other accounting firms can not match.

We think bookkeepers for restaurants should provide the following services:

Recording Financial Transactions

When revenue or expenses happen, it’s your bookkeeper’s job to record these into your company’s accounting system. This probably involves categorizing the “transaction” in a way that makes sense, say a payment to your payroll provider as a payroll expense.

Traditionally this work was all done manually, but The Restaurant CFO is a pioneer is using automated systems to make this process faster (and cheaper for our clients!) By using a combination of off-the-shelf accounting solutions like Expensify and Bill.com, plus custom-built software, The Restaurant CFO can quickly and accurately record the vast majority of your company’s transactions without you or your The Restaurant CFO bookkeeper having to do anything. However, automation is not enough.

Restaurant companies move quickly, and you need an experienced bookkeeper or accountant to review your books and financial records to make sure that the automated systems haven’t made any errors. There are particular moments when automated systems are likely to introduce mistakes, such as when employee benefits are changed.

Our team is trained to look for specific errors based on your company’s type.

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Reconciling Accounts

Restauranteurs that operate successful businesses need to have accurate books – in fact, a company’s executives typically promise recurring delivery of accurate financial records to investors and partners in their operating documents.

Reconciliation is an important step in bookkeeping. This is when your bookkeeper makes sure that the different records balance, and that the money leaving an account (like your company’s bank account) matches the actual money spent.

Reconciliation is an especially important part of bookkeeping for restaurant businesses, with the margin of error so slim in the hospitality space, a few incorrect expenses can mean the difference between profit and loss. Additionally, partners and investors expect accrual accounting and financials that are close to GAAP. The Restaurant CFO helps set up connected, automated systems that help do much of this work automatically. But, we go the next step and have our experienced team do several levels of reviews to help catch anything that the automated systems might miss.

Managing Bill Pay

The restaurant business is extremely competitive and operates on slim margins. The difference between a good and bad month can be the difference between a successful restaurant business and no longer being in business. We help restaurant know their numbers and properly manage cash flow.

The Restaurant CFO clients use bill.com, which is a leading provider of accounts payable for companies of all sizes. An automated bill pay system also integrates directly into accounting software, minimizing the amount of data entry.

Preparing Financial Statements (Monthly Reporting)

Owners, investors, and board members want to see three important financial statements, usually every month: the income statement, cash flow statement, and balance sheet.

Bookkeepers have been preparing these financial packets for ages, but modern bookkeepers like The Restaurant CFO use automated systems. We’ve built our own, specialized software that interfaces directly with QuickBooks API, and combine it with best-in-class off the shelf solutions to give restaurants low cost, highly accurate financial statements and financial reports.

However, not all founders and CEOs are trained finance professionals – software and financial packets are only half the story. The Restaurant CFO’s accounting team knows how to explain what financial statements mean and how important metrics impact a restaurant’s strategy.

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Other Restaurant Bookkeeping Services We Offer:

Project Consulting

Does your business need help establishing a payroll system? Perhaps you’re behind on reconciling your bank statements, need better financial systems or would like to devise a more effective way to manage your cash flow. Get in touch with The Restaurant CFO Bookkeeping, where our project consultants have the expertise you need to get you where you need to be. Don’t let your business fall behind because of loose controls and a lack of reporting — we can help your company establish and maintain basic back-office accounting services. Are you a QuickBooks user? Xero User? Or utilize another accounting program? We can help!

Financial Forecasting

Want to know where your business will be in three months? Six months? How about one year, or five years? The Restaurant CFO Bookkeeping can help. Our financial forecasting professionals put the power of your past performance to work for your future analysis. We can identify important trends, show what will happen to your bottom line by playing important “what if” scenarios and help you make realistic decisions — all at a fraction of the cost of hiring a full-time financial planning professional.

Cash Flow Analysis

Prime Cost Management

Restaurant Business Mentoring

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How Is The Restaurant CFO Different?

The Restaurant CFO is 100% focused on helping restaurants and hospitality businesses, and one of our key services is accurate and affordable bookkeeping for restaurants.

Restaurants require a specialized level of bookkeeping and accounting. It goes well beyond getting the books right – our integrated tax preparation team, FP&A team, and CFOs can help your company be ready for the strategic situations that make running a startup special.

Investor updates, board meetings, being prepared for that next bank meeting, or next opening. We are your The Restaurant CFO and bookkeeping experts.

What to Look for in a Restaurant Bookkeeper

Accuracy

Investors and partners don’t like it when numbers change, and you don’t want your numbers to be a mess in a low margin business. Because we are totally focused on restaurant business models, we understand the nuances required to get the numbers right. And because we are one of the leaders in accounting automation, we’ve seen the mistakes the automated systems make. If you are aiming for your restaurant company to become a restaurant empire, you need accurate books!

Speed

At restaurants, decisions are made on the fly (pun intended). We know that your company operates on slim margins, cash is king, and understand how important it is to get the financial data you need to make critical decisions. The Restaurant CFO’s bookkeepers will work with you to find the financial delivery date that works for your needs.

Reliability

Restaurant CEO’s don’t have time to proof their books. Our team conducts multiple reviews on every client’s financials – every month. And because we are familiar with restaurant companies’ business models, we understand the complexities (and importance) of issues like revenue recognition, expense recognition, reconciling cash on hand, capitalized vs. non-capitalized costs, and more.

Expert Advice

Our team loves working with restaurants, and we’ve got the experience to help you make critical financial decisions. And our advice can grow with your company, from simple bookkeeping to part-time CFOs. We have former restaurant CFO’s on staff to help prepare you for your next phase of business. And we have one more critical advantage – we care more!

Low Time Commitment

CEOs of restaurants have a tremendous number of things to accomplish. Managing the books shouldn’t be one of them! The Restaurant CFO’s bookkeeping team strives to handle all the minutia so you can focus on growing your business, achieving your hospitality goals, innovating in the kitchen, hiring, etc. We understand the pressure of running a restaurant business and want to make your financials as easy as possible.

Price

Restaurants are rightfully price sensitive. The Restaurant CFO offers a variety of pricing plans to help restaurants afford accurate bookkeeping services. Check out our pricing page to learn more.

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