Not the most exciting aspect of running a restaurant we agree, but just as vital to success as anything else, good accounting procedures will not only help you monitor the success of your business but also provide an accurate framework for planning future growth. Here are the four most important areas to consider.

1. Get An Accountant

Do you have an Accountant on board? If not, get one. A good accountant is as vital to your business as a great chef. He or she will not only manage your finances, but also make sure you're set up correctly as a legal entity, oversee your planning and help with reporting and tax returns. They will often be the first person to spot signs of trouble in the business so definitely worth having on board.

2. Invest in Accounting Software

Keeping accurate records isn't something you should neglect, and we don't mean handing your accountant a bunch of receipts once a month. Invest in a good accounting software package, preferably a cloud-based solution (so the software is always up to date and backed up) and one with a free copy for your Accountant. Write out a list of your requirements first and shop around. Think about the following:

• Does it need to integrate with other systems (e.g. your POS or payment processor)?
• Cost – one off fee or monthly subscription?
• What reporting suite does it have – and how flexible is it?
• Does it track your inventory?
• Does it track payroll, timesheets etc?
• Will it only work for one location or multiple locations?
• Does it support asset management?
• Does it include tax information?

3. Accurately Track Sales, Employees, and Inventory

Good Accountancy software is just one aspect of your restaurant finances. You should also consider solutions that automate your Point of Sale transactions, payroll, and inventory.

Most restaurants invest in at least basic a POS system to process sales quickly and accurately. Choose one specifically designed for restaurants that will allow you to export the transactions to your Accountancy software.

A good time-tracking extension to your POS system will help with things like employee scheduling, shift planning and clock-ins. These apps will usually have a feature for creating reports you can export to your accounting software which will allow you to calculate payroll.

Critical to profitability is accurate food buying. Some POS systems include a food tracking app but you might find a stand-alone inventory tracking system is more accurate. Choose one that will help you with counting, waste management, batch recipe support, and invoice creation.

4. Invest in Payment Processing

To be able to process credit and debit card transactions you will need a payment processor. Your bank or accounting software may already provide this or you can use a third party. If choosing the latter, shop around for the most cost-effective provider.

Automating many of these processes takes some up-front effort and expense. Your reward will be countless hours saved in day to day admin, freeing you up to do what you do best – running a successful restaurant.

Orlando Accountant Fajardo And Associates can help