3 Bookkeeping Misconceptions That Hurt Restaurants
There are many people out there who dream of running their own restaurants someday. They dream of cooking dishes they poured their heart and soul into and showing people how delicious food can be.
Most restaurateurs start out with a dream to cook. However, running a restaurant involves so much more than good food. One of the crucial, yet less appealing tasks includes bookkeeping. After all, money is the blood of any business, and restaurants are no exception. Being able to track money properly through bookkeeping guarantees that the restaurant survives and handles its money well. If not, then it is bye-bye to the restaurant business.
With that in mind, you might think that you have to do bookkeeping all by yourself, or that it is easy to do by yourself. These kinds of misconceptions have seriously hurt many businesses. In fact, there are so many bookkeeping misconceptions today that may bar you from this fantastic money-and-time-saving service! To stop this from happening, we will share the various restaurant bookkeeping misconceptions and reveal the truth behind them!
Myth 1. You need a bookkeeper for tax time.
Many restaurant owners assume that bookkeeping is only important to maximize savings during tax time, and so hire them only during that time. Unfortunately, this puts a lot of work on the bookkeeper and reduces the chances of maximizing savings for the restaurant. That is because bookkeeping happens throughout the whole year, and with their ongoing services, they can keep track of everything they need to make the most out of tax time. Plus, with their other services such as payrolls, handling accounts receivables, and more, the work of a skilled bookkeeper makes running a business all the easier.
Myth 2. You can do bookkeeping by yourself.
People assume that you can do bookkeeping all by yourself, especially if the focus is placed on the basic entries. Unfortunately, doing only the basic things is not going to allow any restaurant to perform at its best. A lot of data needs to be recorded and tracked to keep the business profitable. With the unpredictable nature of the restaurant industry, working with reliable information is a good advantage.
Myth 3. A bookkeeper isn't worth the investment.
Restaurant owners are always on the edge when hiring someone new, especially if it is a small restaurant. Taking in new staff is expensive, and for that reason, they try to avoid hiring a bookkeeper to help them out. However, a bookkeeper is actually not too expensive—and it’s always worth the investment!
Most bookkeepers only charge for the services they offer, meaning that restaurant owners can negotiate to only receive the services they need assistance with. Also, having accounts and transactions tracked ensures that the most amount of money is saved, helping the restaurant run in the most financially efficient way possible. You’ll save more than you spend!
Conclusion
All in all, if you want to make sure your restaurant runs as efficiently as possible, hire a bookkeeper to track your money every day! They are worth the money and will help you save a lot of time not having to do bookkeeping all by yourself. That being said, they can offer many other services to help you make running your business a lot easier. Everything from handling payrolls to working with suppliers can all be done efficiently to maximize your finances to ensure you make the most out of each dollar.
Totally Booked is a bookkeeping service in New York, offering services to help you focus on what you do best without worrying about your finances. Get started with us today and check out what we have to offer!