You have made the important first step to own and run a restaurant. You have the passion and the motivation to see you through the long and challenging hours in a hot kitchen. However, when it gets very hectic, which is ‘par for the course’ in a busy restaurant, there’s a real possibility that your restaurant’s finances will drop down the pecking order in terms of priorities. This can be dangerous. So how can you, a restaurant entrepreneur and small business owner, make sure that your books are balanced, your business is profitable and thriving even, in the highly competitive restaurant business?
For a start, you can work with our dedicated team at TaxAgility. We are Accountants and tax advisers specialising in managing your day-to-day accounting and bookkeeping functions, along with tax guidance, operational support, financing and general management consultancy.
Managing your restaurant’s finances
Our dedicated team of accountants will work alongside with you on issues that are specific and important to you, which may include key areas such as:
- Determining if you are applying sound methods in nailing down issues such as table turnover rates, sales by shift, average guest bill etc. There may be some unknown flaws in your systems, and so a review certainly wouldn’t hurt. In fact, on occasions, clients who have adopted new approaches in self analysis tend to gain significant improvements.
- In our experience, the most successful restaurants have a well honed monthly closing process with well defined checks and balances. There are a variety of ways to achieve this, which commonly differ depending on restaurant size and the size of the business in general. Throughout though, it is critical to ensure that data is easily accessed, simple to understand and readily shareable.
- Ongoing, proactive cash flow management will help you sleep well at night. There’s no secret here, however it may surprise you how haphazard this can be for many restaurants. If you haven’t already done so, consider a more detailed approach to cash flow projections. Build in seasonality of course, anticipated expenses & expansion plans etc. The more detail you can add and the more conservative you are about income expectations the greater the chance you’ll avert a serious cash flow issue.
Benefits of working with TaxAgility
At TaxAgility, helping your restaurant to drive profitability and growth through our extensive knowledge of best practices, is our key mission. We work with you to define your business and therefore your financial goals, and we are here to cover your tax and accounting needs so you can focus on what you do best – running a restaurant.
Our services include:
- Accounts and bookkeeping
- Corporation Tax
- Company Secretarial
- Payroll
- Tax Planning
- Corporate Services
- Management Consultancy
- Tax Investigation
As a restaurant owner, you probably have enough on your plate without trying to handle bookkeeping and balancing your books. Work with our dedicated restaurant accounting team at TaxAgility today. Let us manage your day-to-day restaurant accounting services for you, let us help you monitor your costs to prevent them getting out of line, improve your profitability and rely on us for solid tax advice.