Restaurant Accounting Service Can Increase Efficiency and Save You Money

by Michelle Flores-Gonzales, VP, Director of Operations

Constantly at the mercy of consumer health trends, government regulations, and fluctuating food costs, restaurants have always had historically thin profit margins. Any way that a restaurant can reduce costs will directly affect restaurant profitability and success. Traditional outsourced accounting services can alleviate the pressure of balancing profit and loss statements and keeping track of costs; but a full-service restaurant accounting firm, such as Flores, raises the bar and offers insight beyond basic accounting.

With more than 35 years of accounting experience in the restaurant and hospitality industry, Flores has earned the trust of hospitality groups and restaurants alike. It is with this in-depth knowledge that Flores has acquired an esteemed reputation within the industry. Utilizing the latest technology, Flores provides information regarding restaurant planning, reducing food waste, handling vendor inquiries, accounts payable and invoice processing.  

Consumer Trend Analysis Can Help Create a Better Restaurant Menu

Flores’ restaurant accounting software analyzes trends in consumer purchasing behavior. These trends can show which menu items have seen an increase in popularity and vice versa, informing restaurants which items to capitalize on and which ingredients to order less of. Restaurants and chefs can use the information provided by a restaurant accounting service, like Flores, to create menu items similar to their most popular dishes. For example, if the restaurant accounting software finds that spiralized vegetable dishes are popular, restaurants can begin to experiment with other dishes and vegetables, capitalizing on the current trend of substituting spiralized vegetables for pasta. The recipe module feature offered by this type of special software is another added benefit to menu planning and trend capitalization as it allows clients to effectively create recipes with real-time food cost data.

Restaurants will Experience a Decrease in Food Waste

If food costs account for 30% of total sales, then reducing food waste directly affects profitability. According to a report by National Public Radio (NPR), one-half pound of food for every restaurant guest served, on average, is thrown away, and as much as 10% will end up in a landfill. Flores’ restaurant accounting software provides restaurants on demand cost analysis and any changes in item costs from vendors. Having immediate access to this information allows clients to plan ahead and either order substitutes or invent ways to repurpose food – in other words, finding creative ways to use all parts of ingredients in other recipes. Flores client Jessica Waite, makes zero food waste the main feature of her restaurants.  Some of Jessica’s restaurants feature repurposed menu items such as beet stem relish, carrot top pesto, and banana peel taco filling.

Added Benefits of Working with a Restaurant Accounting Service

In addition to informing restaurants of consumer trends, providing data to decrease food waste and increase margins, using a restaurant accounting service like Flores can provide several additional benefits. Flores specifically utilizes accounting software for restaurants, so clients have the added benefit of the industry knowledge and software intuitive to restaurant needs. Flores has employed software that is 100% paperless, decreasing the staff needed to monitor invoices and providing restaurants with a daily snapshot of their finances across multiple locations. Flores’ restaurant accounting services handles vendor inquiries, processes all invoices – expensing them to the proper accounts, performs weekly account payable check runs and check mailings, and performs weekly payment selections and review with the client, as needed, allowing restaurant owners to focus on other aspects of their business.

Restaurant accounting services, like Flores, understand the intricacies of restaurant accounting and have optimized their services accordingly, not only providing basic accounting but also providing insight into changes and trends within the industry. Many restaurateurs feel that having an accounting partner that offers industry insight based on current data and trends is pivotal to their restaurant’s success.

To learn more about Flores’ full restaurant accounting services and the software they use, please contact us at info@floresfinancial.flywheelsites.com or visit our site at www.flores-financial.com.