Why Hiring a Restaurant Accounting Firm Is Smart for Business

Why Hiring a Restaurant Accounting Firm Is Smart for Business

by Michelle Flores-Gonzales, VP and Director of Operations

Regardless of the business, each employee has a job to do—even more so when the business is a restaurant. You wouldn’t want someone untrained or inexperienced to wait tables or prepare the food, just as you wouldn’t want someone without the proper knowledge to handle the restaurant’s accounting needs. An accounting firm, such as Flores Financial, can offer plenty of insight.

It’s not enough to just be aware of items that include profit and loss statements, real-time operating costs, labor and sales, and company goals. An employee needs to be dedicated to understanding the restaurant’s finances, how to improve them, and what changes to make. Further, whoever is in charge of the restaurant’s finances should only have this one job, as it is a big one—arguably, one of the most important. Therefore, bringing in outside, unbiased help can be beneficial for growth.

Flores Financial offers an educated, experienced, and knowledgeable team dedicated to helping restaurants succeed by managing the accounting and finance side of the business. Specifically, this team can provide profit and loss statements for restaurants on a weekly basis, ultimately allowing restaurants to make immediate and necessary decisions as they pertain to the businesses’ goals, wants, and needs.

Yet, awareness isn’t enough: Your restaurant needs a partner that can provide an explicit financial statement. This statement summarizes the revenue, costs, and expenses of the restaurant to help the manager/owner better understand the restaurant’s profit and loss statements as well as certain areas that are detrimental to the success of the business.

With Flores Financial, you’ll be able to see how your restaurant is running in real time; pull in accounts payable; understand budgeting (whether or not the restaurant is staying within its budget, and if not, why); determine if monthly goals are being met, and if not, how to reach them (e.g., cut staff, delay purchases, etc.); and all the other accounting services you need to keep the business in the black. This information is not only presented in a way that can be easily understood but in a way that allows the manager/owner to see its value.

A restaurant’s finances may not be the most fun or interesting aspect of the business, but they are definitely one of, if the not, the most important. The best part, though, is that you don’t have to handle this task alone, especially if you don’t understand it. You can get help, and you should get help, at least for the sake of all invested parties.

Weekly profit and loss reporting is critical to running a successful restaurant. If you need to learn how to manage this or any other financial aspect of your business, contact Flores Financial today by calling 619-588-2411.