4 reasons to pull the trigger on outsourced restaurant accounting
Running a restaurant is a juggling act, but if you’re still doing your own accounting it’s like juggling on a flaming balance board. No matter how well you juggle or run your business, there’s always a risk of getting burned.
The problem with handling your own accounting is the time commitment and the high probability that things will get out of control. After all, unless you’re a professional accountant, it can be challenging to keep your books in perfect order, and doing it quickly can be even more difficult.
So, what’s a busy QSR owner to do? The best option is to find an outsourced restaurant accounting solution. Here’s why.
Most small businesses have timesheet errors
Are you ever stuck asking employees for their timesheets? This is a pretty common issue across industries, but it can cause major accounting problems for you. In one study, 80% of small business owners admitted that they had to correct timesheets by hand before running payroll. Is this really a problem though?
The truth is timesheet errors are time-consuming to fix and you can’t afford to be wasting time. But, even more importantly a timesheet error can have legal ramifications if an employee disputes their wages and hours.
Eliminate inefficiencies, overhead, and late payments
An accountant will help you find ways to improve your current process, eliminating costly inefficiencies. In fact, research showed that using an outsourced restaurant accounting solution can increase your profits by 27%. They may also find easy ways to reduce your overhead by eliminating or consolidating spending.
There’s another hidden benefit of working with an accountant. They will be more dedicated to making payments on time and disputing vendor inaccuracies. Since you’re paying them to do that job, they’ll be much more likely to do it well than a busy QSR owner.
Monitor your business more easily
Using an accountant or other accounting solution will help you track your finances more easily. As part of their work, they’ll produce reports that help you understand your expenses, profits, and losses. This will help you to regularly evaluate your expenses and find ways to make improvements. At the same time, they might be able to show you recommended changes that could improve your numbers overall.
Most importantly, you’ll save a lot of time
Try tracking how many hours you spend on accounting each month. You may be surprised by how long it’s really taking you. At the same time, you might not even be putting in enough time to keep you on track with your accounting. By using outsourced restaurant accounting you’ll be able to eliminate your time commitment toward accounting and use that time to keep growing your business.
Consider outsourced restaurant accounting
If we’ve piqued your curiosity, then now might be a good time to look at your options for outsourcing your accounting. Not only can it protect you from late fees and penalties, but it can also save you a massive amount of time.