4 excellent reasons to outsource your restaurant’s bookkeeping

4 excellent reasons to outsource your restaurant's bookkeeping

Running a restaurant is not easy, especially with the challenges the pandemic has thrown at the restaurant owners. They are already buried under a lot of operational challenges—generating enough revenue to keep the restaurant profitable, keeping up with health and sanitation requirements, adjusting to government-imposed business restrictions, responding to guest’s changing preferences, finding, training, and retaining staff, managing inventory, maintaining menu pricing and so on.

The restaurant owners are often forced to wear many hats, from CFO to HR officer. As if this workload is not enough, they are forced to look after their restaurant accounting as well. Even for the most seasoned, well-rounded restaurateurs, restaurant accounting is a daunting task.

It is time-consuming, time-sensitive, and requires accuracy – putting a lot of strain and pressure on you. It takes a lot of your time thus pulling you away from what you do best: Developing your business.

But the fact is that with the growing use of cloud technology and outsourcing becoming much more popular, accounting no longer needs to be your burden. The following are 4 advantages of outsourcing accounting services to a skilled provider.

1) Get the knowledge of experienced, tech-savvy bookkeepers

Accounting software keeps changing every day. Staying up to date on them while running your restaurant is hard. When you outsource your bookkeeping process to the experts, you will get access to the latest software and tools that are specially meant to streamline your accounting process.

Since accounting experts have a very good grip on the latest tools and systems, they can simplify the process by streamlining through automation. This is not possible if you do your accounting yourself. Moreover, since the outsourced partners work remotely, they use cloud technology to manage your books from any part of the world providing you a greater level of flexibility.

An outsourced bookkeeping team can recommend the best accounting software and tools for your business and can set it all up for you.

2) Control your restaurant’s financial performance

Outsourcing your bookkeeping to trained professionals means your restaurant’s financial data is in safe hands and is always accurate and up-to-date. This gives you an insight into the performance of your restaurant business and allows you to track all transactions such as expenses and income and as a result, you will know the status of your cash flow instantly.

An outsourced bookkeeper can create customised reports to suit your individual needs thus helping you to take better and timely decisions. They can provide you with all the information about your sales tax during the tax time, and pay the tax on time avoiding costly penalties.

3) Saves you precious money and time

Hiring an in-house bookkeeper is expensive when it comes to payroll taxes, benefits, and wages. You can get outsourced accounting professionals with a similar level of knowledge and experience without the payroll costs. You can also get rid of costs associated with hiring, training, and managing employees.

By outsourcing you can use the time it would take to do bookkeeping on your own, into running and growing your business, your area of expertise.

4) Avoid Frauds

Unfortunately, fraud is a major concern of all businesses, especially in cash-heavy restaurants. Opportunities for fraud are more in the restaurant business. A professional bookkeeper not only knows all the regulations but can uncover fraud risks and bring them to management’s attention. Thus an efficient bookkeeper can save your restaurant from any potential frauds that stunt the growth of your restaurant business.

Planning to outsource your accounting & bookkeeping process? VKonnect is a reputed business process outsourcing (BPO) company based in Melbourne that specialises in providing outsourcing services to Australian businesses in a wide range of industries. We are experts in outsourcing business activities in areas such as accounting IT, administration, and customer services/support. Get a free quotation for your accounting & bookkeeping needs today.

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Posted under: Bookkeeping