For over 30 years, Elephants Delicatessen has been Portland’s favorite specialty foods & catering company, they are a trusted and integral part of the community fabric. Their taste creations have been reviewed in publications from Portland Monthly to the New York Times. Elephants Deli takes great pride in ensuring that the pleasure of eating is an all-encompassing sensory experience.
If you are a restaurant manager or owner, you may find yourself playing an almost never-ending game of catch-up. While attending to the stress related to ensuring your guests have a positive experience and generating superior satisfaction, you also have to handle accounts payable issues. This includes all the problems that can occur at the backend of your restaurant, such as inventory issues, missing payments from your vendors, duplicate invoices and more.
The good news is, there are some ways you can improve your restaurant accounting processes. Use the tips here to make sure your accounts payable are handled and that they run on auto-pilot.
Your accounts payable process is fundamental to the smooth functioning of your restaurant. After all, without it you can’t pay the bills or keep the supplies coming in. If your eatery is like most, you have regular food orders and must maintain positive relationships with your vendors. That isn’t always easy when your already-busy location has to ruffle through piles of paperwork to get the bills processed in a timely and accurate manner.
There’s a way to solve this issue: automation. With the right system in place, you can focus on what’s really important in your business while satisfying your accounting needs. Often, all it takes is a few tweaks to your existing procedures as well as the implementation of new software that will make things easier and give you more control over the financial health of your eatery. Here are the 5 easy invoice processing steps:
When you run a restaurant, you may get so caught up in the day-to-day tasks at the front. You neglect all the paperwork and other processes that have to be handled at the back office. This can lead to a wide array of issues, from inaccurate invoicing, improper supplies, late payments and more. If this is combined with a manual accounting process, you may find your entire restaurant in disarray after just a few months.
Today, thanks to innovative technology, there are few things that can’t be done online and automatically. Unfortunately, if you are one of the 58 percent of businesses still handling accounting and invoicing manually, you are likely wasting time and losing profits.
Running a restaurant involves quite a few moving parts. While the customer is often the focus for many restaurant owners, there are situations when it’s the back office that is holding you back from growing.
Having the best accounts payable management processes in place can help ensure that suppliers and creditors are always paid in a timely manner and that you don’t lose time trying to fix mistakes. Also, when you begin using the right accounts payment system in your restaurant, it will help free up the capital on your balance sheet, opening up an array of new opportunities. Another benefit of a quality accounts payable system for your restaurant is that you can avoid expensive mistakes. These take both resources and time to fix, which may divert your staff from other, more important tasks.
Additionally, if your payments are delayed to your suppliers, then it can result in missed food or drink shipments, delayed vendor payments for linens and cleaning, and more. All of this can negatively affect your restaurant business, but it can be avoided by utilizing the right accounts payable solution.
With the right accounts payable management system and procedures in place for your restaurant, you can even reach higher levels of success.
There are several ways that you can begin to improve your accounts payable management, such as:
As a restaurant owner, you can feel confident that things are going to continue to change and evolve. It is your job to adapt to these changes to ensure your restaurant can continue being successful.
For many years, owners and managers of restaurants didn’t use much technology. In fact, the typical desk in restaurant offices was full of notes, binders, invoices and piles and piles of other paperwork that needed to be reconciled. The only marketing outreach even considered was newspaper and radio ads in the local area. Technology was extremely expensive at this time and it required training, which was two items that most restaurant owners were short on.
Even today, you don’t have much time to sit around and contemplate growth. As a restaurant owner, you know things are always moving. As a result, it is best to eliminate those outdated manual processes and start using something more efficient and effective in your accounting processes – paperless AP automation.
Sourcery’s Customer Profile highlights how customers are using the product every day to create value within their business. This week, meet Snap Kitchen. Snap Kitchen provides healthy, handmade meals, for busy people on the go. With their app, you can order one meal OR stock up for the week!
Let’s take a look at the Snap Kitchen and Sourcery partnership.
As a restaurant manager, you are likely playing a seemingly never-ending game of catch-up. In addition to trying to provide a quality experience and ensuring guest satisfaction, you also have to deal with issues that usually occur at the worst possible times – such as missing a payment to a liquor or food vendor, inaccurate food costs, duplicate invoices, inventory problems and more.
If you are part of the management team (or you are the management team) at a restaurant, especially chains that have several locations, you may be searching for a simpler solution. After all, the process of handling all the accounts payable invoice processing can be tedious and daunting at the least.
Learn more about this process and why it may be time to think about automation solutions, like the ones offered by Sourcery, here.
Restaurant accounting is a unique beast. You can be a huge success in the restaurant business with decades of experience in all the positions from head chef to general manager, however, you still may not be an expert when it comes to restaurant accounting processes. Where do you start? Do you know what a profit and loss statement looks?
Choose an Option for Keeping Your Records
You have to first figure out how you are going to keep your records. In most cases, this is based on your personal preferences and budget. There are several options to consider, including the following:
- Paper ledger: If you have a lower volume of business, and you aren’t exactly comfortable with technology, working on paper is a straightforward option. You can utilize a basic ledger book; just make sure to carbon paper everything you do. The downside is that this method is extremely at risk of human error. This is one of the lowest cost options, however, when you provide these records to your accountant for taxes, they will likely charge more than if you used a restaurant-specific software.
- Spreadsheet: Another fairly simple option is a spreadsheet. Once created, you can use this to export your information to your accountant.
- Small-business accounting software: You can find many software options (discussed below) to help you keep your records.
- Restaurant-specific programs: There are software programs specifically for restaurants that offer features such as point of sale and ordering and inventory management. This option is more expensive initially but makes your record keeping easier and less time-consuming.
If you own a restaurant or food service industry, you probably realize that employee theft can greatly affect your bottom line. Below are some innovative ways to combat this problem. You will also learn about an efficient, online AP automation solution created specifically for the foodservice industry.