Restaurant Accounting

How Does Paperless Accounts Payable Work?

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 As a result, it is best to eliminate those outdated manual processes and start using something more efficient and effective in your accounting processes – paperless AP automation.

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Restaurant Accounting

Accounts Payable Invoice Processing For Restaurants

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.

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Restaurant Accounting

Accounting Tips For Restaurants

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.

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Restaurant Management

7 Key Tools Every Restaurateur Needs

Restaurant owners and managers wear many hats. Some even wear a chef hat. More commonly, though, they are responsible for accounting, inventory, marketing, menu design, online presence and many other aspects. All of these functions combine to make fun, challenging and, yes, stressful days. Fortunately, a few key tools can reduce stress and boost your restaurant’s bottom line. Here are a few of our favorites:

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Restaurant Management

How to Price Your Menu

When you open a new restaurant, one of the most exciting duties is writing the new menu. As you decide what you’ll offer, you create your brand and establish your place in the local economy.

It’s not enough, though, to know what you want on the menu. You also have to consider how you’re going to price each item.

Price your various menu offerings too high, and you risk selling less of each dish. Price them too low, though, and you damage the profitability of your establishment. Eventually, this could drive you out of business.

So where’s the middle ground?

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How to Perform a Portion Audit And Save Your Restaurant Money

If you’ve ever been out to eat at a restaurant where you and your dining companions ordered the same dishes, you know just how different the same entrees can look.

While this may be mildly amusing as a diner, it sheds light on a serious problem many restaurant owners face. The problem is portion control, and the consequence is decreased restaurant profitability.

Fortunately, there are things you can do to get the issue under control and ensure it doesn’t hurt the future of your restaurant.

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