Top Accounting Tips For Restaurants

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TIPS TO HELP YOU MANAGE YOUR RESTAURANTS
ACCOUNTING

• In any business especially in the restaurant
  business, you need to keep a track of your
  accounts. This is essential for all businesses.
  It is extremely important to manage your accounts
  from the start. Even though the tack may seem a
  little overwhelming for new restaurant owners,
  who during the initial days of the business, tend
  to concentrate more on and pay attention to the
  day-to-day functioning of the business, as a
  result you may lose track of accounting and this
  may lead to problems later.
• If you are new to the restaurant business and
  dont have much experience in accounting or
  comprehend how it works, then here are some
  useful restaurant accounting tips that will help
  you smoothly run your restaurant. In the business
  plan for your restaurant, you need to give
  importance to accounting as well. This also helps
  you become one of the top Hospitality Companies
  in Dubai.

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• 1. Firstly employ a professional accountant By
  employing a professional accountant or by hiring
  an accounting firm, you will be helping your
  restaurant business. By hiring an accountant you
  can focus on the operations of the restaurant
  while they take care of the accounting and
  maintain your financial records. This helps you
  outsource the burden of accounting
• 2. Formulate a profit and loss statement A
  Profit and Loss (PL) statement is the only means
  by which you can understand the financial health
  of your restaurant. This is an important step in
  the business plan for your restaurant. It is
  essential to update and review these statements
  regularly preferable every month and this can be
  done with the aid accounting personnel who are
  qualifies for the job. The Profit and Loss
  statement helps to give you a quick overview of
  the overall income and expenditure of the
  business, which is essential for making business
  decisions, including labour management, menu
  engineering, supply chain management and so on.

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• 3. Review your expenses It is very easy to fail
  to notice the different types of expenses that
  your restaurant incurs, as managers tend to focus
  on increasing revenues. However, it is extremely
  important that you manage your expenses from the
  start and this will help you establish a path
  that has a higher probability of being
  successful. One of the most important categories
  that you should pay attention to is inventory
  management ignoring of this aspect will usually
  results in a lot of wastage and possibly even
  theft. As a result, the cost of the food will
  become higher and this may even reduce the
  overall profit of the restaurant.
• 4. Keep track your revenue It is important to
  keep a track of the restaurants income sources,
  this is as important as reviewing the expenses.
  It is important to understand the various sources
  of income to analyse whats successful and what
  isnt and this will help restaurant managers and
  owners focus their efforts and energy to improve
  the business and sales accordingly.

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• 5. Food Costing It is of crucial importance to
  be able to generate a meticulous account of the
  cost of food for the business. To do this, we
  suggest you have a number of check points for the
  costing process. It is important to have accurate
  inventory management along with proper
  documentation (i.e. invoices, delivery notes,
  statements of accounts, etc.), and this will help
  the accountant to cost of food for the business
  for a month.
• These restaurant accounting tips help to
  formulate a business plan for the restaurant and
  becomes one of the top Hospitality companies in
  Dubai.

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