As a business in the food industry, accounting and bookkeeping are a major part of your operation but probably aren’t your specialty. It’s important to work with an outsourced accountant who understands the ins and outs of your business and all that goes into it. So how do you know which one is the right fit for you?
Specialty In The Restaurant Industry
When you choose an accountant to partner with, you should consider their experience in your industry. They should help you capture all areas of your financial picture, from organizing your books and tracking income statements to filing inventory orders and understanding your POS system.
In addition to general organization and bookkeeping, the right accountant should also provide you with financial reports and data you can analyze to predict future profitability.
A Partner That Covers Every Base
For a food and beverage business to be successful, it needs to have a solid financial management system or partner. If you are running a restaurant, you need to have a way of accounting for the salaries paid to the employees, recording transactions, reporting total sales, and analyzing your restaurant. Without an efficient accounting system or function, these administrative areas of your business can get mismanaged, overlooked, and hurt your bottom line.
The right partner should provide you with a clear picture of your business and provide support in areas you need most. These can include:
- Business planning
- Budget preparation
- Analyzing the cost of goods sold
- Analyzing labor costs and salaries
How Gift CPAs Can Help
Knowing where your business stands financially takes more than just reconciling your checkbook – although that’s certainly critical. Gift CPAs offers accounting and bookkeeping services wrapped up in a monthly service plan, guaranteeing you have the information you need to keep your business thriving and giving you access to your accounting and tax team whenever you need them.