Choosing restaurant accounting services is not a choice you should pick lightly.
It’s a make-or-break decision that determines whether or not your business will flourish or be overburdened by overdue fines and penalties.
This is especially important when you own a brick-and-mortar business such as a restaurant since you have to account for more expenses - therefore, you may start to struggle to keep track of all those moving numbers on your own, and a reliable accountant is vital to smooth operations.
Owning a restaurant is already challenging on its own - why add unnecessary struggles to your everyday life?
Accountants are much more than number-crunching professionals - in this article, we will explain to you how to pick the right accountant for your restaurant and even show you how to make WAY more money using the right combination of accounting services.
Believe it or not, it’s actually way simpler than you think.
You should understand what your restaurant needs before you start making phone calls.
Accountants may offer a variety of services, but generally, these are the ones you’ll need the most:
You don’t want to pay the IRS more than what you owe!
Every restaurant owner needs to prepare for tax season in a way that protects them against fines and overpayments.
In the case of restaurants, overpayment on taxes is a huge issue that you may actually be facing without your knowledge:
Some accountants will also help you directly increase your revenue as part of their services.
This is done by redesigning your budget and helping you allocate your funds more strategically to guarantee regular investment options.
A payroll service ensures everyone is paid fairly. Mistakes in the payroll process are costly and open grounds for lawsuits and serious complaints.
After all, you don’t want to be known as the restaurant owner who does not pay its staff.
First and foremost, you should consider whether or not the prospecting accountant is open for new business.
This may sound obvious, but you have no idea how often people research an accountant only to discover that they have too many clients to handle right now!
This is especially true if you are searching for your accounting service as a solo practitioner.
After that is solved, you should look at reviews - better if recent, even better if they are from other restaurant owners.
Typically, it’s preferable to read good reviews. Still, the absence of bad reviews can be concerning too - it might be a red signal that the accounting firm bought hundreds of fake positive reviews to artificially inflate its position.
Testimonials are also a good way to understand whether or not the accounting firm is right for you - are they mostly dealing with small business problems, or is their point of focus large corporations and multinationals?
Imagine your accountant as a person walking into your home unannounced.
You only know what they’ll do based on what you have heard of this person, so what you have heard of this person must be really, really good for you to trust them.
Accounting is a service you invest in, rather than spend money towards. The right accountant generates more revenue than what you spent on it in the first place, meaning that you should technically get all of your reporting done for free.
Also, what they will be paid changes from accountant to accountant. Some request a flat fee, others work on a monthly retainer. Some will take a percentage of your profits, while others work on a commission basis.
Choose whichever one works best for you based on your financial situation.
Normally, if you are in a stable situation where you can expect a certain sum of income each month, it’s ideal to hire accountants that work on retainers, since they’ll provide you with a more dedicated service that will only improve over time.
Is your accountant a solo practitioner or a large business? Solo practitioners tend to be cheaper, but have fewer resources available and tend to be a bit more unreliable. Large companies are of course expensive but also carry more resources and may deliver, on average, better quality work.
It is a must to have an accountant you can get to via phone or email quite quickly. Communication between your restaurant and your accountant should be seamless to guarantee transparency.
There is a lot on your plate that you need to pick from, true, but you also have to make a decision, eventually!
To summarize, these are the MUST and MUST NOT factors you need to consider when choosing a restaurant-specific accountancy service:
Profit Solutions’ Team is the only accounting firm that guarantees a minimum 20% profit increase, as well as all of your reporting and bookkeeping done for free as a result of the increased profits.