Running a Restaurant Business is exciting at the same time challenging. The most satisfying part of this business is to see Happy Faces, Families, and Group of people leaving Restaurant after a good meal or a drink.
While ensuring you have satisfied customers, you need to ensure you have happy employees who are key in delivering the best of services. The most important thing to ensure you have satisfied employees, a great ambiance, great quality of good and a wide variety of drinks is to have a reasonable amount of money invested in the business. To ensure you preserve cash and have to stay rightly invested, you need an Accountant/ Bookkeeper who also works as a Value Advisor.
You can assess in following ways whether your Accountant/ Bookkeeper is a Value Advisor:
✓ Basics of Accounting- The bookkeeper understands the basics of Accounting. He or she does not need to go often to the Accountant to take advise or get books corrected
✓ Real-Time- Your Bookkeeper maintains Accounts on a Real-Time basis so that you can extract information that is up to date any time anywhere.
✓ Your Goals and Dreams- The Bookkeeper understands what your goals and dreams are about your business and is in complete sync with it.
✓ Current Financial Health Status- The Bookkeeper understands the current Financial Health of Business including key ratios such as the Current Ratio, Asset Turnover Ratio, etc. If the ratios are weak, the bookkeeper also understands what the best approach is to make them strong
✓ KPIs- The restaurant business is heavy investment business and key to success how fixed costs are covered. Key to profitability is measuring and monitoring Key Performance Indicators on Daily/ Weekly and Monthly basis. Make sure your bookkeeper understands them and knows how to measure and monitor it.
As Robert Kyosaki author of Rich Dad Poor Dad puts it “The Word Accounting comes from Accountability. If you are going to be rich, you need to be Accountable for your money.”
A good bookkeeper can make you accountable for your money. Hire an accountant for Restaurant Business.