At Restaurant Accounting Services, we specialize in bookkeeping and accounting exclusively for restaurants. Over the years, we’ve answered hundreds of questions from restaurant owners just like you. Whether you’re running a fine dining establishment or a neighborhood café, the challenges you face are unique—and your accounting should be too. Here are the most common questions we hear from restaurant owners about their books, and how proper accounting can help you run a more profitable business.
How often should I reconcile my accounts?
Monthly reconciliation is ideal to catch discrepancies early and ensure your financial records are accurate.
What financial reports should I review regularly?
You should regularly review your Profit & Loss Statement, Cash Flow Statement, Balance Sheet, and Prime Cost Report (RASCAP).
How do I track my prime costs effectively?
Prime costs (COGS + labor) are critical in restaurants. Monitor them closely to protect your profit margins. RAS provides your RASCAP every week!
Can I deduct tips, comps, and discounts?
Tips are typically not deductible, but comps and discounts often are. Accurate tracking is essential.
How should I handle sales tax?
Track taxable and non-taxable items separately and ensure timely remittance to avoid penalties.
What’s the best way to handle payroll for tipped employees?
Understanding tip credits, pooling, and wage compliance is key to managing payroll correctly.
How do I prevent theft or fraud?
Daily reconciliations and manager sign-offs can reduce the risk of internal theft and fraud.
Should I use accounting software or outsource to a professional?
While tools like QuickBooks help, outsourcing to a restaurant-specific accountant can improve accuracy and profitability.
How can I reduce my food and labor costs?
Good bookkeeping reveals where cost overruns occur, helping you make smarter operational decisions.
Am I making or losing money each week?
Weekly reporting offers real-time insights into your financial performance.
How do I prepare for tax season or audits?
Proper bookkeeping ensures you have the records and documentation needed for smooth filing and audits.
Can I benchmark my performance against other restaurants?
Yes, and it’s a smart move. Comparing metrics like food cost and labor efficiency helps you measure performance.
If you’ve asked yourself any of these questions, you’re not alone. At Restaurant Accounting Services, we provide expert, restaurant-focused bookkeeping so you can focus on what you do best—running your restaurant. Let us handle the numbers while you grow your business.
Ready to Transform your Restaurant Finances? Let Restaurant Accounting Services Help Feed Your Bottom Line
At Restaurant Accounting Services, we specialize in helping restaurant owners not just record the numbers, but make sense of them. We understand the restaurant industry inside and out, and we know what to look for in your financials to identify real, actionable opportunities for growth.
Whether you’re a cozy café or a high-volume bar & grill, our team knows how to tighten the numbers so you can focus on what you do best — serving amazing food.
Ready to start increasing your profit margins the smart way?
Let’s talk about how Restaurant Accounting Services can become your most valuable partner in profit.
Reach out to Tim at (781)706-5725 or tim@restaurant-accounting.com or visit Restaurant-Accounting.com to schedule your consultation. Your restaurant deserves financial clarity—let us make it happen.