Restaurants
A Quick-Start Guide to Restaurant Financial Statements
Getting started with restaurant finances? Here’s what you need to know about restaurant financial statements — including free templates for reference.
The restaurant business simmers with excitement, creativity, and on-the-fly decision-making.
Curating menu items, cultivating an exceptional customer experience, and keeping those tables full on the daily are mere drops in the stockpot when it comes to running a successful restaurant.
There’s so much behind-the-scenes work that goes into it that your customers never see.
One of those things is staying on top of the day-to-day bookkeeping and knowing where you stand financially. It’s massively important, but can steal your time and focus.
In this article, we’re comparing two services that can take this task off your hands: restaurant bookkeeping and restaurant CPA services.
You’ll learn:
MCM CPAs & Advisors was handling 2,300 invoices per month by hand before they discovered Plate IQ.
The practice of accounting exists to provide useful and timely financial information. Bookkeeping is an important part of accounting. But it’s not the only part.
When a business is looking to outsource a part of their accounting function, an important decision they have to make is whether to retain the services of someone who can keep their books clean or whether they need that plus a bit more.
Those extra advisory services usually come from CPA firms: accounting teams that handle both the clerical side of accounting and the strategic advisory.
Think of bookkeepers like the line cook and a strategic accountant as the chef.
Restaurant bookkeeping services include business bank reconciliations, credit card management, and reconciliation, accounts payable, accounts receivable, sale tax, payroll. They’re the behind-the-scenes daily task performers that keep front-of-house operations running smoothly and in line with the company’s overall mission.
A certified bookkeeper has completed a bookkeeper training course in the areas listed under responsibilities.
Responsibilities for a restaurant bookkeeper include:
Opposed to only doing bookkeeping, think of CPA services as the full financial package. So not only do you get bookkeeping from CPA services, but you get a trusted financial advisor too.
To better understand what restaurant CPA services entail, let’s go over what a restaurant CPA is:
A Certified Public Accountant (CPA) has met both educational and experience requirements prescribed by the state licensing laws and has passed the National Uniform CPA Examination.
To qualify for certification, rigid academic standards must be met.
Many states require an applicant to have 150 credit hours of college education (including hours in specified accounting and business courses) just to sit for the exam.
The exam covers topics like financial accounting and reporting, auditing, and business law, as well as federal income taxes, managerial accounting, and government accounting.
Companies that provide restaurant CPA services or independent CPA restaurant experts are highly recommended — and restaurants should consider hiring them.
Hiring a CPA will help your restaurant business solvency and reduce your risk of tax issues down the line.
A CPA will advise and help you to start your restaurant business in accordance with state requirements, internal controls, and guide you on financial entries to make sure your restaurant is compliant and following generally accepted accounting principles.
Keep those books clean!
The benefits of having a chartered accountant are bountiful. But the main advantages heard from CPA clients range from security and tranquility — to feeling supported and valued.
If you want to boost productivity, work quality, AND save on labor cost — automating more of your bookkeeping is critical.
Not to mention: The more manual work accountants can eliminate, the more time they’ll have to focus on more profitable tasks (such as analyzing financial statements).
AP software like Plate IQ helps you automate bookkeeping to increase efficiency and streamline workflow.
Manually dealing with accounts payable can be a major time-suck for restaurant bookkeepers and CPAs.
So automate your restaurant AP to reduce the time, paper, and money spent involved in manually managing invoices.
Accounts payable automation software can save a business $16 or more per invoice.
So, where do you start?
Plate IQ will help you spend less time processing invoices, do bill pay easier, and gain more insight from invoices.
Request a demo by clicking the button in the top-right corner.
Bookkeepers and CPAs are both valuable and will help you keep your restaurant’s books clean.
The key difference?
A bookkeeper mainly focuses on keeping record of company transactions. But a CPA will go more in-depth with financial analysis to ensure financial KPIs are on track.
Think of it sort of like choosing between a nurse or a doctor. A nurse will keep track of your health, but a doctor will analyze your health and counsel you.
The restaurant business simmers with excitement, creativity, and on-the-fly decision-making.
Curating menu items, cultivating an exceptional customer experience, and keeping those tables full on the daily are mere drops in the stockpot when it comes to running a successful restaurant.
There’s so much behind-the-scenes work that goes into it that your customers never see.
One of those things is staying on top of the day-to-day bookkeeping and knowing where you stand financially. It’s massively important, but can steal your time and focus.
In this article, we’re comparing two services that can take this task off your hands: restaurant bookkeeping and restaurant CPA services.
You’ll learn:
MCM CPAs & Advisors was handling 2,300 invoices per month by hand before they discovered Plate IQ.
The practice of accounting exists to provide useful and timely financial information. Bookkeeping is an important part of accounting. But it’s not the only part.
When a business is looking to outsource a part of their accounting function, an important decision they have to make is whether to retain the services of someone who can keep their books clean or whether they need that plus a bit more.
Those extra advisory services usually come from CPA firms: accounting teams that handle both the clerical side of accounting and the strategic advisory.
Think of bookkeepers like the line cook and a strategic accountant as the chef.
Restaurant bookkeeping services include business bank reconciliations, credit card management, and reconciliation, accounts payable, accounts receivable, sale tax, payroll. They’re the behind-the-scenes daily task performers that keep front-of-house operations running smoothly and in line with the company’s overall mission.
A certified bookkeeper has completed a bookkeeper training course in the areas listed under responsibilities.
Responsibilities for a restaurant bookkeeper include:
Opposed to only doing bookkeeping, think of CPA services as the full financial package. So not only do you get bookkeeping from CPA services, but you get a trusted financial advisor too.
To better understand what restaurant CPA services entail, let’s go over what a restaurant CPA is:
A Certified Public Accountant (CPA) has met both educational and experience requirements prescribed by the state licensing laws and has passed the National Uniform CPA Examination.
To qualify for certification, rigid academic standards must be met.
Many states require an applicant to have 150 credit hours of college education (including hours in specified accounting and business courses) just to sit for the exam.
The exam covers topics like financial accounting and reporting, auditing, and business law, as well as federal income taxes, managerial accounting, and government accounting.
Companies that provide restaurant CPA services or independent CPA restaurant experts are highly recommended — and restaurants should consider hiring them.
Hiring a CPA will help your restaurant business solvency and reduce your risk of tax issues down the line.
A CPA will advise and help you to start your restaurant business in accordance with state requirements, internal controls, and guide you on financial entries to make sure your restaurant is compliant and following generally accepted accounting principles.
Keep those books clean!
The benefits of having a chartered accountant are bountiful. But the main advantages heard from CPA clients range from security and tranquility — to feeling supported and valued.
If you want to boost productivity, work quality, AND save on labor cost — automating more of your bookkeeping is critical.
Not to mention: The more manual work accountants can eliminate, the more time they’ll have to focus on more profitable tasks (such as analyzing financial statements).
AP software like Plate IQ helps you automate bookkeeping to increase efficiency and streamline workflow.
Manually dealing with accounts payable can be a major time-suck for restaurant bookkeepers and CPAs.
So automate your restaurant AP to reduce the time, paper, and money spent involved in manually managing invoices.
Accounts payable automation software can save a business $16 or more per invoice.
So, where do you start?
Plate IQ will help you spend less time processing invoices, do bill pay easier, and gain more insight from invoices.
Request a demo by clicking the button in the top-right corner.
Bookkeepers and CPAs are both valuable and will help you keep your restaurant’s books clean.
The key difference?
A bookkeeper mainly focuses on keeping record of company transactions. But a CPA will go more in-depth with financial analysis to ensure financial KPIs are on track.
Think of it sort of like choosing between a nurse or a doctor. A nurse will keep track of your health, but a doctor will analyze your health and counsel you.
The restaurant business simmers with excitement, creativity, and on-the-fly decision-making.
Curating menu items, cultivating an exceptional customer experience, and keeping those tables full on the daily are mere drops in the stockpot when it comes to running a successful restaurant.
There’s so much behind-the-scenes work that goes into it that your customers never see.
One of those things is staying on top of the day-to-day bookkeeping and knowing where you stand financially. It’s massively important, but can steal your time and focus.
In this article, we’re comparing two services that can take this task off your hands: restaurant bookkeeping and restaurant CPA services.
You’ll learn:
MCM CPAs & Advisors was handling 2,300 invoices per month by hand before they discovered Plate IQ.
The practice of accounting exists to provide useful and timely financial information. Bookkeeping is an important part of accounting. But it’s not the only part.
When a business is looking to outsource a part of their accounting function, an important decision they have to make is whether to retain the services of someone who can keep their books clean or whether they need that plus a bit more.
Those extra advisory services usually come from CPA firms: accounting teams that handle both the clerical side of accounting and the strategic advisory.
Think of bookkeepers like the line cook and a strategic accountant as the chef.
Restaurant bookkeeping services include business bank reconciliations, credit card management, and reconciliation, accounts payable, accounts receivable, sale tax, payroll. They’re the behind-the-scenes daily task performers that keep front-of-house operations running smoothly and in line with the company’s overall mission.
A certified bookkeeper has completed a bookkeeper training course in the areas listed under responsibilities.
Responsibilities for a restaurant bookkeeper include:
Opposed to only doing bookkeeping, think of CPA services as the full financial package. So not only do you get bookkeeping from CPA services, but you get a trusted financial advisor too.
To better understand what restaurant CPA services entail, let’s go over what a restaurant CPA is:
A Certified Public Accountant (CPA) has met both educational and experience requirements prescribed by the state licensing laws and has passed the National Uniform CPA Examination.
To qualify for certification, rigid academic standards must be met.
Many states require an applicant to have 150 credit hours of college education (including hours in specified accounting and business courses) just to sit for the exam.
The exam covers topics like financial accounting and reporting, auditing, and business law, as well as federal income taxes, managerial accounting, and government accounting.
Companies that provide restaurant CPA services or independent CPA restaurant experts are highly recommended — and restaurants should consider hiring them.
Hiring a CPA will help your restaurant business solvency and reduce your risk of tax issues down the line.
A CPA will advise and help you to start your restaurant business in accordance with state requirements, internal controls, and guide you on financial entries to make sure your restaurant is compliant and following generally accepted accounting principles.
Keep those books clean!
The benefits of having a chartered accountant are bountiful. But the main advantages heard from CPA clients range from security and tranquility — to feeling supported and valued.
If you want to boost productivity, work quality, AND save on labor cost — automating more of your bookkeeping is critical.
Not to mention: The more manual work accountants can eliminate, the more time they’ll have to focus on more profitable tasks (such as analyzing financial statements).
AP software like Plate IQ helps you automate bookkeeping to increase efficiency and streamline workflow.
Manually dealing with accounts payable can be a major time-suck for restaurant bookkeepers and CPAs.
So automate your restaurant AP to reduce the time, paper, and money spent involved in manually managing invoices.
Accounts payable automation software can save a business $16 or more per invoice.
So, where do you start?
Plate IQ will help you spend less time processing invoices, do bill pay easier, and gain more insight from invoices.
Request a demo by clicking the button in the top-right corner.
Bookkeepers and CPAs are both valuable and will help you keep your restaurant’s books clean.
The key difference?
A bookkeeper mainly focuses on keeping record of company transactions. But a CPA will go more in-depth with financial analysis to ensure financial KPIs are on track.
Think of it sort of like choosing between a nurse or a doctor. A nurse will keep track of your health, but a doctor will analyze your health and counsel you.
