There are a plethora of benefits to having someone manage your books. If you are a restaurant owner, then most likely your professional strength is culinary skills and not bookkeeping.
If you are a small restaurant owner or a bar owner, hiring someone to manage your books comes with a lot of perks, including:
You can gain a clear understanding of your restaurant's financial status, which can help you make informed decisions and strategic plans.
You get to identify and control expenses to improve operational efficiency and maximize profitability.
Staying compliant with tax regulations and industry standards and avoiding penalties and legal issues is very important to keep your business up and running. Velan’s bookkeepers will make sure you are fully compliant with the tax laws in your state and county.
Our bookkeepers will help with tax-saving strategies and deductions to minimize tax liabilities and maximize returns.
Develop and manage budgets effectively, ensuring financial stability and preventing overspending.
Analyze financial reports to assess the performance of your restaurant, identifying areas for growth.
Present accurate financial records to instill confidence in potential investors or partners
At Velan, we extensively use the latest software for bookkeeping to maintain accuracy. Here are some of the tools we love using for their efficacy:
Velan's restaurant bookkeepers are highly skilled in leveraging QuickBooks, using its features to suit the specific needs of your restaurant bookkeeping. From tracking sales and expenses to payroll management, we ensure that your restaurant's financial data is accurate
Velan's outsourced bookkeeping experts are adept at utilizing FreshBooks to streamline bookkeeping for you. Whether it's invoicing, expense tracking, or reporting, we ensure that FreshBooks is used effectively to enhance the financial management of your restaurant.
Velan’s bookkeepers excel at utilizing Zoho Books to manage finances for food service businesses. We leverage Zoho's features for comprehensive transaction tracking and financial reporting to keep your restaurant's financial data organized and accessible.
Velan's proficiency extends to Sage 50 Cloud, offering robust restaurant bookkeeping solutions. We expertly manage financial tasks such as budgeting, payroll processing, and tallying within the Sage 50 cloud framework to ensure accurate and compliant bookkeeping.
Velan's experts are well-acquainted with Restaurant365, an integrated restaurant accounting platform. We leverage its capabilities for a smooth integration of financial data, covering everything from accounting to inventory and allowing for a comprehensive view of your restaurant's financial health.
We excel at implementing accrual accounting, recognizing revenue and expenses when they are incurred, not just when cash changes hands. This method provides a more accurate representation of your restaurant's financial reality, aligning with industry best practices.
Velan is your guarantee for adhering to Generally Accepted Accounting Principles (GAAP). Our experts meticulously follow GAAP standards, ensuring the consistency and comparability of your financial statements for regulatory compliance and stakeholder confidence.
Velan brings expertise in both Last-In, First-Out (LIFO) and First-In, First-Out (FIFO) inventory valuation methods. This nuanced approach allows us to optimize your restaurant's financial reporting based on your specific inventory management strategy.
Our proficiency in straight-line depreciation ensures that your restaurant's capital assets are accurately accounted for over their useful lives. Velan employs precise calculations, aligning with tax regulations and providing a comprehensive view of your asset's value.
Velan excels in constructing and analyzing comprehensive cash flow statements. We meticulously categorize cash inflows and outflows into operating, investing, and financing activities, offering a detailed understanding of your restaurant's liquidity and financial health.