Restaurant Bookkeeping Services

So, What Exactly
Is Restaurant Bookkeeping?

  • Velan’s Efficient Restaurant Bookkeeping Services are your secret recipe for financial excellence. Savour your success and spend more time honing your culinary skills, while Velan does your numbers accurately and effortlessly.
  • Restaurant bookkeeping is the process of managing and recording everyday transactions in a restaurant, followed by organizing this data in a readable fashion and making sure the books tally and the numbers make sense.
  • As your restaurant bookkeeper, Velan will record your everyday transactions, verify that these transactions match with the general ledger, bring all your books to balance, and make sure you are tax compliant.

What Are The Major
Benefits Of Restaurant Bookkeeping?

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:

Financial Transparency

Financial Transparency

You can gain a clear understanding of your restaurant's financial status, which can help you make informed decisions and strategic plans.

Cost Control

Cost Control

You get to identify and control expenses to improve operational efficiency and maximize profitability.

Compliance Assurance

Compliance Assurance

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.

Tax Optimization

Tax Optimization

Our bookkeepers will help with tax-saving strategies and deductions to minimize tax liabilities and maximize returns.

Budget Management

Budget Management

Develop and manage budgets effectively, ensuring financial stability and preventing overspending.

Performance Analysis

Performance Analysis

Analyze financial reports to assess the performance of your restaurant, identifying areas for growth.

Investor Confidence

Investor Confidence

Present accurate financial records to instill confidence in potential investors or partners

What Are Some Of The Bookkeeping Software
That Velan’s Bookkeepers Are Adept At?

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

With expertise in Xero, we deliver precise bookkeeping solutions for the hospitality industry. We proficiently handle multi-location reporting and inventory management within the Xero platform to optimize your restaurant's financial operations.

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.

Why Is Velan Your Trusted Partner To Manage
Your Restaurant Books?

Accrual Accounting Proficiency

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.

GAAP Compliance Assurance

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.

LIFO/FIFO Inventory Valuation Expertise

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.

Straight-Line Depreciation Precision

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.

Cash Flow Statement Proficiency

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.

Restaurant Bookkeeping Services

Frequently Asked Questions

The choice between cash and accrual accounting depends on the size, complexity, and financial goals of the restaurant.
Cash Accounting
  • Advantages: simplicity, easy to understand, reflects cash flow.
  • Suitable for: small or cash-based businesses where transactions are primarily conducted in cash.
Accrual Accounting
  • Advantages: It provides a more accurate picture of financial health and aligns with industry standards.
  • Suitable for: larger restaurants with diverse revenue streams, as it recognizes revenue and expenses when incurred, not when cash changes hands.
Many restaurants start with cash accounting for simplicity but transition to accrual as they grow to gain a more comprehensive financial overview.
To create a restaurant P&L statement, list revenue sources, deduct direct costs like ingredients (COGS), and calculate gross profit. Detail operating expenses, subtract from gross profit to get net operating income, then include other income or expenses for the final net profit or loss. Utilize accounting software for efficient and accurate record-keeping.
A restaurant P&L (Profit and Loss) statement provides a financial snapshot, detailing revenue, costs of goods sold (COGS), operating expenses, and net profit or loss during a specific period. It reveals the restaurant's financial performance by showing income, costs, and overall profitability, aiding in strategic decision-making and financial management.

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