Benefits of Outsourcing your Restaurant Accounting

Most restaurant owners I’ve come across always started their business because they have a passion for food.   Their goal is to have a restaurant full of delighted customers.  Majority of their time in the business are devout to achieving this goal, from designing great menus to ensuring quality of service.

For most owners, to run a successful restaurant and to keep on top of the numbers can be a challenging task. And it can even be more challenging to find an accountant with the right skills to manage the specific needs of the business, let alone find someone at affordable rate.

For this reason, outsourced accounting can be the solution.  Even though the belief is that accounting function must be done in-house, outsourced accounting is now being embraced by most start-ups and small-medium businesses with different goal in mind depending on their needs.  If you are a restaurant owner, why not explore these benefits as to why you should consider outsourcing your accounting team: 

Focus on Service

With the right outsourced accountants, restaurant owners can receive support in their accounting function and free up valuable time for better workload management. You can fully focus on service as well planning for future enhancements to your establishments.

Access to Expert Advice

Restaurant management and accounting are two very different skill sets. By teaming up with outsourced accountants / CFOs , you can feel confident that only the most qualified individuals are handling your finances in an unbiased and objective manner. Services offered by these experts are generally on-demand and services can often be tailored and scalable to bring the right expertise at the right time for greater flexibility across the board.

Improved Strategic Mindset

Basic accounting does not produce the insights restaurant owners need to act with confidence in making number-related decisions. As a result, the restaurant’s numbers can end up being a liability for most owners. Outsourced CFOs are able to read between the lines to find value in this information.   These CFOs can partner with you to make wise strategic decisions on how to grow and evolve your business into where you want it to be. 

Reduced Business Costs

With outsourcing, you will only pay for the accounting services you need, when you need them. Most CFO & accounting service providers can customise their service offering according to the clients’ needs. They give choices of full outsourcing, co-sourcing, or even specialised project-based solutions to address specific need area such us capital raising support, financial modelling and growth strategies.

Of course, these are only a few of the benefits of outsourcing. If you’re a restaurant owner and at the stage of considering outsourcing your accounting function, definitely do your research. Take valuable time in finding the right consultant to address your current and future business needs. At CFO Connect, we are always happy to answer any of your questions you may have info@cfoconnect.com.au