Restaurant Accounting Service
Experienced Restaurant Accounting & Bookkeeping Company
Far more than just bookkeepers, Restaurant Accounting Services (RAS) is staffed by accounting professionals with the added benefit of decades of experience in the restaurant industry. We are always at the ready to answer questions from you, interact with and reconcile vendors, answer payroll related inquiries, etc.
We completely replace the need for transactional processing in-house accounting.
With the installation of a scanner provided by RAS, management scans not just invoices, but any document to be conveniently stored in our Virtual Filing Service. RAS polls sales data directly from your P.O.S. system, and completes the transactional /reconciliation process via online banking access.
RAS serves only restaurants.
Our efforts are focused on a streamlined and efficient bookkeeping process, completing the entire scope of our work far more quickly and accurately than an in-house bookkeeper, at a reduced cost. Along with accuracy, there is the added benefit of understanding what the figures mean.
Timely review of accurate numbers means a quick response to correct those numbers. Experience, efficiency, accuracy and timeliness along with implementation of recommendations results in an improved bottom line.
Restaurant Accounting Services specializes in providing full-service accounting and bookkeeping for independent restaurants.
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Constant Improvement
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Commitment to Customers
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Best Quality You Can Get
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High Level Of Knowledge
Restaurant Bookkeeping Services
Running a successful restaurant involves more than just delivering delicious food and exceptional service. It requires careful management of finances to ensure long-term growth and profitability. Without a robust financial system in place, even the most popular restaurant can face difficulties. This is where Restaurant Accounting Services comes in. We specialize in providing comprehensive restaurant bookkeeping services to help restaurant owners manage their finances effectively, keep track of expenses, and ensure compliance with tax regulations.
If you’re like most restaurant owners, it’s the daily pressure of the finances that burdens you above all else. The fact is, only when your finances are properly controlled is it possible to actually enjoy running the restaurant business you dreamed of & made a reality.
“We have a great deal of confidence in Restaurant Accounting Services. All communications are clear and professional. They are always available to us to answer any questions. Their financial reporting is the best we’ve ever had. The fact that they only work with restaurants sets them apart from other firms. I highly recommend Restaurant Accounting Services to any restaurant owner who wants to work with real industry experts.”
"Paul Wahlberg, Alma Nove / Wahlburgers"
What Are Restaurant Bookkeeping Services?
Restaurant bookkeeping involves the systematic recording, organizing, and tracking of all the financial transactions related to your restaurant. From monitoring daily sales and expenses to keeping accurate records of inventory and payroll, bookkeeping ensures that your financial data is organized and accessible.
Bookkeeping differs from accounting in that it primarily focuses on the day-to-day financial operations of your business. While accounting involves the interpretation, analysis, and reporting of your financial information, bookkeeping serves as the foundation by keeping accurate records of every transaction. A well-maintained bookkeeping system is essential for making informed decisions and staying compliant with tax regulations.
Problems restaurant owners and managers are faced with every day:
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Non-productive time and resources are spent on vendor invoice matters.
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Inconsistent Weekly Prime Cost Reporting required for prompt adjustments.
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Financial duties distract from the key income-producing details of customer satisfaction.
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Accounting methods are not restaurant specific. (Don’t worry, we’ve seen and corrected it all!)
Conclusion
Food brings people together from all over the world. It’s a way to share stories, traditions, and cultures. When we sit down to enjoy a meal, we’re connecting with each other in a special way.
And don’t forget about how Restaurant boosts economies too! Restaurants, cafes, food trucks – they all create jobs and opportunities. So, the next time you munch on something delicious, remember that you’re also part of this big, flavorful world that’s always changing and evolving.
Whether it’s trying out innovative dishes, exploring new trends, or simply enjoying your favorite meal, the Restaurant universe is full of surprises waiting to be savored.
Accounts Payable Services for Restaurants
Running a restaurant requires more than just delivering exceptional food and top-notch service. Efficient financial management is key to maintaining a successful restaurant, and a vital part of this is handling accounts payable (AP) effectively. Managing vendor payments, tracking invoices, and keeping an eye on your restaurant’s cash flow can be time-consuming and complex. That’s where Restaurant Accounting Services comes in. We specialize in providing expert accounts payable services to restaurants helping you streamline your finances, maintain strong vendor relationships, and focus on growing your business.
What Are Accounts Payable Services?
In the restaurant industry, accounts payable refers to the short-term debts or obligations that your business owes to suppliers, vendors, or creditors. These can include invoices for food, beverages, kitchen supplies, and even equipment repairs. Managing accounts payable means ensuring that these bills are paid accurately and on time, without negatively affecting your cash flow.
For restaurant owners, managing accounts payable can be particularly challenging because of the sheer volume of transactions that take place daily, fluctuating food costs, and the constant need for supplies. That’s why having a reliable accounts payable service is crucial to your restaurant’s financial health.
The Importance of Accounts Payable in Restaurant Management
Accounts payable plays a critical role in maintaining your restaurant’s financial stability. Proper management of AP ensures that you’re able to:
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Keep your kitchen stocked with fresh ingredients without worrying about missed payments to suppliers.
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Maintain strong vendor relationships by paying on time and avoiding late fees or penalties.
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Monitor your cash flow, ensuring that you have the funds to cover both operating expenses and long-term investments.
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Avoid errors and fraud by implementing organized, transparent payment processes.
By outsourcing your AP needs to professionals, you can avoid costly mistakes, ensure compliance with tax regulations, and streamline your payment processes, all of which contribute to the smooth running of your restaurant.
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Invoices are approved by management and scanned to RAS for proper coding by department.
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All vendor statements are reconciled by RAS when received.
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Management reviews their A/P aging report with their dedicated RAS bookkeeper and selects which purveyors invoices are paid, or provides payment criteria.
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RAS cuts the A/P checks and mails them directly, or to the restaurant for distribution.
Checkbook and Credit Card Services for Restaurants
Running a restaurant is an exciting but challenging endeavor, especially when it comes to managing finances. Every transaction, whether it’s paying a vendor or charging a customer’s credit card, needs to be meticulously tracked.
Failing to properly manage your checkbook and credit card transactions can lead to costly errors, cash flow problems, or even fraud. That’s why Restaurant Accounting Services offers specialized checkbook and credit card management services designed to help restaurant owners maintain financial stability and focus on what they do best—running their business.
Our comprehensive checkbook and credit card services ensure that every transaction is accounted for, expenses are categorized, and your restaurant’s finances remain secure and organized. With our expert support, you can streamline your financial operations and gain valuable insights into your spending and cash flow.
What Are Checkbook and Credit Card Services?
Checkbook and credit card services encompass the management of all financial transactions made through your restaurant’s bank accounts and credit cards. This includes keeping track of checks written to vendors, reconciling credit card transactions, balancing your checkbook, and ensuring all payments are accurately recorded. These services are crucial for maintaining financial transparency and control in the fast-paced restaurant industry.
Checkbooks
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RAS keeps your checkbook balance up-to-date every week.
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RAS reconciles all of your bank accounts weekly via online banking with the credentials you provide.
Credit Cards
In the billions of transactions completed hourly by the major credit card companies, mistakes are made. It is not uncommon for a restaurants daily credit card charges to be credited incorrectly or not at all.
RAS reconciles all credit card receipts received by the bank to the restaurants POS credit card transaction reports.
Variances are immediately investigated to confirm the bank deposit is correct, or to correct the error in batch / merchant services / bank processing.
Payroll Services for Restaurants
Managing a restaurant is no easy task. From preparing exquisite dishes to providing exceptional customer service, restaurant owners have a lot on their plate. One of the most challenging aspects of running a restaurant is handling payroll. With the complexities of hourly wages, overtime, tip calculations, and tax regulations, restaurant payroll management can quickly become overwhelming. That’s where Restaurant Accounting Services steps in. We specialize in providing payroll services specifically tailored to the restaurant industry, ensuring that your employees are paid accurately and on time, while you stay compliant with tax laws.
Correctly Completing 1721-A1-Form
What Are Payroll Services for Restaurants?
Payroll services involve the management of all financial aspects related to employee compensation. For restaurants, payroll management is more complicated than it might be for other businesses due to the nature of hourly wages, tips, and overtime pay.
Payroll services for restaurants include processing wages, managing tips, calculating overtime, and ensuring compliance with labor laws. Restaurant Accounting Services ensures that each of these components is handled with precision, so you can rest assured that your employees are paid correctly, and your restaurant stays compliant with local and federal regulations.
Some of the unique payroll tasks for restaurants include:
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Hourly Wages: Most restaurant employees are paid hourly, meaning payroll systems must track varying hours worked each week.
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Tips: Managing tips and ensuring accurate reporting to the IRS is a critical part of restaurant payroll. Tips need to be recorded and reported accurately to ensure compliance with tax laws.
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Overtime: Many restaurant workers exceed the standard 40-hour workweek, so tracking and paying overtime is essential.
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Shift Differentials: In some cases, restaurants pay employees different rates based on shifts, such as evening or weekend hours, adding another layer of complexity to payroll.
Comprehensive Payroll Solutions
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Direct Deposits
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Tax PPh 21 - Tip Credits
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Form 1721-A1- Processed
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Complete Tax Filing
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Check Signing & Mailing
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Complete Payroll Reports
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Industry Standard Tip Reporting
- Employee Garnishments Processed
- Prepare BPJS of Health & Employment
Profit and Loss Services for Restaurants
Running a successful restaurant requires more than just great food and excellent service—it demands careful financial management to ensure that your business is profitable. One of the most important tools for understanding your restaurant’s financial health is the Profit and Loss Statement (P&L). At Restaurant Accounting Services, we specialize in helping restaurant owners manage their finances with precision through our comprehensive profit and loss services. Our expert team provides the insights you need to assess your restaurant’s performance, control costs, and make informed decisions that drive profitability.
What Are Profit and Loss (P&L) Services for Restaurants?
A Profit and Loss Statement (P&L), also known as an income statement, is a financial report that summarizes your restaurant’s revenues, costs, and expenses over a specific period—typically monthly, quarterly, or annually. It provides a clear picture of whether your restaurant is making a profit or operating at a loss.
At Restaurant Accounting Services, we go beyond simply generating a P&L statement. We help restaurant owners interpret the data and use it to make strategic decisions. Our P&L services for restaurants are designed to provide a complete financial overview, breaking down your income and expenses to offer insights into where you can improve efficiency, reduce costs, and boost profitability.
The key components of a P&L statement include:
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Revenues: The total income generated from food sales, beverage sales, and other services.
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Cost of Goods Sold (COGS): The cost associated with producing the food and beverages you sell.
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Operating Expenses: Expenses related to running the business, such as rent, utilities, labor, and marketing.
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Net Profit: The amount of money left after subtracting all costs and expenses from total revenues.
Clear and concise P&L Reporting provide clients with their restaurant specific information needed to operate efficiently.
The RAS Profit & Loss information is always up to date for your professional review and management’s operational needs.
Flash Report (RASCAP) Services for Restaurants
Running a restaurant is a complex operation, and managing finances in the fast-paced food industry can be overwhelming. With multiple transactions happening daily, it can be difficult to stay on top of cash flow, costs, and profits. That’s where Restaurant Accounting Services comes in. We provide tailored Flash Report (RASCAP) services to help restaurant owners monitor their financial health in real-time. Our comprehensive flash reports give you the insights you need to make informed decisions, optimize performance, and increase profitability.
What is a Flash Report (RASCAP)?
A Flash Report (RASCAP), also known as a Rapid Assessment of Sales, Costs, and Profitability, is a financial snapshot that provides restaurant owners with real-time insights into their business’s daily or weekly performance. Unlike traditional monthly financial reports, flash reports offer an up-to-date view of key financial metrics, allowing you to track and manage critical aspects of your restaurant’s financial performance on a more frequent basis.The
Flash Report (RASCAP) includes essential financial data such as:
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Daily Sales: Tracking daily revenue from food and beverage sales.
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Cost of Goods Sold (COGS): Monitoring food and beverage costs in real time.
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Labor Costs: Keeping track of employee wages, tips, and overtime.
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Profit Margins: Analyzing profitability by comparing revenue to costs.
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Other Key Metrics: Identifying trends in customer traffic, average check size, and expenses.
The RASCAP digs out the weekly details buried within a restaurant’s data and assembles it all on one page.
With the weekly RASCAP, key changes in Prime Costs, which dramatically impacts the bottom line are instantly visible, enabling managers to make the necessary changes immediately.
The RASCAP is easily customized based on individual needs. Many clients receive their report in a format with cumulative weeks.
Weekly & Daily Restaurant Sales Reporting for Restaurants
In the fast-paced world of restaurants, staying on top of your sales and financial performance is essential to running a successful business. Daily and weekly sales reporting provides the real-time data necessary to make informed decisions that directly impact profitability, customer satisfaction, and long-term growth. At Restaurant Accounting Services, we specialize in offering Weekly & Daily Restaurant Sales Reporting for restaurants. Our tailored solutions help restaurant owners track key financial metrics, identify trends, and optimize operations for better financial control.
What is Weekly & Daily Restaurant Sales Reporting?
Weekly & Daily Restaurant Sales Reporting is the process of tracking and analyzing your restaurant’s sales on a daily or weekly basis. These reports provide a detailed breakdown of your revenue, including food and beverage sales, cash flow, and any discounts or refunds issued. By tracking sales frequently, restaurant owners can monitor business performance in real time, making it easier to spot trends, identify potential issues, and make data-driven decisions.
Sales reports are custom formatted to meet your restaurant’s specific needs.
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Concise Sales Reporting at a glance.
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Any POS system or no POS system, sales reported to you weekly.
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Sales summarized in a way that makes sense to you.