LYFE Accounting Uses The Most Up-to-date Restaurant Accounting Software
The Leading Restaurant Accounting Services For Small Businesses
The restaurant industry is steadily increasing. People are eating out more, which is great for your business. With increased sales comes more accounting issues. More transactions and expenses to manage. And a lot of times, it is the restaurant owner doing all of the accounting work. Instead, consider putting your focus solely on your business and not the books. If you want a higher margin, you need someone who has experience with restaurant accounting. Take for example, the Prime Cost – which is a summation of all your labor costs and your cost of goods sold – should be handled properly. Your beginning inventory, operating expenses, COGS, menu item, ending inventory and labor cost should be very well focused on to develop the best business decisions.
LYFE Accounting does this and we use the most up to date restaurant accounting software! We can link your POS system and your restaurant accounting system so that we could keep track of inventory and labor costs, methods of payment, and other accounting items. Your life will be so much easier if your accounting can automate all the variables it has.
01
Bookkeeping
Our professional bookkeepers manage your bookkeeping from start to finish. We collect transactional information on food costs, labor, and sales and present them in easy to read financial statements including your total sales, loss statement and accounts payable. Not only that, but we keep up with any major purchases you may have and the associated depreciation expense. Ultimately, making filing your tax return easier and more efficient. We also use QuickBooks to guarantee accuracy of your books.
02
Tax Preparation
Our team will accurately file your business Federal and applicable State returns. Information reported on your return will reflect all of your restaurant’s transactions for the year. We also know of special tax rules that apply to restaurants, like the IRS’s Safe Harbor rules. Our tax preparers ensure you are taking every possible deduction applicable to you and we will the our utmost to help you save on taxes and prevent you from overspending on other unnecessary taxable items.
03
CFO Services
Because of the risk associated with starting and running a restaurant, business owners need help in projecting sales and expenses. You will be assigned a part-time CFO who will provide reports of sales projections and expected expenses. Our team will ensure you have the financial information you need to plan and prepare for changes in your sales cycle.
Why Use Restaurant Accounting?
There are a lot of moving parts when it comes to running a restaurant. You have customers, employees, partners, inventory, expensive assets, dozens of daily costs and more. All of which needs to be tracked and accounted for. There’s no surprise as to why so many restaurants fail.
LYFE Accounting has the goal of preventing any more business failures. We have one thing in mind – to help small businesses with their restaurant accounting needs so they can enjoy the benefits of a growing business without having to worry so much about other aspects of the business. Restaurant accounting should mean pricing your menu properly, controlling your food inventory and labor costs and we should have one end goal: put more money in your pocket!
Here are what the stats are telling us:
› Over 50% of restaurants fail in their first year of operation
› Most restaurants have a profit margin of 3% – 5% which is very low
› A major reason why restaurants fail is due to the lack of cash reserves or consistent cash flow
Owning a restaurant is difficult. In general, restaurants have a low margin which means restaurant owners have little room to manage their sales and expenses. That’s why we always emphasize how important it is to invest in restaurant accounting. Restaurant-specific accounting is not only necessary but is vital for success in the restaurant industry. The success of restaurants also rely on professional accounting because without accurate financial data, your business growth might not be possible. Timely restaurant accounting is gold for restaurant owners.
With the fast pace of the restaurant industry, you need up to date, financial records. The restaurant business is very in-demand today because food is one of the essential needs of everyone. Truly, anyone can start up their own restaurant business but there’s one way you can stand out – you need a reliable accounting firm to entrust your restaurant bookkeeping and accounting. Why? Because if you are not stressing about your financials, you can pay attention to other areas of your business such as in operations, marketing, menu items, inventory and many more.
Let LYFE Accounting handle your restaurant accounting so you can focus on growing your business and improving other aspects. Hire our team of restaurant accounting professionals to work on the finances of your restaurant.
Benefits Of Restaurant Accounting
In general, accounting is an integral part of the growth and development of all small businesses. After all, accounting refers to the smart way of using available financial data to make the right business decisions. These decisions can identify the difference between success and failure for your small restaurant business venture. You can achieve this by getting the best restaurant accounting services available.
Accounting is an essential element of running a business especially for new restaurant owners. You can use the numbers to make precise and sound decisions and determine which areas of your restaurant need improvement and attention.
As a restaurateur, you know that labor costs are one of the largest expenses for a restaurant. With that said, you need to maximize your budget allocation in other areas of your restaurant and LYFE Accounting can help you with this as we specialize in an accounting process that involves giving you tips and advice to further improve your business.
By putting your restaurant’s accounting first, you will always have the financial data you need to keep your business thriving. Specifically, you’ll be able to:
→ Create And Maintain Better Budgets Through Financial Reports
→ Maintain An Inventory Management
→ Forecast Future Food Sales And Food Costs Through Sales Report
→ Monitor Financial Health
→ Make Smarter Big Purchase Decisions To Increase Your Net Profit
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Why LYFE Accounting For Your
Restaurant Accounting?
Restaurant Accounting?
LYFE Accounting is known as one of the leading restaurant accounting service providers for small businesses and there is a good reason behind it. All our accounting services, most especially our restaurant accounting, were created to help small businesses succeed. Our team is focused on helping each of our clients understand and reach their goals while saving both time and money. In the process, they will be able to increase their profits.
We are a full-service accounting service team with top-notch restaurant accounting services. We also offer bookkeeping, tax planning, and CPA services to our clients. LYFE Accounting is genuinely qualified to help you on your way to success.
Enjoy LYFE Accounting’s Trusted And Certified Restaurant Accountants.
As a small restaurant business owner, you want to be extra careful in choosing who you work with. It should not be enough for you to work with an agency only because it is well known. You need to make sure that you can have complete trust in an agency, to begin with. We place a lot of emphasis and importance on the trust that exists between the parties involved. Fortunately for us, we can enjoy the trust of numerous businesses. Their number continues to increase.
LYFE Accounting ensures excellent results and we place a high value in our clients’ trust so we constantly upgrade our skills and experience. We guarantee you that our knowledge is worth many decades of experience. We can provide real expertise when it comes to handling your restaurant accounting. We are one of the leading financial accounting services, and our highly sought-after team will be here to assist you in every step of the way.
LYFE Accounting Offers High-Level Restaurant Accounting Services.
We are run and directed by CPAs to get the best guarantee that your business is in the best hands. We are made up of real experts and our team is more than qualified to assist you with your financials. Whether you need help in bookkeeping, tax planning, tax preparation, or anything else related to your restaurant finances, LYFE Accounting can help you in every step of the way. We understand that it is both complicated and time-consuming, so we are here to do it for you. Our main goal is to help you save time and money while increasing your profits and enjoying the end results of your hardwork in your restaurant business.
LYFE Accounting Offers High-Level Restaurant Accounting Services.
We are run and directed by CPAs to get the best guarantee that your business is in the best hands. We are made up of real experts and our team is more than qualified to assist you with your financials. Whether you need help in bookkeeping, tax planning, tax preparation, or anything else related to your restaurant finances, LYFE Accounting can help you in every step of the way. We understand that it is both complicated and time-consuming, so we are here to do it for you. Our main goal is to help you save time and money while increasing your profits and enjoying the end results of your hardwork in your restaurant business.
Restaurant Accounting Success Factors
As a restaurant owner, you face many challenges on a daily basis. Don’t let your accounting be one of them. Here are some ways restaurant accounting can make operating a restaurant easier:
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Our Restaurant Accounting Services
Catch Up Your Books
We take the time to catch up on your books to the present month so we can understand the current state of your restaurant and determine which areas need attention.
Set Up Chart Of Accounts
We set up your chart of accounts so that reviewing your financial statements would be easier and tax return filing will be a breeze in the future.
Data Entry
We gather data. Whether you use Paypal, bank account or a credit card processor, we incorporate that information into your books. We will also connect your financial accounts to an accounting software suitable to your business and begin data entry.
Reconciliation
To ensure accuracy on your financial statements and ultimately your tax return, we reconcile your accounts.
Reporting
We prepare your financial statements. The financial statements include income statements and balance sheets.
Use Insights
We help you use your reports and KPIs to make informed, profitable decisions.
Catch Up Your Books
We take the time to catch up on your books to the present month so we can understand the current state of your restaurant and determine which areas need attention.
Set Up Chart Of Accounts
We set up your chart of accounts so that reviewing your financial statements would be easier and tax return filing will be a breeze in the future.
Data Entry
We gather data. Whether you use Paypal, bank account or a credit card processor, we incorporate that information into your books. We will also connect your financial accounts to an accounting software suitable to your business and begin data entry.
Reconciliation
To ensure accuracy on your financial statements and ultimately your tax return, we reconcile your accounts.
Reporting
We prepare your financial statements. The financial statements include income statements and balance sheets.
Use Insights
We help you use your reports and KPIs to make informed, profitable decisions.
Why LYFE Accounting Is One Of The Leaders
In Restaurant Accounting
In Restaurant Accounting
Work with the best in the business
We have a team that is run and directed by Certified Public Accountants (CPAs). What this means is that you will be working with one of the best teams in restaurant accounting. No need for you to learn the details of the different rules and regulations that cover financials, bookkeeping, and taxes. One of our professional restaurant accountants will be assigned to work with you. There will be constant communication between you through emails and if further discussions are required, phone consultations can be arranged.
Financial statements included
We include financial statements in the extensive services that we provide for you. If you are going to file your small business tax return then you will also have to include your small business tax basis income statement. And you will have to add your balance sheet as well. This complicated process will be covered by us and we will do everything we can to equip you properly for any financial requirement.
Financial statements included
We include financial statements in the extensive services that we provide for you. If you are going to file your small business tax return then you will also have to include your small business tax basis income statement. And you will have to add your balance sheet as well. This complicated process will be covered by us and we will do everything we can to equip you properly for any financial requirement.
We’ll cover your expenses and revenue
On top of everything else, we will also cover your expenses and revenue management. These are among those things that could distract you from focusing on the growth and further development of your business. Not that they’re not important, but you could set your sights and focus your attention on other aspects of your business that matter just as much.
Take The Necessary Step To Grow Your Restaurant
Bottomline, all restaurants need accounting. In order to grow and prosper, you must know your numbers.
Your numbers are the foundation for restaurant decision making. And it’s your decisions that will either make or break you. The key is having the right information at the right time. In general, the restaurant industry has narrow margins. So one miscalculated decision could cost you thousands, or worse, your business. Don’t be a statistic. Enlist the professional help of a CPA at LYFE Accounting. We not only help you with your business, but we also help you stay in business.
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CLIENT TESTIMONIAL
“I had an awesome experience at LYFE Accounting. My accountant was really knowledgeable & professional. She got me the maximum refund possible…I would recommend LYFE Accounting to any & everyone.”
– P. Griffin
