13 Benefits of Outsourced Restaurant Bookkeeping (and How To Choose the Right Firm)

Outsourcing bookkeeping tasks has become a popular solution for many businesses, and those in the restaurant industry are no exception.

As a restaurant owner or manager, keeping track of financial records can be overwhelming, especially when you have so many other aspects of your business to focus on. This is where outsourced restaurant bookkeeping comes in.

In this article, we will explore the top 13 benefits of outsourcing bookkeeping services specifically tailored for restaurants.

From cost-saving opportunities to improved accuracy and scalability, we’ll explain why outsourcing accounting and bookkeeping can be an advantageous option for your establishment. 

13 Benefits of Outsourcing Bookkeeping for Your Restaurant

Let’s jump right into it. Here are 13 key benefits of outsourcing bookkeeping for your restaurant:

1. Cost reductions

Restaurant owners are constantly looking for ways to cut costs and increase profits. By outsourcing your bookkeeping tasks, you can save money on hiring and training in-house staff. 

You also won’t have to worry about additional expenses, such as employee benefits and office space. According to the Department of Labor, 29.7% of employee costs for private industry workers are related to benefits, averaging an additional $13.02 per hour.

2. Improved accuracy

Bookkeeping requires attention to detail and a high level of accuracy. By outsourcing this task to professionals, you can ensure that your financial records are being handled by experienced individuals who have the necessary knowledge and skills.

Outsourcing providers use advanced software and processes to maintain accurate records, reducing the risk of errors or discrepancies in your financial statements.

3. Enhanced financial insights

Outsourced bookkeeping services often come with additional benefits, such as financial analysis and reporting. These actionable insights can help you make sound decisions about your restaurant’s finances and identify areas for improvement.

With accurate and timely reports, you can better understand your restaurant business’s financial performance and adjust your strategies accordingly. 

4. Increased efficiency

Outsourcing your bookkeeping tasks can also help increase the overall efficiency of your restaurant operations. By delegating these responsibilities to a specialized team, you and your staff can focus on other critical aspects of running the business, like your customers’ dining experience.

Moreover, outsourced bookkeeping services use efficient processes and technology that may not be available to in-house employees. This can result in faster turnaround times and improved accuracy, allowing you to make informed decisions promptly.

5. Access to expertise

Outsourcing bookkeeping also means gaining access to a team of professionals with specialized knowledge and experience in restaurant finances. 

These experts understand the unique challenges and requirements of managing financial records for restaurants, making them well equipped to handle your bookkeeping needs. 

Furthermore, outsourcing can provide you access to cutting-edge technology and software that may be costly or unavailable for small businesses. This makes it easier to stay up to date on industry best practices while saving on costs. 

6. Scalability

As your restaurant grows, so will the volume and complexity of your financial records. By outsourcing bookkeeping, you can easily scale depending on your business needs.

This flexibility is especially beneficial for seasonal restaurants that experience fluctuations in sales throughout the year.

7. Focus on core business activities

By outsourcing bookkeeping tasks, you can free up your time and energy to focus on the core activities of running your restaurant.

Instead of spending hours balancing books and managing financial records, you can use that time to improve customer service, develop new menu items, or strategize for business growth.

8. Timely financial reporting

In the fast-paced restaurant industry, having up-to-date financial reports is crucial for making informed decisions. By outsourcing bookkeeping, you can ensure that your financial records are accurate and delivered to you promptly.

This not only saves you time but also allows you to make data-driven decisions based on real-time information. With outsourced bookkeeping, you no longer have to worry about falling behind on financial reporting or missing important deadlines.

9. Reduced fraud risk

Unfortunately, internal fraud and theft can occur in any business, including restaurants. The Identity Theft Resource Center’s (ITRC) data breach data from 2023 indicates that there were six data breaches in the hospitality sector, impacting 176,000 people.

By outsourcing bookkeeping to a reputable provider, you reduce the risk of fraudulent activities. Professional bookkeepers are trained to spot suspicious transactions and can implement checks and balances to prevent losses.

10. Improved compliance

As a restaurant owner, you are responsible for complying with various tax laws and regulations. However, keeping up with these requirements can be challenging and time-consuming.

Outsourcing bookkeeping to a reliable provider ensures that your financial records are accurate and in compliance with all relevant laws and regulations.

This not only saves you time but also helps you avoid costly penalties or audits due to errors or noncompliance.

11. Flexibility in resource management

Restaurant bookkeeping can be a seasonal or cyclical task, with certain months being busier than others. 

Hiring full-time in-house bookkeepers may not be the most cost-effective option, as it requires you to pay for their services even during slower months.

Outsourcing allows you to scale your bookkeeping services according to your restaurant’s needs. This flexibility in resource management helps you save money and optimize your operations.

12. Access to advanced technology and tools

Outsourced bookkeeping providers often have access to advanced technology and tools that can streamline the bookkeeping process. This includes cloud-based accounting software, digital expense tracking systems, and automated data entry.

By using these tools, they can keep your financial records up to date and accurate, giving you a better understanding of your restaurant’s financial health.

13. Better cash flow management

As a restaurant owner, you know that cash flow management is crucial for the success of your business. Outsourcing bookkeeping can help improve your cash flow by providing timely and accurate financial reports. 

With outsourced bookkeeping, you will have access to up-to-date financial information that can help you make informed decisions about spending and budgeting. 

How To Choose the Right Outsourced Bookkeeping Firm for Your Restaurant

When you outsource, you’ll likely need to work with a firm that specializes in bookkeeping for restaurants or a recruitment company that helps you hire bookkeepers with experience in this industry. Here are some factors to consider when choosing an outsourced bookkeeping firm:

Experience and industry-specific expertise

It’s crucial to choose a firm with experience in providing bookkeeping services specifically tailored for restaurants.

They should deeply understand the restaurant industry, its unique financial challenges, and how to effectively manage them.

Cost effectiveness

One main reason businesses outsource is that it can be more cost effective than hiring an in-house bookkeeper. When choosing a firm, compare their prices with the cost of hiring a full-time employee.

Security and confidentiality

Your restaurant’s financial records are sensitive information that should always be kept secure and confidential. Choose a firm with stringent security measures to protect your data.

Scalability

As your restaurant business grows, so will its financial needs. It’s important to choose a firm that can accommodate your business’s growth and provide scalable services.

Referrals and reviews

Before you make a decision, it’s always helpful to get referrals from other restaurant owners who have used outsourced bookkeeping services. You can also check online reviews to get an idea of the firm’s reputation.

Top 3 Outsourced Bookkeeping Firms for Restaurants

To help you narrow down your options, here are our top picks (in no particular order) for the best outsourced bookkeeping and recruitment firms that have experience helping restaurants:

1. Near

At Near, we understand the unique needs of restaurants and have a large talent pool of experienced professionals ready to assist you with all your bookkeeping needs. 

We specialize in recruiting top talent based in Latin America (LatAm) and providing comprehensive support throughout the hiring process. 

Our expertise in both bookkeeping and recruitment makes us an ideal choice for restaurants looking to outsource their financial tasks. We helped an e-commerce company hire a bookkeeper and cut their overhead costs by 60%, and we’d love to do the same for you!

2. Bistro Accounting

Bistro Accounting is an outsourced bookkeeping firm for independent restaurants across the US. It offers accounts payable, financial reporting, and comparative analysis services.

The company’s bookkeeping services include invoice approval and scanning, invoice coding and entry, vendor payment list and cash position report, vendor payments, vendor statement reconciliations, and vendor inquiries.

3. SLC Bookkeeping

SLC Bookkeeping, based in Salt Lake City, Utah, is an outsourced bookkeeping firm that specializes in helping small businesses. It has extensive experience working with restaurants on outsourced accounting, bookkeeping, and payroll.

Its restaurant bookkeeping services include project consulting, monthly reporting, financial forecasting, and strategic planning. 

Final Thoughts

Outsourcing restaurant accounting and bookkeeping has proven to be a valuable solution for many establishments. By delegating this task to professionals, you can save time, reduce costs, and improve the accuracy of your financial records.

At Near, we specialize in recruiting professionals based in LatAm and provide comprehensive support throughout the hiring process.

Our dedicated team of experts can help you find the perfect outsourced bookkeeping firm that aligns with your budget, technology requirements, security standards, scalability needs, communication preferences, and client satisfaction goals.

Book a free consultation call to learn how you can start using outsourcing to enhance your financial processes and take your restaurant to the next level!