You’re running a successful business. Fantastic! But are you running that business as effectively as possible? Do you find you’re spending time and money in areas that could potentially be outsourced to industry professionals? Examine your current situation and if you identify with the points below, Back Office Solutions can help.
Decrease costs yet increase productivity? Very possible. Too often, bookkeeping is looked at as an operation that needs to happen in-house. Often the person(s) handling the financials are not specifically trained in that area of expertise, such as General Managers taking on the role of bookkeeper or a bartender tasked with payroll processing. Due to the lack of qualifications, costly mistakes can happen. The benefits of working with bookkeeping experts in the food service industry can help avoid these mistakes and take your business to the next level.
If your current bookkeeping is done on-site by employees, you are paying them annual salaries. Think about those numbers right now. Now add in:
- Cost of health insurance
- Cost of vacation and paid sick days
- Cost of retirement plans and worker’s compensation
- Time and money lost when that employee is not in the office
An employee working on-site requires office space, so add in costs for:
- Rent, computer, printer, furniture, ink, office supplies
Let’s look at another level and add in costs regarding:
- Hiring and Training
Retention is a scary thing. While you may be lucky and find an employee that remains at your business for many years, you will also lose many employees to a variety of situations and hiring and training costs time and money. From running employment ads, to scanning candidates, to conducting interviews, to creating job offers and performing the necessary training activities.
Not to mention, those in charge of training are taking time away from their duties, so double time and productivity is lost. Even after training, a newcomer to the field can make errors easily:
- Incorrect allocation of invoices, which will skew Cost of Goods (COGS)
- Lack of knowledge with prepaid and accrual entries
- Over payments to vendors
- Payroll entries
- Worker’s Compensation Audits
These errors are costly when your accountant reviews your books before filing the company tax returns.
With Back Office Solutions, you gain:
- Professional bookkeepers with experience in the food service industry
- Account specialists available M-F during normal business hours
- Excellent customer service and a true partner, extension of your business
- Inside knowledge and information with respect to restaurant accounting software/technology trends
- Consistent accurate and timely financial reporting
Which will allow you to focus on sales, expansion, growth and revenue, allowing Back Office Solutions to handle tasks like invoicing, payroll, reporting, vendor invoices, bank reconciliation, profit and loss statements, etc.
As a member of the Restaurant Association, AIPB and AICPA, Neema Consulting is always aware of changes affecting the industry. And they make it easy to communicate with the office using tools such as LogMeIn, RDP and GoToMeeting. Neema Consulting is in your business and at your side with the click of a mouse or the sharing of a screen.
If you are ready to explore Back Office Solutions and professional bookkeeping services, please call 718-412-2570 or email email@example.com.