According to the Uniform System of accounts for restaurants issued by the National Restaurant Association, the budget for ongoing bookkeeping and accounting is about 1 percent of sales. For example, a restaurant with monthly sales of $60000 would expect to shell out around $600 a month on their accounting activities. This would ideally include the price of subscribing various software for accounting like QBO, AP management like Bill.com and Hubdoc, Payroll processing software from ADP or Paychex or new-age restaurant management software like Xtrachef.
For a Multi-unit QSR Franchise, the major chunk of this costs is Bookkeeping and Accounting costs. Software costs when calculated on a per store basis are minimal. Let us take the example of a 22 store Franchisee of Five Guys.
In percentage terms it might sound an extremely small number but in absolute terms, the company was paying $13K per month for bookkeeping and accounting functions. That’s a huge sum of money. Critical point to note that the bookkeeping was already outsourced to a bookkeeping firm in the States.
Is there any way to cut down these expenses? Yes, there is, read on.
2. Combination of Outsourcing and In-house accounting – There can be a compelling cause for selecting this choice because it provides more control over the procedure yet helps bring the bookkeeping costs down. Majority of the transaction work can be outsourced and the important work of consulting with vendors, administrative work, on-site communication can be managed by the in-house team member. In this case the minimum annual savings will be $40000. (Considering the pay for the in-house team member is $50000 for the in-house team member and the outsourcing firm will charge $40k)
We at Fruxient Specialize in Restaurant Accounting for Multi Unit Operators of QSR and Fast Casual Formats. We have been providing bookkeeping services since 2015. Our exceptional and integrated procedures along with a deep comprehension of Restaurant accounting allows us to delight Restaurant owners by providing comprehensive accounting and strategic services.
And all of this with 50% savings on bookkeeping costs.
By hiring us, you get a one-stop solution to all your accounting needs. We help you simplify your processes to streamline activities and improve efficiency.
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