Restaurants & Food Trucks

adult-business-commerce-375889

Let us focus on the books so you can do what you do best

Accounting for Restaurants & Food Trucks

Restaurants & Food Trucks

Cash flow is the bottom line for any business, especially those in the food industry. Tasks like managing expenses and payroll, inventory and income, are enough to keep a bookkeeper busy full time and you’re trying to manage it all yourself. Just as a chef has their sous chef, so should restaurant owners have their accountants.

THINGS TO CONSIDER
  • Tracking any amounts of money going in and out of the restaurant each day as well as how you intend to document all financial transactions.
  • Managing inventory being held by the restaurant as well as the cost of inventory and methods to avoid excess food costs.
  • What you need to manage income statements containing profit and loss information to prepare weekly and prevent unnoticed loss of cash flow.

When added to all of the many things you’re already dealing with, it can seem overwhelming. We recommend handing off these tasks to professionals like Triumvir Financial. Fill out the form below, and we will reach out; Get back to doing what you do best – running your business.
If you are interested in a free consultation, please call the office, and we can schedule a free consultation with our Enrolled Agents.

Restaurant Best Practices for driving business during COVID-19

During times like these, our goal as Entrepreneurs is to STAY OPEN and provide great quality food and service, as always to our valued guests!

 
As restaurant owners and operators, we have to work extremely hard to maintain trust from our customers that we will do everything possible to maintain a safe place for them to enjoy our food and service.  Here are a few best practices, links to information and some Standard Operating Procedures that may help while these uncertain times are here:
 
1) Tell your customers what you are doing to stay safe!  What have you implemented?  What extra measures have been taken?  DO NOT assume that your customers,no matter how long they have been using your restaurant, trust that you have risen to the occasion!  Make sure to communicate this with in store signage, web and social media announcements, emails etc...!
 
2) Make sure your customers know that you offer delivery!  Who you are partnered with or do you have in house delivery services, or both?  What specials are you offering if they order delivery?  If you had not thought to offer delivery specials...get on it!
 
3) Beef up your pick-up service to include curb-side pick-up (If you don't already).  This may be a way to provide hours to a server that may not be needed as well!  Make sure your curbside staff are all wearing gloves and appropriate food safety is a top priority!  TELL EVERYONE THAT YOU KNOW THAT THIS NEW SERVICE IS LIVE!
 
4) Offer HMR (Home meal replacement).  Instead of picking up dinner for just tonight, provide them with lunches and dinners for the rest of the week.  Many stores and retailers are low or out of the basics so you can fill that gap with your menu!  Make sure your packaging is conducive to re-heating and offer meals for 1 person, 2 people or more.
 
5) This is a great time to increase your efforts to get phone numbers and email addresses for your customers so you can proactively communicate with them!
 
6) INCREASE YOUR MARKETING POSITION.  The old saying, 'the squeaky wheel gets the grease' has been around for generations for a reason.  WIth slower restaurants, do videos showing how to make some of your signature items, market features every day, do employee profiles, stay in front of your guests a lot!
 
7) Stay aware of government programs.  They will be releasing more economic support soon for both you and your staff.  
 
8)  Most of all, stay calm, communicate your plans with your staff and customers and don't be afraid to ask for advice!
 
 
Related links and articles
Curbside article
 
This is Grubhub's SOPs for delivery - You can use it for curbside as well and use a little flair with the process!
 
Good info from Restaurant Assn.
 
Texas not closing restaurants and bars
 
Some business financial relief options

IRS – Corona Virus IRS provisions: https://www.irs.gov/coronavirus

Additional Sites-

http://www.211.org/services/covid19

https://www.sba.gov/about-sba/sba-newsroom/press-releases-media-advisories/sba-provide-disaster-assistance-loans-small-businesses-impacted-coronavirus-covid-19