Sign up with today to try Gusto - With 1 Month Free.Ģ) Isn't it time you had a better understanding of your current and future financial performance? Zachary has built Custom Restaurant Financial Models just for restaurant owners and operators.ģ) Does your restaurant need a contract CFO? No fear, Zachary is here! RestaurantAccounting. Zachary has recommended Gusto to all his clients for years to handle their payroll needs. He enjoys helping restaurants better understand their finances and accounting.ġ ) There has never been a better time than now to cut costs and fees while streamlining your restaurant business. I was previously the CFO of a restaurant group out of NYC with 20+ locations and my current clients do over $70+ Million in annual revenue.Īlong with his work here at Restaurant Accounting, Zachary has been featured in Business News Daily, Readers Digest, Apartment Therapy, and Yahoo Finance. There are many different ways to tackle the world of restaurant accounting as well as many ways to set up your chart of accounts.įocus on the key items that work for your business and ensure you are tracking all your essential margins highlighted in the above, like labor, food cost, discounts, and food/beverage comps.Ī seasoned restaurant operator, restaurant CFO, consultant, contract CFO, and author of QuickBooks for Restaurants. Final ThoughtsĪfter the first review, the restaurant chart of accounts can be quite overwhelming, but don’t fret! Remember that the goal is to keep the income statement on one page so you can quickly review the financial performance of your business. I recommend you use them and click here to get your first month free.

The chart of accounts above is designed to be integrated with a full-service payroll provider like Gusto: 5 Minute Payroll. Managing weekly payables is challenging enough before worrying about making all the correct weekly, monthly, and quarterly tax payments to the correct departments. In the service of frugality, I recommend using a full-service payroll provider like Gusto. However, there is a vast difference between being frugal and being cheap. Most small business owners can agree on that. Yes, being a frugal business owner is important-wasteful spending results in income statements that show negative numbers. General and Administrative: Office Expenses: Office General and Administrative: Office Expenses: Dues & General and Administrative: Office Expenses Legal & Professional Services: Legal Fees Legal & Professional Services: Consulting Fees Legal & Professional Services: Accounting & General and Administrative: Insurance Expense General and Administrative: Bank Fees: Merchant Account General and Administrative: Bank Fees: Bank Fees – Sub General and Administrative: Bad Debts – Over/Short Read Also: Record Daily Restaurant Sales Using Journal Entriesĭirect Operating Expenses: China – Glassware – Flatwareĭirect Operating Expenses: Restaurant & Kitchenĭirect Operating Expenses: Cleaning Supplyĭirect Operating Expenses: Decoration & Guest Supplyĭirect Operating Expenses: Linen Servicesĭirect Operating Expenses: Permit & License In turn, you will become financially aware and build a better business. Think about the Chart of Accounts as the plate you create the masterpiece of an amazing dish, without the basic blank canvas of the plate (or for this matter the chart of accounts), no matter what you put on top will surely fall to the ground (and similarly your business will fail).Īs you begin to organize better each account associated with your restaurant, you will gain a greater short- and long-term understanding of your business. Here is where a Chart of Accounts comes into play - an organized system that will help you better understand if your restaurant is profitable, how it makes money, and if you are losing money, and exactly where your dollars went. One of the few businesses that manufacture raw materials and sells them in the same facility, restaurants are truly one of a kind.Īlthough it takes a lot more than great food and service for a restaurant to be successful, there’s nothing more vital to the establishment’s long-term success than effective bookkeeping and accounting.

Cogs inventory chart of accounts