Banner
Business Section Finance Services from Bacall & Conniff
Services from Bacall & Conniff PDF Print E-mail
Written by Bacall & Conniff   
Wednesday, 08 August 2007 17:19
Q What services can you and your colleagues offer to restaurateurs?

Our firm is heavily involved in the restaurant industry. From an accounting standpoint, we offer services that cover the entire spectrum. If a restaurateur is considering buying an existing restaurant, we would perform the due diligence to ascertain whether the figures being presented to the client are credible. If the restaurateur is considering a new restaurant, we would assist in developing the business plan. It always amazes me how so often someone will plan on investing hundreds of thousands of dollars and yet not invest the necessary funds for due diligence or business planning.
There are restaurateurs who have us do their bookkeeping, payroll preparation, bill paying, financial statement preparation, corporation tax returns and everything in between. There are some restaurateurs for whom we operate as the Chief Financial Officer and there are some restaurateurs who prefer to do some of these functions themselves. The technology is such that there is no excuse for not having good, meaningful financial statements that help people run a successful restaurant. Sadly, some restaurateurs look upon accounting as an expense rather than an investment and I feel very strongly that is why so many fail. A person could be very creative, extremely passionate about the business but if the financial aspects are not handled with the same degree of importance, the ability to succeed is greatly diminished.

Having timely, meaningful financial statements allows the restaurateur to be proactive rather than reactive. How can you solve a problem if you don't know you have one? Does the restaurateur know the break-even point? Is the operation in line with forecasts and meeting targets? All vitally important questions that require constant attention.

Today, most of our clients actually do their accounting through our website so that our office is virtually an extension of their operation just as if we were the accountants working in the next office.

The technology is that good. These clients receive a weekly "flash report" that provides the most critical figures, i.e. sales, food & beverage costs, and payroll costs, so that there are no surprises when the monthly financial statements are issued. We have invested in developing a system that is cost effective and fulfills every restaurateur's accounting needs. We very much enjoy working with restaurateurs and derive much satisfaction in helping them succeed.

The information given is provided for general, non-specific educational purposes only, and should not be relied upon as advice relating to your specific circumstances. For company-specific advice, consult directly with your tax advisor.


James Conniff is the Managing Partner at Bacall & Conniff, P.C., a full service CPA firm that provides industry specific accounting solutions for restaurateurs. Their services include: Weekly flash reports, Monthly financial statements, Web-accounting, Optional bookkeeping & payroll services, and Comprehensive tax & advisory services. They can be reached at 617-367-3250.
Comments
Add New Search RSS
Write comment
Name:
Email:
 
Title:
UBBCode:
[b] [i] [u] [url] [quote] [code] [img] 
 
 
Please input the anti-spam code that you can read in the image.
Last Updated ( Monday, 31 March 2008 17:24 )
 
Copyright Restaurant Confidential, 2007, 2008 A magazine from Restreview.com