As with many parts of running a restaurant, the owner may act as the bookkeeper or accountant. It’s important to understand the difference between each of these jobs. A bookkeeper records financial transactions, like daily bank deposits and issuing payroll checks.
An accountant analyzes those transactions, such as creating profit and loss statements and preparing annual taxes. Time is an important factor when deciding to hire a bookkeeper or do it yourself.
As the owner, you already have a never-ending to-do list. If you can’t dedicate the time managing your day to day finances, consider hiring out, because money is not an area you want to neglect. Just as important is your comfort level with bookkeeping. If you have no prior experience in finances, the complexity of a restaurant operation may be hard to track.