Restaurant Accounting Services in SF
Accounting in the restaurant industry can be complex and challenging, even for the most experienced owners or operators. Technology systems frequently don't integrate, creating disparate information sources and redundant data entry. The economics are also complicated, and benchmarking effectively can be a challenge.
RDMS Group’s Comprehensive San Francisco Restaurant Accounting Services
RDMS Group provides full-service accounting, bookkeeping and finance operations support across a range of crucial tasks.
Accounts Payable Outsourcing
Managing accounts payable is time-consuming, and it often involves challenges like unstandardized processes and limited visibility into operations. These can lead to frustrations like excessive paperwork and costly late payments.
Hand over accounts payable management to our experts instead. As part of these services, our team will:
- Capture any eligible payment discounts.
- Ensure timely payments.
- Match invoices to purchase orders.
- Code invoices for recordkeeping.
No matter how you process payroll, RDMS Group can help. We take care of all associated payroll-related responsibilities, including:
- Expense reimbursements.
- Checks or direct deposit payments.
- Time off accruals and use tracking.
- Local, state and federal payroll tax filing.
- Employee wage reporting.
Bank and Credit Card Reconciliations
Timely reconciliations enable you to make faster decisions driven by data. Our professionals complete these monthly, so you’ll always have an up-to-date picture of your expenses, receipts and reserves. These services comply with all banking regulations, such as the Sarbanes-Oxley Act, for extended peace of mind.
Period-End Profit and Loss
Your Profit and Loss (P&L) statements are pivotal to understanding your financial health and performance. RDMS Group completes these on a consistent, periodic schedule for more insights. Our reporting helps you:
- Spot potential issues to address them sooner.
- Identify trends and resulting opportunities to act on them quickly.
- Allocate resources more effectively by pinpointing your highest-performing items and activities.
Review Meetings and Audit Support
Some restaurants operate as part of a larger group, requiring frequent stakeholder reporting. We have experience making these presentations and delivering accurate information in an engaging, relatable way. Similarly, we can provide support and representation if your establishment undergoes an audit.
The restaurant industry is dynamic, with shifting consumer preferences, demands and expectations. Together, these factors can make budgeting a challenge. As hospitality experts, RDMS Group is uniquely qualified to help your business meet these issues head-on with realistic and flexible budget development.
Additional Accounting Services
Our services aren’t just limited to the above! Our teams can also help with other accounting tasks, such as:
- Monthly sales tax reporting and remittance.
- San Francisco Gross Receipts Tax.
- Form 571 and 8027 filings.
- Benchmark analysis.
- Financial statement preparation under Generally Acceptable Accounting Principles (GAAP).
- Cash flow projections and management.
Benefits of Outsourcing Your Bay Area Restaurant Accounting
Partnering with a reputable third-party accounting firm has numerous benefits for restaurant owners and operators, including:
- Time savings: We provide efficient services from day one, so you can focus on operations instead of administrative tasks.
- Access to specialized expertise: Accounting for the hospitality industry is all we do, which allows us to draw on in-depth professional knowledge — no training curve required.
- Improved record quality and accuracy: Our teams boast industry credentials and skills that in-house employees may not have, reducing the chances of errors.
- Cost-effectiveness: Adding full-time accounting staff to your team comes with additional costs you won’t incur with outsourced services.
Why RDMS Group Is the Expert
Our founders, Sean Olson and Tom Rutledge, boast over 30 years of restaurant industry experience. Their time working in establishments ranging from quick-service eateries to fine dining made one thing clear — the need for hospitality-specific accounting solutions.
RDMS Group fills that need and drives value with:
- High-end accounting services: We tailor our bookkeeping and purchasing services to meet your unique organizational demands.
- Chief Financial Officer (CFO) solutions: RDMS Group can help oversee your entire financial system to maximize your operations.
- Cutting-edge technology: We’re familiar with the most powerful restaurant software solutions, including Toast POS and Restaurant 365, to help you leverage the benefits of advanced technology.
- Operational insights: Our functional analysis services deliver actionable insights to improve profitability, spur growth and create a competitive advantage.
- Strategic partnerships: We collaborate with our clients as strategic business partners. Our focus is on your success.