Finances In The Restaurant Business
Accounting And Bookkeeping For Restaurants
Gene O’Baker is an Orlando accountant who has experienced in the restaurant business. Having helped his brother with owing a restaurant, he understands exactly what is needed. His experience helps him give more personalized, better service to restaurant owners.
Gene: When I retired from the Air Force, my brother and I decided to open a restaurant. I learned a lot of things. I had no experience before I went through it, and I made every mistake that you can possibly make, if you go to an accountant who has no restaurant experience and who doesn’t have the benefit of experiencing all the hardships and issues and problems that you can experience.
Shelley: Because of the experience that Gene has with having owned a restaurant, I think O’Baker and Lepird is highly qualified in the restaurant accounting business because he has experienced those situations himself as well as the 25 years in the accounting business and dealing with several restaurants and night clubs and bars in the area, and we know what the requirements are from the state and federal government.
Gene: Potential restaurant owners are afraid to go to an accountant because, one, they’re concerned about they’re going to have some issues with cost and money, and the expense of starting a restaurant isn’t cheap. They’re cutting every corner they can to start with. Those initial steps in setting up your business can get you on the wrong track real easy. Before you have time to go to that accountant, you’re already in trouble. It happens real quick if you’re not ahead of the game.
As an accountant, I really like to customize my financial statements. I like to customize them to that client, and in the restaurants especially, there’s a lot of information that’s very useful to them.
Shelley: He knows how to structure it so that you can actually take the product that we’re going to provide for you and use that as a tool, and it’s very important for us to teach our clients how to read that financial statement because it’s so valuable to them.
Gene: You want to be able to be alert that there’s something changing in some of your costs, some of your categories of costs, not necessarily food costs but maybe personnel costs are going up. If you set the financials up right, you can watch all the trends, and you can probably anticipate and prevent a lot of issues that could develop into bigger problems in the future.
Shelley: That’s a huge issue when you’re in a restaurant industry because you have tipped employees, you have salaried employees.
Gene: Insurance costs are going up or electric bills are going up more than they should be.
Shelley: People do have a lot of fear of coming to accountants because a lot of times, when I have a client that I’m dealing with and they’ll say, “Oh, I need to get this work to you, but I don’t have it finished,” and my answer is, “Put it in a shoe box and bring it to us if that’s what you need to do because I can take that information and pull out what I need.” That’s the standard in our office. It’s great to get something that’s perfect, but that’s not what we’re here for. We’re here to provide that accounting service, and you don’t have to have a finished product to bring to us.
Gene: First consultation is free.
If you own a restaurant, and need advice in managing it’s finances, Orlando accountant Gene O’Baker can help.