What’s The One Task I Used To Loathe When I Had My Own Catering/Packaged Meal Business?
Sep 21, 2020
I had just started my catering business, The Stocked Fridge in NH. I had ordered the business cards, created my website, hired my first few employees. I even had a few customers that started to come back monthly. I thought this is perfect until….
I needed to come up with how much the meal tax I should be paying from last month’s sales.
Then realized I needed to be tracking my expenses, recording my sales, tracking my credit card spending.
I never even thought of bookkeeping at that time.
I saw a survey done by TD Bank recently that said of the 508 owners that participated, nearly all the respondents (96%!) said they loved having the flexibility and the feeling of being in control. They love spending time with their customers and serving them.
But bookkeeping? Not so much. Almost half of the owners surveyed said that bookkeeping was their least favorite task. And the more time the business owners spent running their businesses, the more they loathed the task — 58 percent of business owners working 60 or more hours a week said that bookkeeping was particularly draining. Handling finances, banking, and marketing were also unpopular items on the to-do list of many small-business owners.
So when I owned my food business, I thought the same thing and just did not make time to do one of the most important tasks for my business. You must know your numbers and the financial health of your business. You want to survive during this hard, troubling time, don’t you?
Regardless if you like it or not, the state of your books may very well determine whether your business survives. Forget to pay a bill, and there goes your credit. Fail to keep track of receipts, and you miss out on all kinds of business tax deductions. Lost track of your invoices coming in, and you will lose money.
You need to find a bookkeeping method that you can depend on, whether you keep a meticulously handwritten ledger, use accounting software that you manage yourself, or decide to hire a bookkeeper (we recommend!), you must do it as it is a vital part of owning your own restaurant.
In fact, nearly half of the owners in the study said that if they could give one piece of advice to new entrepreneurs, it would be to create a well-thought-out business and financial plan.
Don’t ignore your business finances. Start right now. If you need help, we would love the opportunity to work with you, schedule a free call to discuss
Ready to transform your restaurant's finances? Whether you need Monthly Bookkeeping, a Catch-up Bookkeeping service, or want to embark on our DIY Bookkeeping Course, we've got you covered. Have questions or need more information? Don't hesitate to reach out. Let's talk about how we can support your business. Schedule your FREE 15-Minute Call today and let's get started on your path to stress-free bookkeeping!
