How much does an accountant cost for your restaurant?

As with any business, opening a restaurant requires hiring an accountant. Good financial management and support have a cost, but how much money can you expect to spend? 

The support of an accountant, even if it is not always perceived as essential, will allow you to delegate all the time-consuming subjects related to the taxation of your restaurant. You will thus have more time to devote to welcoming your customers.

What is the average price of an accountant in the restaurant industry? How can you save on fees? What technology can save time?

In this article, you’ll find all the information you need to understand the cost of an accountant for your restaurant.

1. Why do you need an accountant?

Using an accountant is not an obligation but it is strongly recommended to avoid any errors and save time.

A qualified accountant relieves you of responsibilities

The main advantage of having a specialised accountant is the delegation of tasks. Giving responsibilities to your accountant will allow you to stay focused on your core business and have more time to focus on your customers and sales. As a restaurateur, you enjoy receiving your customers and pleasing your guests much more than managing your bills and other administrative tasks. Getting help from an accountant, in addition to saving you these painful tasks, will allow you to avoid errors in tax declarations which could cost you dearly in the event of a dispute.

The long-term benefits

For your business plan, paying an accountant will give you much bigger insights into your business finances. With the valuable data and info you’ll get from having an accountant, it will end up being a  profitable investment for you and your restaurant.

The painful administrative tasks of accounting can distract you from the heart of your job. An accountant will be able to perfectly manage your accounts, advise you on the forecast and help you make the right decisions to be profitable. 

Responsibilities of the accountant

Having access to an accountant also helps when doing your taxes or dealing with any audits. The accountant will always be responsible in these situations.

It is often requested to present documents and proof certified by an accountant. Having one by your side will relieve all that legal pressure, and put you at ease with whatever authorities are requesting more information.

2. What is the price of an accountant for a restaurant?

There is no fixed price for an accountant, the hourly rate can vary greatly.

Several factors can have an impact on the overall price of the service:

• The level of qualification of your accountant, and therefore their hourly rate

• The monthly hourly volume required to process your data/taxes/etc. 

The cost of the service can be reassessed each year. You will also be able to adapt the monthly hourly volume according to your specific needs.

The average fees for an accountant in the UK are as follows:

• Basic accounting for business owner: £25 to £35 per hour

• Specialised accounting for small to medium businesses: £125 to £50 per hour

• Extensive accounting for a longer period of time: £150 to £400 per month

3. How to save on your accounting fees

This expense can quickly weigh on your budget, but there are different solutions to save money on the cost of your restaurant's accountant.

Do some of your accounting yourself

Managing your accounting internally and leaving as few tasks as possible to your accountant will reduce their fees. Identify the tasks you could do confidently on your own and let your accountant handle the rest.

To save money, you can start by delegating a few tasks to your team members, as long as it saves your accountant time.

Here is a management idea to put in place:

• Expenses paid by card or cash must be classified by month and by day.

• Expenses paid online must be classified by date of payment.

You can also keep all government correspondence, tax reports, and payment info in an envelope labelled "end of year” to help with your data organisation. 

With the implementation of these regular tasks, you will already see some savings on your accounting bills, all without taking too much time out of your day.

Opt for a point of sale software integrating accounting functionalities

Point of Sale Pro by SumUp is an all-in-one POS solution with many features related to accounting.

In particular, it allows you to generate several financial follow-up documents effortlessly and send them to your accountant in one click.

In addition to reducing the work for your accountant, it gives you real-time visibility on:

• Average order value

• Turnover

• Number of customers

• Cancellation reasons

There are many opportunities for you to get help from an accountant at a reasonable cost.

It's your turn to choose the option that suits you best.