Restaurant Accounting Tips to Build Cash Flow and Security - Podcast Episode 5

Restaurant Accounting Tips to Build Cash Flow and Security - In this episode of The Restaurant Prosperity Formula podcast, host David Scott Peters interviews Anne Gannon, CPA. After working in a big-five accounting firm in Boston, Anne was motivated to create a more efficient system for monthly accounting and tax services, so she opened her company, The Largo Group. She charges her clients a monthly fee and works one on one with them throughout the year to keep their monthly accounting up to date while keeping their accounting costs lower. In this episode, David and Anne talk about what numbers to know and pay attention to, especially during the pandemic, cash flow budgets and their benefits, why you have to take care of yourself as the owner and what to look for in an accounting firm as a restaurant owner. Listen to this episode for some great perspective on why, no matter how hard it might seem right now, it could be well worth it to keep your business afloat. Download the podcast to listen on your favorite platform: https://dsp.coach/podcast-005. Free Consultation with Anne: www.thelargogroup.com/dsp #restaurantpodcast #restaurantmanagers #restaurantaccounting ********************************** Get Your Free Restaurant Evaluation: https://dsp.coach/free-eval ********************************** Sponsor: Repeat Returns, www.repeatreturns.com/dsp ********************************** Sign up for my free four-part video learning series: https://dsp.coach/3b1vOi3 ********************************** 📖 I wrote a book for restaurant owners and managers: https://amzn.to/2ZYlL7Y 🔔 Be sure to subscribe to this channel to get alerts when I post a new tip or podcast episode: http://bit.ly/2Yk484P ********************************** Welcome to my YouTube Channel. I am David Scott Peters, a restaurant coach and speaker who teaches restaurant operators how to cut costs and increase profits with my trademark Restaurant Prosperity Formula. Known as THE expert in the restaurant industry, I apply my no-BS style to teach and motivate restaurant owners to take control of their businesses and finally realize their full potential. Thousands of restaurants have used my formula to transform their businesses. To learn more about me and my coaching program, visit http://www.davidscottpeters.com. ********************************** Restaurant accounting requires a special touch and there is no one I recommend more to independent restaurant owners than Anne Gannon, CPA. In this latest episode of The Restaurant Prosperity Formula Podcast, Anne and I talk about many important topics, including: • Why it’s probably worth keeping your restaurant’s doors open right now, even if you’re losing money • What financial numbers to know and pay attention to for restaurants • Cash flow budgets and their benefits • Why you have to take care of yourself as the owner • What to look for in an accounting firm as a restaurant owner Anne disrupted the CPA paradigm when she opened her accounting firm. She charges her clients a monthly fee and works one on one with them throughout the year to keep their monthly accounting up to date while keeping their accounting costs lower. During our discussion, Anne also talks about how things have been different in the COVID-19 pandemic. Anybody who went through the last several months knows what the end of March was like. Hopefully you’ve stabilized with your local government’s regulations and your customers are comfortable with what you’re able to offer. You’re not back to pre-COVID sales, but many restaurants have at least three weeks of consistent revenue. These can be numbers you can work with to project and build efficiencies. This is a great episode to listen to as an independent restaurant owner because the truth of matter is a cash flow budget doesn't stop you from making an entrepreneurial decision. If you sit there and say, I want to add this piece of equipment because I think it will increase my revenue, would increase my efficiencies, or you still want control of your business, the cash flow budget shouldn't be scary. They are more like a crystal ball to help you plan. You can project out, even down to repairs. You can plan for things like repairs. When you know what cash you’ll have in the bank, emergencies aren’t so scary ********************************** Find more about how to run a restaurant business on my other platforms: 👍 Facebook:   / davidscottpetersbiz   📸 Instagram:   / davidscottpeters   📱 Twitter:   / restaurantxpert   🔔 Subscribe to YouTube: http://bit.ly/2Yk484P 🎧 Podcast page: https://dsp.coach/podcast