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FSR magazine April 2018

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Finance By Jessie szAlAy<br />

The F&B Bookkeepers<br />

Accountants specializing<br />

in restaurants can<br />

help solve the financial<br />

equation.<br />

Simon BateS<br />

Compared to the more glamorous<br />

aspects of running a restaurant—<br />

experimenting with new dishes, cultivating<br />

the perfect ambiance, recruiting<br />

top talent—bookkeeping is perhaps the<br />

duty restaurateurs are most loath to do.<br />

But seeking professional expertise in the<br />

form of an accountant who specializes<br />

in the restaurant industry can make all<br />

the difference.<br />

At least that was the case for Codi<br />

Bates, a Lawrence, Kansas–based restaurateur<br />

who owns Bon Bon, a bistro that<br />

serves dishes based on her world travels,<br />

and a two-unit fast casual with her husband,<br />

Simon, called The Burger Stand.<br />

Bates works with Mize Houser &<br />

Company, a multi-location Kansas<br />

accounting firm with a specialized restaurant<br />

group. Without them, her concepts<br />

wouldn’t be the successes they<br />

are today, she says. “They’ve helped us<br />

grow from one restaurant to three. They<br />

understand our industry, which is such<br />

a wonderful one, but it changes often<br />

and you have to constantly adapt, and<br />

our accounting partnership is constantly<br />

adapting,” she adds.<br />

While working with a specialized<br />

accountant is important for restaurants<br />

of all sizes and types, it is especially<br />

essential for independent restaurants<br />

and small regional chains that are less<br />

likely to have in-house accounting teams.<br />

“The small restaurant really doesn’t<br />

For restaurateur Codi Bates (aBove) and her husBand, simon, working with an<br />

aCCounting Firm that speCializes in F&B has Been key to their suCCess.<br />

have time for the accounting function,”<br />

says Sean Dawson, CPA and tax shareholder<br />

at Mize Houser. “They’re more<br />

worried about staffing and food costs<br />

and the menu so the last thing they have<br />

time for is accounting.”<br />

If operators run the numbers in a<br />

distracted state, problems with cash<br />

flow and taxes can arise, says Kristin<br />

Wing, marketing program manager at<br />

Mize Houser. Depending on a client’s<br />

needs, restaurant accountants can handle<br />

financials like accounts payable and<br />

payroll, or they can double-check the<br />

numbers that the staff inputs. Either<br />

way, potentially mistakes can be averted.<br />

Big chains often have more resources<br />

provided by corporate. Smaller operators<br />

have to find their own service providers,<br />

like banks, investors, and lawyers, Dawson<br />

says. They also have to determine<br />

the correct legal structure for their restaurants.<br />

Helping source these professionals<br />

and answering these questions<br />

are services restaurant accountants provide<br />

that operators may not be aware of,<br />

he adds.<br />

Bates particularly loves how her restaurant<br />

accountants can find specific<br />

numbers and create projections that illuminate<br />

how the business is doing and<br />

how different situations could affect it.<br />

Nine years ago, she and Simon started<br />

The Burger Stand in the back of a bar<br />

and attempted to run the financials on<br />

their own, relying on QuickBooks. After<br />

a year, they realized an accountant was<br />

in order and, when they began working<br />

with Mize Houser, saw a huge difference.<br />

The accountants found numbers<br />

FOODNe WsFeeD.cOm april <strong>2018</strong> 77

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