As British Columbia’s largest urban centre, Vancouver is a thriving and diverse hub of food and beverage establishments. Boasting a variety that ranges from:
to Food Trucks
the city offers both opportunity and challenge to restaurateurs.
Facing rising business costs and employee shortages, restaurateurs in Vancouver need to be more than creative, passionate foodies. They need to be innovators. From offering benefits to part-time workers to supporting chefs’ career training, Vancouver restaurateurs are exploring new operating methods and compensation structures.
They embrace this need for innovation because regardless of the style of cuisine or scale of restaurant, restaurateurs in Vancouver have one thing in common: A passion for food. However, that passion doesn’t usually extend to bookkeeping, and in Vancouver’s competitive climate, a skilled restaurant bookkeeper is an asset.
It’s our firm belief that chefs should do what they do best—cook! To help them do that, Legacy Advantage provides fast, accurate and efficient restaurant bookkeeping services. We help our restaurant clients automate the restaurant bookkeeping process as much as possible so that they don’t have to waste time pulling information for us.
We pull sales, sales tax, payroll and other data directly from the Point of Sale (POS) reports to keep the books up-to-date and accurate. By managing the payroll, invoicing, credits and debits, and advising on financial budgets and processes, we help restaurateurs make sound business decisions.
Terry had worked in the hospitality industry since he was a teenager, and had finally realized his dream of owning his own restaurant in Vancouver. Business boomed and as it did, the bookkeeping got out of hand. Terry’s bookkeeper asked that he supply receipts and documents manually, which meant Terry had to spend a lot of time prepping and printing documents.
This was time that Terry just didn’t have to spare. The bulk of his time was devoted to the running of the restaurant. Since he couldn’t regularly supply source documents to his bookkeeper, he didn’t get timely financials. Soon Terry’s restaurant got into cashflow problems. His gross margins were decreasing because his payroll and food costs were growing. Without accurate financials he didn’t realize this until it was too late. He was in debt, and on the verge of having to close his restaurant.
Terry got a loan from BDC to tide him over, and then reached out to Legacy Advantage. We concluded that he needed the accurate financials on a weekly basis in order to keep track of his sales, food and payroll costs. In order for that to happen, our CPA-level bookkeepers could not wait for Terry to provide the necessary source documents: they needed direct access.
To do this, we implemented a number of digital tools. HubDoc enabled us to pull credit and debit statements directly, and Payworks enabled us to run Terry’s payroll. We also requested and received access to Terry’s POS system, which had a cloud-based admin portal that enabled us to gather real-time sales information.
• Terry’s debits & credits, payroll, and sales information are automated and integrated.
• We deliver the weekly financials he needs to make informed decisions about how to run his restaurant.
• He is in a better position to control his labour and good costs because of the clarity he hasn’t had in years.
• He can assess the impact of economic, workforce, and industry changes (like the impending rise in minimum wage) and prepare for the challenges ahead.
“I was introduced to Legacy through a common client who raves about their service and approach. I’ve inquired with Bob on a few bookkeeping and accounting issues and he’s been very willing to share his time, knowledge and recommendations, even when it’s free advice on a tool or software program that will help us reduce our bookkeeping admin and costs. He even recommended our project management tool to us; it’s nothing to do with bookkeeping but he had learned through other clients about the tool that has been a great platform for us. Bob has a genuine passion for business growth and he shares it — it’s more than bookkeeping.”
Our super-friendly bookkeepers are all either CPAs or CPA students. We have a rigorous interview process which helps us select the best, most
upbeat bookkeepers in Vancouver, Surrey and Langley
You’ll have a dedicated bookkeeper, but we also work as a team. No matter what happens, we’ll always have your back.