When running a food & beverage (F&B) business, it can be challenging to keep track of all the financial aspects of the company. Many business owners choose to manage their finances in-house, but this may not be the best option. Let’s take a closer look at the benefits of having an external financial management team vs hiring in-house employees.
#1 – External Teams Offer Industry Expertise
If you choose an external team to manage your finances, you can choose to work with a company that specialises in F&B businesses. This means that you’ll gain access to a team that already has years of experience dealing with the particular challenges, pitfalls and peculiarities of the F&B industry.
No matter what type of food & beverage business you own – whether it’s a cafe, restaurant or cloud kitchen – they will have the knowledge and expertise to guide you and help you make smart financial decisions.
This means that they can spot mistakes before they happen and flag up any potential problems. This prevents you from wasting time trying to figure out why something isn’t working as expected and then spending further resources in order to fix it.
Additionally, industry experts can offer an insight into how other F&B businesses have dealt with similar financial situations. For example, if your restaurant has a slow season in the winter months or if there’s an increase in competition, you will benefit from having an external team to help you navigate these difficulties based on real experience.
By working with an external financial management team, you’ll also get the best recommendations about which industry-specific software tools and systems to use. This will allow you to streamline your operations and make them more efficient, saving you time and money.
#2 – Flexibility and Scalability
Hiring an in-house team to handle your finances leaves little room for flexibility. If your financial needs change during the year, it will be difficult to scale your team at the same pace.
This isn’t a problem with external teams because many companies offer flexible packages that can be adjusted according to your needs. This means that when you’re busy during peak season, there’s no need to worry about hiring additional staff members or taking on more work yourself. At the same time, you still have access to holistic financial support whenever you need it.
This type of flexibility is invaluable for entrepreneurs who are looking to grow their F&B businesses without sacrificing quality service and customer care in the process.
#3 – Focus
Hiring an in-house financial team creates additional management responsibilities for the business owner. This can be a distraction from your core operations and even impact your bottom line.
With an external team, you don’t have to worry about petty disputes, sick leave and other HR issues, which can be costly and time-consuming. This gives you more time to focus on developing your business, expanding your customer base and growing your profits.
An external financial management team will take care of all the financial tasks related to your F&B business so that you can focus on what you’re good at: running your company. They’ll handle bookkeeping, invoicing, preparing reports, payroll and more, and be on hand to offer strategic financial advice.
#4 – Less Stress
Ever-changing tax rules and regulations are enough to keep any F&B owner awake at night, but you can rest easy when an external team is handling your compliance for you.
For one thing, an external team that specialises in F&B businesses will have a granular understanding of the particular tax rules and regulations that apply to your specific business type, and stay in the loop about any changes or amendments made that affect you. They can then advise you on how best to comply with them without breaking into a sweat.
You’ll also have peace of mind knowing that the team has your best interests at heart. Unlike in-house employees who may be happy to simply coast, an external company’s reputation relies on your success. This will leave you confident in the knowledge that you will get all available tax breaks and benefits, protect you from any potential fines or penalties, and top-level financial advice.
In addition to this, as your business grows in size, it becomes more complicated. The last thing you want is to be bogged down with paperwork and financial tasks that you’re not qualified to handle. By outsourcing your finances, you can avoid any unnecessary stress and ensure that everything is taken care of by a team who knows what they’re doing.
#5 – Increased Efficiency and Controlled Costs
An experienced external team will offer you the most efficient financial management solutions for your business. They can leverage their industry acumen to devise solutions to combat rising food and energy costs, manage supply chain disruptions and cope with staff shortages.
What’s more, is that an external team will be able to reliably recommend the latest software and technologies that can streamline your processes and improve your overall productivity. Since they work with many other businesses across the F&B industry, they are well-positioned to understand what works and what doesn’t so that you can invest your capital wisely.
In addition to this, an external team will use their expertise to highlight where you could be making savings in your F&B business. This will help you to keep your costs under control to prevent overspending and maximise your profit margins.
#6 – Save Time
When it comes to financial management, time is money. The more time you spend on bookkeeping, invoicing and preparing reports, the less time you have to focus on developing your business. An external team can take care of all these tasks for you and complete them in far less time.
Furthermore, an external team saves you a lot of trial and effort when it comes to financial strategy. Hiring industry experts to guide you is like putting your business on the fast track to success because you skip all of the mistakes and wrong turns along the way.
#7 – Access to the Latest Resources
One of the biggest advantages of working with an external financial management team is that you’ll have access to their resources and knowledge.
Since an external company works with a wide range of other businesses in the F&B industry, they can provide you with the most up-to-date information on different aspects of financial management.
For example, if you’re looking to upgrade your software or purchase new equipment for your business but aren’t sure what to choose, an external team can recommend the most suitable options. Then, they can suggest the most effective ways to implement them so that you get the most out of your existing resources.
#8 – Effortlessly Up-to-Date
When working with a financial management team, there’s no need for you or your employees to stress about staying up to date with the latest changes in tax rules and regulations.
Accounting professionals are required to stay on top of the latest changes, so there’s no need for you to worry. Furthermore, working with a F&B specialist firm means that the team will always be focused on what each change means for the industry, and how to handle those challenges and opportunities.
This means that you can relax, safe in the knowledge that your finances are being taken care of by a team who is constantly up-to-date with the latest changes and developments.
Overall, it’s clear that outsourcing your financial management to a team of experienced professionals can bring a wealth of benefits to your food and beverage business.
From increased efficiency and productivity to up-to-date knowledge and resources, there are many reasons why you should consider making the switch. So if you’re feeling overwhelmed by finances or simply don’t have the time to manage them yourself, speak to an external team today about how they can help you take your business to the next level.
Here at Gains Accountants, we offer dynamic financial management solutions for F&B businesses just like yours. We implement structure, efficiency and insight across all layers of your business in order to maximise your profits and allow you to grow into a thriving chain. To find out more about how we can help you, get in touch with us here.