Restaurants & Food Service

Tight margins demand tight books. We make sure yours are both.

Restaurants are one of the hardest businesses to run profitably — and one of the hardest to keep financially organized. High transaction volume, daily cash and card reconciliation, perishable inventory, split tips, fluctuating labour costs, and supplier invoices that arrive daily create a bookkeeping workload unlike almost any other industry. Most restaurant owners are so focused on operations that the books fall behind — and by the time they catch up, the margins have already slipped. PrecisionPenny keeps your restaurant finances current, organized, and informative so you can manage your business on real numbers, not instinct.

Food Cost Tracking — Your Most Important Number

Food cost as a percentage of revenue is the number that determines whether your menu is profitable. Industry benchmarks vary, but most successful restaurants target 28–35%. If you don't know your food cost percentage — and know it accurately — you can't price your menu correctly, manage your suppliers effectively, or identify when waste or theft is eating into your margins. We track your food purchases against your sales so this number is always visible and always current.

–      Food and beverage purchases recorded and categorized correctly

–      Food cost percentage calculated against actual sales revenue

–      Supplier invoice reconciliation and accounts payable tracking

–      Identify cost spikes by category or supplier before they compound

Labour Cost Management — Your Second Biggest Variable

After food, labour is the cost that most directly determines whether a restaurant is profitable. Labour as a percentage of revenue tells you whether your scheduling is matching your sales volume. We track your total labour costs — wages, payroll taxes, benefits, and tip distributions — against your revenue so you have the data to schedule smarter and cut costs in the right places.

Daily Sales Reconciliation — Every Register, Every Method

Cash, debit, credit, delivery platforms, gift cards — restaurant revenue comes from multiple sources with different payout timing and different fee structures. Reconciling all of those against your actual sales daily keeps your books accurate and catches discrepancies before they turn into bigger problems. We handle the reconciliation so your books always reflect what actually happened, not just what the POS system reports.

HST/GST and Tip Reporting — Done Correctly

Tip handling, employee tip-outs, and sales tax remittances are areas where restaurants frequently run into compliance problems — not from intent, but from the complexity of doing it right under pressure. We ensure your tip distributions are recorded correctly, your sales tax remittances are accurate, and your payroll reflects all required withholdings. Clean compliance records protect you from the costly audits that are more common in the hospitality industry than most owners realize.

Monthly P&L — The Report That Tells You Everything

A restaurant P&L isn't just a financial statement — it's a management tool. It shows you your prime cost (food plus labour as a percentage of sales), your overhead structure, and your true net profit for the period. We deliver a clean, detailed P&L every month that breaks down your numbers in a way that's actually useful for running your operation — not just satisfying your accountant.

Ready to get started?

Book a free consultation. We work with independent restaurants, multi-location operators, cafes, catering businesses, and food service companies.