Accounting for Restaurants

Opening and running a business it is pretty stressful, especially a restaurant.

Some of the most common restaurant issues are:

  • How to keep the staff consistent? Restaurants have one of the highest turn over rate 

  • How to boost sales?

  • How the heck to keep track of inventory?

  • How can we save money?

  • How do I keep my books?

  • Taxes? What taxes? (Well, you have at least three types of taxes: payroll, sales tax, and income tax)

 

The good news are that we can help with some of the above issues. We want to help business owners to get on the right track with their finances and be successful. You have a lot on your plate to worry about, let us manage your books and take one task off your plate. You can always get more money, but you never can get more time.

After all, we are good at numbers and you are good at food! Being in the restaurant industry you already work long and late hours, please let us help you!

Our specialty in Restaurant Accounting brings the following "menu":

  • POS integration with QuickBooks

  • QuickBooks set up (on-line or desktop)

  • QuickBooks clean-up and catch-up if needed

  • Recording all your expenses and paying bills with your approval.

  • Recording all your daily sales and revenue

  • Keeping track of your fixed assets, recording depreciation and any fixed asset loans, if applicable.

  • Sales tax - different food items may be or may not be subject to Sales Tax. We account for all items accurately and file your sales taxes.

  • Keeping accurate food inventory

  • Payroll, includes W-2 reporting and Quarterly Tax Filings

  • Generating Forms 1099-Misc. and Form 1096 at the end of the year

  • Keeping accurate records regarding tips to employees: be careful, as these will have to be reported on the employee's W-2 at the end of the year, so accurate reports in this case are crucial.

  • Monthly bank and credit card reconciliations

  • Overview of Profit & Loss and Balance Sheet monthly 

  • Monthly performance reports per location and/or consolidated

  • Tracking of your sales: which items are the most profitable, where are your sales stagnating, and what needs improvement?

  • Financial Analysis in form of Financial Ratios with explanations and suggestions for improvement. 

Our services are customized based on your needs, for one location or multiple locations. You can choose a service package or pick and choose only the services you need. If you choose a service package, this can always be customized and added new services as needed.

Please contact us for more information and one hour free consultation: (855) 899-2665

No obligation, if you do not like us - there are no strings attached!