accounting-and-tax-services-for-restaurants

nraThe New York City restaurant dining and beverage industry is fiercely competitive, and restaurant owners and hospitality groups face a diverse range of complex regulatory and accounting challenges. From commodity pricing fluctuations to minimum wage hikes on hourly workers to new IRS regulations to the Affordable Care Act to possible restaurant industry tax credit eliminations in this new tax reform debate, the restaurant industry must account for the cost and impact of numerous new changes that all can put pressure on margins and profitability.  

So, when you are selecting a restaurant CPA firm, it is recommended that you look for a firm that has hospitality expertise alongside an intricate understanding of restaurant-specific accounting nuances. At Bookkeeping Chef, our experienced team of restaurant consultants offers a complete menu of services that will help your independent restaurant to minimize tax liabilities and maximize cash flow.   In addition to providing outsourced bookkeeping and payroll services, we also have a full a service tax, accounting division to help you keep more money in your pocket and less in Uncle Sam’s.     

FOCUS ON FOOD, NOT FINANCES

When selecting a restaurant accounting firm, you should evaluate a number of factors – technical expertise, reputation, reviews, industry know-how, and costs.  Your ideal accounting partner understands restaurant and food services businesses and the issues that affect them; this includes point-of-sale, leases, controlling prime cost ratios and food and beverage inventory management.   At Bookkeeping Chef, we have combined of over two decades of accounting experience with restaurant industry expertise to deliver a powerful combination of intellectual capital, responsive service and insights on the regulatory, tax, and business matters vital to the success of your company.

Bookkeeping Chef can also help consult with digital transformations to help streamline operational aspects of running a restaurant, as our team assists owner-operators cope with the endless myriad concerns they face on a daily basis.   We also have in-depth knowledge of the complicated federal, state and sales tax laws.  We offer tax minimization strategies and structures that have been proven and used successfully with other clients. Our restaurant technology consulting insights can make a significant difference in improving operating margins.  From sales tax audits to menu engineering to capital structure, Bookkeeping Chef is the ideal tax partner to outsource some of your core accounting and financial management duties.     Whether you a large national chain, a fine dining eatery, a new independent or a franchisor or franchisee, you can rely on Bookkeeping Chef to make sure your business plan makes sense, that your financial’s measure up and your restaurant is positioned to take maximize your investment.  For smaller and medium-sized food establishments we can also serve as an outsourced CFO or controller.

Our tax and accounting services for the restaurant industry can include:

  • Business structure and start-up cost analysis
  • Tax planning and compliance  
  • Business Tax Return prepared-Schedule C.
  • Self Employment Tax-Social Security-prepared.
  • Estimated Income Tax.  
  • Corporate and Partnership Returns prepared 
  • Financial statement preparation
  • Depreciation rules for restaurants (cost segregation studies)
  • Special sales tax rules for restaurant equipment and utilities (utility studies)  
  • Accounting system setup and consulting 
  • Part Time CFO Services
  • Point-of-Sale (POS) systems
  • Healthcare reform consulting
  • Cash flow forecasting
  • Operational and profitability reviews
  • Benchmarking and performance measurement      

Meet your dedicated back office team today 

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                       and operate your restaurant smarter tomorrow.

As GOP legislators gear up to set a tax reform overhaul in motion, Bookkeeping Chef can give you a complete view of your business’ total tax liability.  This includes how the broader business will impact your company financials and strategic decision-making.  One of our goals is to allow you to respond and adapt quickly if and when this new tax reform gets enacted.    Get started with a free consultation.