Accounting Services for Restaurants
If you are a Seattle or surrounding cities restaurant owner, you are aware of the overwhelming nature of your industry. Most eateries are open seven days a week, so business owners and their employees have grueling and unpredictable schedules. This makes the added hassle of the need for proper accounting extremely difficult to satisfy. Increase your bottom line and profits, while saving money, by working with Caro & Associates, LLC who has the expert knowledge of the restaurant industry.
The statistics for maintaining a successful restaurant are not in favor of the industry, as we witness 27% of restaurants failing in their first year, 50% failing in year number five and 70% out of business by the ten year mark. At Caro& Associates, LLC, we strive for absolute excellence and want your restaurant to succeed in the long run.
So, what are some typical barriers for a restaurant to succeed? Here are just a few of many examples:
- Sales Tax Audits - how to protect yourself from a Department of Revenue Sales Tax Audit?
- IRS Intervention - how to avoid a tax audit and adhere to tax laws?
- Department of Labor - are you compliant with mandates and laws?
- Tipped Employees - how to track unpredictable figures and payroll costs?
- Are you taking advantage of the FICA tip credit?
- Are you correctly reporting tips to the IRS?
- Reliable Software for Efficient Bookkeeping - how to utilize QuickBooks effectively in your restaurant?
- Employee Turnover - how to minimize?
- Inventory Control - how to predict the right amount of food or drinks to stock?
- Liability Concerns - how to protect your business?
SETTING UP RESTAURANTS TO FOLLOW THE UNIFORM SYSTEM OF ACCOUNTS
- Sales breakdown
- Cost of goods sold breakdown
- Labor breakdown
- Prime cost
- General expenses
KEY RESTAURANT RATIOS AND HAD TO CALCULATE THEM
- How to calculate key percentages
- General benchmarks for each key percentage
- How to adjust these percentages for different types of restaurants
SETTING UP CASH CONTROLS
- Controls For Manual Systems
- Computerized POS
- Daily Reports
- Journal entries
TAX ISSUES UNIQUE TO RESTAURANTS
- Taking the tip credit
- FICA tax credit
- Tip reporting
- Form 8027
- Guidelines for restaurant cost segregating
- Restaurant leasehold improvements
- 15 year life
- Section 179
- Bonus deprecation
- Restaurant-specific sales tax issues
- New automatic gratuity rules
- Taxability of unredeemed gift cards
Whether you are a diner, a family-run restaurant or a national franchise chain see why our other Washington state hospitality industry clients have put their trust in us. We know all restaurants are not the same, and that is why Caro & Associates, LLC has the tax law experience to handle each type of business.