Rising labor costs, overhead, and the cost of goods sold (COGS) are shrinking already-low profit margins, making professional, streamlined accounting and bookkeeping solutions essential to successful restaurant operations.
Thriving restaurants use bookkeeping to thoroughly record financial data, which provides them with the best tools for up-to-the-minute decision-making and forecasting. Accountants use that data to produce financial reports, ensuring restaurant owners better understand their profitability, cash flow, and economic future with clarity.
Connecting with 1-800Accountant, the restaurant accounting and bookkeeping experts is easy and free. Here's what to do:
1. Select a convenient date and time within your schedule to speak to one of our experts.
2. Tell us about your restaurant's goals and challenges during this 30-minute call, a $199 value.
3. Once fully onboarded, we’ll create a year-round tax strategy to combat and resolve business challenges and match you with a restaurant accountant and bookkeeper experienced in serving the distinct needs of establishments like yours, ensuring a minimal annual tax burden.
You can subtract deductions from your restaurant income when you file so you don't pay that tax. Your restaurant may be able to deduct operating, labor, and food costs, improvements and repairs to your building, and professional fees.
Yes, we can prepare and file your restaurant's business sales taxes on food and beverages. 1-800Accountant can customize a package for your restaurant to address your unique financial requirements.
1-800Accountant offers a robust payroll service to restaurants that handle all your responsibilities each pay period. Your payroll expert will collect and address your employees' hours, earnings, deductions, and other data required to calculate net pay. They will then distribute wages to your employees and report and remit associated taxes to relevant authorities.
Our full-service business tax preparation and filing solution ensures that you can always be confident about your tax situation. Your tax team will ensure that your restaurant is appropriately structured and classified while delivering error-free returns, maximizing your tax savings.
Our payroll service can address your tipped employees' requirements and record their hours and deductions.
Our robust payroll solution addresses employees' hours, earnings, deductions, and other data required to calculate net pay, including abiding by the rules of any state-specific wage laws.
Our accounting and bookkeeping service tracks your financial data and offers reporting and analysis to help you make critical business decisions based on accurate, up-to-the-minute data. These insights can improve several aspects of your restaurant, positively impacting profitability.
*Based on a $12.2k average 2022 tax refund per client, which is 4x the cost of a full-service package. Source: first-party data.
**Includes average business tax preparation, form completion and submission, record keeping, and other misc admin time. Source.
***Historical first-party data.