Millions of New Yorkers eat out every year. Regardless of whether it’s a restaurant or a small café, it’s crucial to hire a qualified restaurant CPA in order to make sure that you’re accurately accounting for what you’re bringing in.
Probooks NY is an outsourced accounting firm serving restaurant clients throughout the New York City Metropolitan Area. We know that understanding the financial position of your restaurant, bar or café is a vital part of the success of your hospitality business. The NYC restaurant industry is fiercely competitive, from foods and commodity pricing issues to new IRS regulations, to the upcoming tax reform on the table, the industry is faced dealing with the cost and impact of several new changes and challenges. As businesses adapt to these new circumstances, they face increasing pressure on sales margins and profitability.
Our experience helping restaurants throughout Manhattan and the surrounding five boroughs means we have the expertise to address all of the unique challenges of your restaurant, bar or coffee shop. We also serve all food service business segments – quick service (QSR), fast casual, casual dining, pizza, fine dining and emerging chains. From menu engineering to sales tax audits, our bookkeeping professionals draw on extensive knowledge of best practices in order to help our clients tip the profitability and growth scales.
Our services for the foodservice industry include:
- Accounting and bookkeeping
- Tax returns – income, sales tax, payroll
- Business startup assistance
- Tip reporting and allocation
- Cash flow analysis
- Inventory control for food, alcohol and retail sales
- 1099 tracking, processing, and control
- Budget creation and updates
- Experience with POS systems and integration
- Outsourced payroll processing and management
- Income & Profit and Loss Statement reporting
- Inventory management systems
- Profitability analyses
- Tax planning
- Budget planning
- Monthly Bookkeeping (sales receipts, accounts receivable, accounts payable, bank reconciliations, etc.)
- Accounting system setup and training
- Point-of-sale systems integrations
- Track and pay your Sales Tax
- Review of your vendor bills
- Expert knowledge of sales & use tax in the service industry
- Inventory valuation
Leave Accounting Matters to an Expert Partner Team
Before you even open your first restaurant, it is recommended that you consult with and hire a good restaurant CPA. An experienced CPA can help you map out your financial plans, set-up your business entity and maintain your bookkeeping system. This includes recommending and implementing the setup of all restaurant technology systems needed. They can also advise you on the type of records you will need and what you can expect in terms of filing business taxes. Any accounting software system you choose can also give shared access to your CPA to help manage it.
Hiring a professional accountant will dramatically help your hospitality business solvent and reduce your risk of tax issues down the line.
There’s more than enough pressure caused by all of the financial responsibilities associated with running your business. You certainly don’t need the added burden of having to constantly stay on top of daily and weekly bookkeeping routines. But no eatery business can afford to overlook these vital functions either. If you fall behind on reviewing your vendors’ bills and keeping them paid, for example, you’ll risk having your deliveries of food and beverages cut off, which would leave you unable to operate profitably.
In reality, it’s only when your books are in order and your finances are properly managed that you’re really able to enjoy running the business you’ve dreamed of and worked so hard to get started. You’ll need to employ solid restaurant accounting practices, as well as perform accurate reporting, budgeting, and forecasting, to keep things running smoothly, and stay on the cutting edge of the restaurant industry. Why not leave the financial accounting matters to a restaurant CPA, which comes at a cost substantially less than an in-house team, so that you can keep your focus on enhancing your menu, creating the ambiance you want and expanding your marketing and customer experience initiatives?