Owners of new restaurants don’t always make hiring a Certified Public Accountant a priority, but putting a CPA on your payroll can make a huge difference in whether your eatery succeeds. The Dallas financial team at Gurian CPA Firm encourages restaurant owners to consider these main reasons why an accounting professional is so essential to a food business:
1. Proper handling of taxes and fees
Restaurant taxes are complicated by unique practices and situations. For example, restaurant employees often receive meals as part of their compensation, and many workers are tipped, affecting the minimum wage the restaurant owner has to pay. Other factors, such as timing differences between sales and receipts, also affect tax handling. Restaurants have various licensing and operational fees to cover, too. At our Dallas CPA Firm we make sure that you have all your ducks in a row in these areas so that you pay the right amount on time without incurring penalties.
All too often, restaurant owners create an impeccable business plan, only to let it fall by the wayside over time because they’re so overwhelmed with the everyday responsibilities restaurants present. Part of our job as accountants is to take the business plan you create for your eatery and keep it a priority, double checking that you are on target with your goals and staying in budget. We can take your financial information and present it in easy-to-understand charts and reports for investors and shareholders. Alternately, we can create presentations that make it a cinch for your team to understand where the restaurant is losing money and has the potential to change for the better, directly affecting your operational plan.
3. Smooth cash flow
The reality of restaurant operation is that few owners have the time to update and analyze their books every day. As you get pulled in dozens of different directions, it’s easy to make a mistake and come up short on the cash you need. Gurian CPA Firm looks at your finances and alerts you when there is a potential problem, such as spending more on a particular food item than anticipated. We can help you set up an emergency fund plan and suggest changes to the budget that can give you more financial breathing room if necessary. Our Dallas business accounting experts also can give you up-to-date figures that enable you to make quick inventory or investment decisions.
4. Better customer service
Good CPAs are capable of recognizing trends within a business that relate to the company’s financial situation. We can look at your receipts and draw conclusions about when traffic is heaviest. We might even be able to notice which fare is attracting the most clients. With this information, you can adjust the staff you have on hand, the quantity of food you buy, and work with your chef to tweak the menu. These changes ultimately translate to a better overall customer experience.
5. Personal fulfillment
If you do not have a CPA on your payroll at your restaurant, you’ll have to put a lot of energy into keeping your finances in order, even if you are using top-of-the-line software to help you simplify and automate your processes. With Gurian CPA Firm handling the details, you’re free to do what you really crave — work with food.
CPAs are a vital part of any restaurant. By putting us on your payroll, you’ll make your eatery a stable, successful investment. Contact us today for a consultation!