Restaurant Accounting Services from an Experienced Restaurant CPA
Schultz & Associates provides restaurant accounting services for independent restaurants, fast food restaurants, restaurant groups and multi-location operators. We work with both single-location restaurants and businesses operating multiple locations. Our Restaurant CPA team helps owners manage the financial side of the business with monthly accounting, restaurant bookkeeping, payroll, tax planning and tax preparation.
Restaurant accounting requires an understanding of more than the general ledger. Food costs, labor costs, payroll, tips, sales tax, delivery services and point-of-sale activity all affect the numbers. We help restaurant owners organize that information into financial statements they can use to understand profitability and make better business decisions.
For restaurant groups and multi-location operators, we can also provide location-level reporting that makes it easier to compare results across restaurants and identify changes in food costs, labor costs and profitability.
If you are looking for a Restaurant CPA or restaurant accounting firm that understands the industry, Schultz & Associates can provide the ongoing accounting and tax support your business needs.
Existing Restaurants in Need of a Restaurant CPA
When an existing restaurant is looking for a new restaurant business accounting firm, it is typically because the books and records are a mess. Don’t worry, it’s in cases like these that we excel in our expertise. Our properly staffed firm will get you organized quickly and with ease so that you can focus on running your business. We will then put easy-to-follow processes in place to prevent disorganization from happening again.
More recently, existing restaurants have been switching restaurant accountants to us because of the “great retirement” occurring in the accounting industry. You can rest assured that our firm is young and positioned for growth. Our clients are more likely to retire or sell their restaurant long before any accountants retire from Schultz, CPA.
Start-up Restaurants in Need of a Restaurant CPA
Did you know that many accounting firms will not work with start-up restaurants? Many do not have the knowledge to assist clients through the start-up process and simply lack hands-on experience in the field of restaurant accounting.
With Schultz & Associates, CPA, you don’t have to worry about that. We can assist with articles of organization, securing EIN, entity selection (S-Corp or LLC), accounting system and restaurant payroll set up, preparing projections for financing, and assisting with cashflow calculations.
From there, we hope your start-up restaurant business will continue to work with us through the years so that we can build a long-lasting mutually beneficial relationship. We will assist with as much or as little as you need and will make sure to cater our services to fit your restaurant’s specific needs.
We also excel at income tax planning and preparation. Schultz, CPA will assist with:
- Tipping tax issues
- Business tax preparation
- Payroll tax payments
- Tax efficient retirement planning
Restaurant Food Cost, Labor Cost and Prime Cost
Our restaurant accounting team prides itself on providing owners with accurate and timely financial information. Restaurant numbers lose much of their value when owners receive them weeks or months after the fact. We work to provide financial reporting that allows owners to see what is happening in their business while the information is still useful.
We help restaurant owners track food cost, labor cost and prime cost through accurate monthly financial reporting. We organize the accounting so owners can see these costs clearly, compare them with prior periods and identify changes that may be affecting profitability.
For restaurants with multiple locations, we can provide location-level reporting to compare food cost, labor cost and profitability across the organization. This can help identify locations where costs are moving differently from the rest of the group.
Our Restaurant CPA team reviews these results with owners and helps them understand what is driving the changes. That gives restaurant owners better financial information when making decisions about staffing, pricing, purchasing and other areas of the business.
Restaurant Payroll Services
Restaurant payroll processing can be troublesome because larger payroll providers are difficult to work with. Many restaurants prefer to work with their accountants or small payroll processor for this service so that they have a specialized and personable firm who is available to troubleshoot through challenges. If you’re looking for restaurant payroll services, we invite you to contact us.
Unlike bigger payroll providers, we will take our restaurant payroll process steps a bit further.
After you have submitted your hours to us, we will:
- Determine whether each of your waitstaff have made enough tips during that pay period
- Notify you of any shortage so that you can make necessary adjustments to the process
- Process your payroll
- Remit tax payment
- Submit proper tax forms
- Provide your staff with direct deposit options
- Give you the option of providing employees with pay stub portals
QuickBooks Support for Your Restaurant
You’ll be happy to hear that, as a special service to our restaurant owner clients, we do not charge you for QuickBooks support. When we partner, Schultz, CPA will include unlimited QuickBooks support to you and your employees. We can assist by phone, email, Zoom or in-person.
We are also here to assist in the set-up or clean up of QuickBooks. Never used it before? That’s OK. We’ll set you up and show you how to use it.
If you already use QuickBooks and know it’s a mess, no worries. We will have it cleaned up in no time. Then we will help you design a plan so that it does not happen again!
Matt is ready to help
Matt, is ready to assist you with your restaurant accounting and tax needs. Please
click here to see his bio and get in touch with him.
You can reach Matt either by phone (734) 354-2380 ext. 103 or by email at mwilkins@schultz-cpa.com.