When you’re busting it down in the kitchen, you’d think paperwork and accounts would be the last thing on your agenda.
Many company owners in the restaurant industry dislike accounts because they do not understand how they benefit their establishment. While not a primary operation of your business, accounting and bookkeeping is still essential.
You may feel like they’re keeping you from the front desk and kitchen, where all the excitement is. The significance of this administration, however, cannot be understated.
Probably the main reason you got into the business was to satisfy your customers’ cravings for good cuisine and a pleasant dining experience. Keeping the records in order and managing your money is not central to that strategy. If that’s the case, then accounting shouldn’t be a priority for you.
But we’re telling you right now that accounting provides invaluable information about your business’s financial health and success in the marketplace. Hiring a restaurant accountant can help you manage your business’s finances.
This is where we can lend a hand. If you need an accountant, go no further than Pearl Lemon Accountants.
Make a phone reservation to talk with us right away.
Even though it may seem like common sense, your restaurant accountant’s primary responsibility is to preserve accurate financial records and provide general accounting services.
Some restaurant operators may not think they need an accountant since they handle their accounts internally, but there are things you learn in university that life doesn’t teach, right?
Keeping up with accounting and financial records on a daily basis is essential for any business owner. A professional accountant can help you make sense of your numbers, stay on top of your spending, and plan for the future. They can also help with:
Many business owners in the restaurant industry come from culinary backgrounds but may lack experience in managing money. Or, you can come from a financial background but be unfamiliar with the nuances of financial planning in the food sector.
Hiring a restaurant accountant may be a great way to get some outside, objective advice from someone who has been in the company for a while and can offer insight into how to best expand your business. An accountant’s expertise is in financial planning and monitoring industry developments.
Your restaurant’s accountant may also be able to provide guidance on insurance, suggest methods of reducing expenses without sacrificing quality, assist in determining appropriate menu pricing, and investigate growth opportunities.
Your restaurant accountant can help you, and your staff step back from the details and view the big picture while you focus on running the day-to-day operations.
Many people only visit their accountant once a year when it’s tax time, and your restaurant might undoubtedly benefit from this service. Your accountant can help you prepare throughout the year to maximise your deductions at tax time, and they can also ensure that your restaurant complies with any legislative tax law.
Restaurant accountants can vouch for the accuracy of the restaurant’s financial records in the event of an audit, whether for tax purposes or as part of a bank loan application.
Of course, in the food industry, you’ll need to factor in tips along with the standard tax considerations for employees. Tips (not including automatic gratuities, which work differently) are considered employee income, not restaurant income, and are not subject to withholding.
Any restaurant, from a fine dining establishment to a mobile food van, can attest to the value of accurate books and records. Financial management is the process of monitoring and maintaining a company’s financial well-being.
However, you may not have the time to handle the books yourself or keep tabs on every little thing. You need an accounting partner to focus on expanding your business rather than worrying about keeping the books.
One option is to implement an accounting system that can automate a number of tasks. When looking for an accounting partner, keep the following in mind:
Tax audits and inspections can be complex and stressful, so if you aren’t sure of your position, get professional help as soon as a tax investigation starts.
Investigations often lead to tax bills much higher than expected, bankruptcy, the need for a time-to-pay plan, a voluntary company arrangement, or even creditors’ voluntary liquidation.
Pearl Lemon Accountants can help you if you are having trouble paying HMRC or if HMRC threatens you about VAT, PAYE, self-assessment, or corporation tax issues. Better yet, we can help make sure you never have to deal with an HMRC tax investigation in the first place.
By outsourcing your payroll function to Pearl Lemon Accountants, we can manage your payroll and pensions and make sure you’re in compliance with the law. This will free up your internal resources to work on more profitable and productive tasks, making your business more efficient.
Since laws and reforms are always changing, it’s nice to know that you can get experienced, all-inclusive back office payroll support and that your company’s payroll will always be in line with the law.
Our specialised payroll outsourcing division has a lot of experience in various fields. We are not an automated service, so your payroll gets the specialised, individual attention it needs.
Pearl Lemon Accountants offers a very compliant tax service for all kinds of tax situations to help you handle your big or small business.
When you’re a business owner, your taxes and your business taxes often overlap with one another. That’s why we work closely on your side to make sure that our tax services meet any goals that you may have for the future. Allow us to assist you in asset management, financial security, and avoid tax bills you shouldn’t be paying in the first place.
As laws get more complicated, it’s more critical to plan taxes in an effective way. Luckily, we specialise in personalising our services to each client’s needs. Our personal tax services are meant to protect your assets and keep you informed about things that may affect you. We can help you make a detailed plan for your family’s future, including ways to save money on taxes.
Tax rules for businesses are hard to understand and are constantly changing. Tax preparation is crucial if you want to lower your company’s tax liability. Our tax experts are well-trained, business-minded, and know how to lower tax bills, so you can be confident about your books knowing that you are in good hands.
Pearl Lemon Accountants offers a full corporate tax compliance service to ensure that your business operates in the most tax-efficient way possible and that your tax liabilities are kept to a minimum.
Our tax experts help you get the most out of the tax allowances and tax reliefs you’re eligible for and the tax benefits that are unique to your industry. Our expert tax consultants also give you peace of mind by ensuring that all business tax returns meet HMRC requirements and are filed correctly, so you don’t have to worry about getting fined.
If you want to know more about our other services, you can talk to our experts on the line.
Restaurants often have a difficult time keeping business booming. Why add more problems to that?
The restaurant business is expected to make $863 billion in sales annually. That’s 4% of the country’s gross domestic product. If that projection is correct, you’ll see tons of cash inflow and outflow in no time.
Pearl Lemon Accountants can help you if you need help maximising your assets or want to minimise your taxes.
So, why don’t you just do it? Let’s start working on your books right away! Book a call now.
When it comes to money, it’s the bookkeeper’s job to keep track of everything. In contrast, accountants are responsible for making sense of, organising, reporting, and summarising this financial information. This is the primary distinction between professional restaurant accounting services and DIY restaurant bookkeeping. Bookkeeping is primarily concerned with documenting transactions, but accounting also includes analysis.
Restaurant accountants are responsible for monitoring financial transactions, stock levels, and profits and losses. These experts use knowledge of corporate finance, excellent accounting software, and other accountancy services to help you with budgeting. They record all of the restaurant’s financial dealings. For instance, if you purchase and receive invoices, they will write them down in a ledger.
After then, the money transfers are documented in a fashion that may be analysed later for fiscal reasons.
The accountant’s work touches all aspects of a restaurant’s day-to-day functioning. Inventory has to be counted once a week to ensure there is plenty of everything and none of it is going bad.
Similarly, they need to prepare an income statement to display the restaurant’s gains or losses over a certain time frame. The income statement or profit and loss statement is a financial document detailing a company’s revenue.
To avoid going into the red and to identify areas where variable costs, not fixed costs, may be reduced, a restaurant should keep careful weekly records of sales and spending.
Pearl Lemon Accountants understands that a business will not get the full benefits of our services if they hire an inexperienced supplier. Because of this, we tailor each service to the specific requirements of your company or account. Since we respect and encourage uniqueness and variety in the workplace, you won’t be forced to utilise the same financial statements as everyone else.
The cost of our services varies, depending on which ones you need and in what sequence. If you are interested in learning more, please schedule a time to speak with us over the phone.
When you're thinking about starting a building company or your career as a builder, an innovative financial strategy is essential, rooted in accounting basics.
If you have an effective financial plan, you can reduce your administrative duties so they do not overshadow your customer relationships and ability to work independently. You can use accounting basics to reduce your company's costs, increase your profitability, and minimise your tax liability when you establish this strategy early in your company's lifecycle.
So if you want to build up your business's account, you need an accountant by your side.
We can be that accountant for you. Contact Pearl Lemon Accountants today!