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It is important for a restaurant to have successful accounting records, especially in the beginning, start-up phase and when making critical decisions that will drive growth. A key contributor to a restaurant’s ultimate success is an accurate, complete set of...
Despite current challenges regarding the pandemic, whether offering carry-out or dine-in options, restaurants remain a mainstay in many communities around the country. Owning or operating a restaurant comes with a unique set of requirements for reporting and paying...
Need a Cost Segregation Study? If you own a restaurant or hotel establishment, the answer most certainly could be “YES!” As a tax accountant with clients in this space, I urge you to consider conducting a cost segregation study to maximize your tax deductions. In this...
In case you haven’t heard…a new accounting standard is coming that will affect accounting for business leases of all kinds for the calendar year ending December 31, 2022 (for privately owned businesses). In this blog post, I will focus on restaurant leases as this...
As many of my audit and consulting clients are in the restaurant and hospitality industry, I am familiar with the various challenges they face to effectively manage inventory. Like most other industries, the goal is to have minimal capital tied up in inventory, while...