The restaurant industry is a rapidly changing environment which requires all parties involved to be adept and nimble. From overall costs, to staffing needs, to supply chain management, safety (from all aspects), opportunities for efficiencies and consideration of particular consumer preferences – these are all just a few of the aspects that are changing on a daily basis. When being a part of this dynamic industry, having an advisor that operates at the same pace as you and understands your needs, is mission critical to your growth, whether you currently operate a single location or chain on a larger scale.
Based upon our experience, the top characteristics to look for in a restaurant CPA firm:
- Knowledge of tax regulations, incentives and benefits available to you
- Company structure options, and assistance in finding the best for your situation, including recommending what would work best in the scenario specific to you and your restaurant
- Access to, and familiarity with, different financing options available
- Knowledge of systems and software used within the industry
- Vast network of vendors and suppliers to provide you solutions at a moment’s notice
Restaurant Industry Trends and Challenges
If you have more than one restaurant, you should consider consolidating your accounting function to maximize the effectiveness of your administrative spend. Its not as simple as putting all of your accounting professionals in the same room. Consolidation requires a mapping of responsibilities and understanding a system of accountability. If you think there is savings to be had in your restaurant group, reach out for an organizational consultation.
Allow us to help you develop economical tax services and strategies anywhere. Ensure that tax reporting obligations are met in an accurate and timely manner and to minimize or defer the payment of taxes.
Who We Help
Local Restaurant and Franchises
- Tax Services
- Bank Compliance
Multi-Location and Multi-State Operators
- Economies of scale, centralization, internal controls
- Financial Statement Preparation
- Tax Service
Restaurant Accounting and Advisory Services
For more information or to discuss your business needs, contact Withum’s Restaurant Services Team.