At Tri-State Accounting & Tax Services Inc, we understand the complexities of accounting for restaurants, bars, and cafés. Tracking inventory and capturing true profit takes time away from running your business. Hiring a professional lessens the burden on you and minimizes the risk of making a harmful mistake. Our agency works to assist hard-working hospitality businesses such as yours in offering the best accounting services at a truly affordable cost.
Any restaurant, bar or café’ that wants to grow must stay on top of its numbers. If a restaurant doesn’t have access to accurate financial reporting, it will prevent the company from reaching its full potential. There’s a lot of work that goes into keeping financial information current and putting all the information into a format that’s actionable such as tracking revenue by service, tracking inventory, tracking by location and much more. The good news is, we’re happy to do that work for you.
If you’re in need of a CPA, you’ll need one who understands the specific issues faced by your organization. Thanks to our experience working with dozens of restaurants, we have firsthand knowledge of how your business functions. The amount of experience we have working with restaurant and bar businesses allow us to provide the highest level of service.
Tax Services for Restaurants & Bars
The benefits of having a restaurant and bar-experienced CPA that is focused on tax issues are incredible, allowing your business access to financial information that is always accurate and current. This type of service can be as simple as ensuring that the proper estimated tax payments are taken care of every quarter or tracking and using the TIPS credit.
Since most hospitality practices pay a substantial amount of taxes, having a knowledgeable professional on your side is the best way to minimize your tax liabilities.
Business Advisory Services for Restaurant & Bars
An experienced accountant for restaurants and bars can assist with a variety of business functions. As a restaurant starts to grow, payroll can become both expensive and time-consuming. Working with a professional who knows the specific regulations to the industry will not only free up the time it would take to complete the task on your own but can ensure your numbers are mistake-free.
Did you know that the average pre-tax profit margins range from 2-6 percent—2 percent for full service and 6 percent for limited service restaurants)? We’re eager to share necessary information with you that can help maximize your profitability.
Beyond Bookkeeping, Taxes, and Payroll we offer:
- Benchmarking for Industry Cost & Utilization
- Certified QuickBooks Consultants
- Bank Financing Negotiations
- Payables Cycle Management
- Many more services
Regardless of which financial services you need, if you hope to work with a company that has an experienced track record of assisting the restaurant and bar industry, you’ll be pleased with the results that come from teaming up with Tri-State Accounting. Interested in learning more? Give us a call at (513) 791-6288.