![\"restaurant-accounting-_0000_AdobeStock_413205436\"](\"https:\/\/www.smecpa.com\/wp-content\/uploads\/2023\/09\/restaurant-accounting-_0000_AdobeStock_413205436.jpg\" "\\"restaurant-accounting-_0000_AdobeStock_413205436\\"")
\n\t\t\n\t\t\tFinding the Right CPA\n\t\t\t\t\t\t\t\t\t\t\tfor Your Restaurant or Hospitality Group\n\t\t<\/h2>\n\t\t\t
We help our clients address the challenges of developing a competitive advantage and growing profitability.<\/p>\t\t\n\t\t\t\n\t\t Accounting and tax planning for restaurants and hospitality groups comes with unique challenges. Knowing your field’s financial opportunities, pitfalls, and how to find the right CPA will help you overcome the top challenges businesses like yours are facing today.<\/p>\t\t\n\t Before you can tackle your business’s finances, you have to pinpoint the accounting strategies best utilized throughout the hospitality industry.<\/p>\n These days, there are bookkeeping and POS systems specifically designed for restaurants and hospitality groups. Along with the general must-haves, you can find software that helps track inventory and price menu items.<\/p>\n Educate yourself on need-to-know restaurant accounting terms like costs of goods sold and fixed vs. variable expenses. You’ll also want to learn important numbers to target in reports, such as food cost percentage and cashier’s summary.<\/p>\n For the entire financial story, a business owner consults their accounting software, CPA, and front and back of house staff. Make sure everyone is on the same page and routinely reports the information you need.<\/p>\n Your financial goals should reflect industry demands. For restaurants and hospitality groups, consider these common goals for improving financial stability:<\/p>\n For restaurants and hospitality groups, there are two common accounting methods, each with pros and cons.<\/p>\n Choosing a CPA is one of your strongest accounting strategies. You want someone who offers the services you need, is easily reachable, AND knows your industry. To make your decision, consider these questions:<\/p>\t\t\n\t\t Do they have experience with restaurants and hospitality groups?<\/strong> Hiring someone familiar with your field ensures they’ll accurately guide you on tax regulations and industry benchmarks. Ask potential firms who they work with, for how long, and for similar clients you can contact as references.<\/p>\t\t\n\t\t Are the size, price, and services right?<\/strong> CPA firms come in many sizes and price points. While each firm offers unique benefits, it’s important to find the CPA firm that fits your specific needs at a price point that is sustainable for the season of business you are in.<\/p>\t\t\n\t\t Are they easy to contact? Your CPA won’t be much help if they’re hard to reach. A firm should be readily available and make you feel comfortable<\/strong> discussing your finances. If you don’t feel that you can have an open dialogue with your CPA about the financial state of your business, it might be time to find a new partner.<\/p>\t\t\n\t\t The hospitality industry has improved since the pandemic began, but there is still ground to make up. Be prepared to face these age-old challenges as normalcy slowly returns.<\/p>\t\t\n\t\t Many companies develop incorrect financial reports without realizing it. If your reports aren’t accurate, your business decisions won’t be either. Automated reporting systems can greatly reduce human error.<\/p>\t\t\n\t\t Balancing quality ingredients and affordable menu prices is a major challenge for any restaurant. With recently fluctuating food prices, evaluate your inventory costs and menu pricing weekly. Use menu engineering to keep prices at an accurate reflection of expenses.<\/p>\t\t\n\t\t Your staff is a major expense, especially with turnover. Just like your ingredients, you want quality at the right price, so invest in a trustworthy, stable team. Establish an automated payroll system to avoid confusion and stay consistent.<\/p>\t\t\n\t\t If your business only reconciles its accounts monthly, you’re losing important information. For restaurants and hospitality groups, sales and expenses fluctuate daily. Make a schedule for frequent short-term reviews to accompany your monthly big-picture monitoring.<\/p>\t\t\n\t\t\t\t Accounting information can quickly overwhelm any restaurant or hospitality group. Getting connected with a CPA you can trust and\u00a0who specializes in the restaurant and hospitality industry<\/a>\u00a0will keep you above water. SME CPAs has guided restaurants through\u00a0tax season<\/a>\u00a0and financial planning for years, offering small business accounting services backed by the resources of a larger firm. Our industry experts are available at a moment’s notice. Reach out today!<\/p>\t\t\n\t\t\t\n\t\t\t\t\t\t\tGet in Touch\n\t\t\t\t\t<\/a>\n\n","protected":false},"excerpt":{"rendered":" Specialized Hospitality Services Accounting and Tax Planning for Restaurants and Hospitality Groups Expert Financial Guidance From SME CPAs It takes more than culinary expertise to be successful in the restaurant industry. For years, SME has been guiding restaurateurs, food franchises, caterers and specialty food stores to success through\u00a0small business accounting\u00a0assistance.Our experienced professionals understand the important…<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"yoast_head":"\nBusiness Succession Planning<\/h3>\n\t\t\t<\/a>\n\t\t
Buy\/Sell Agreements<\/h3>\n\t\t
Cash Flow Planning and Budgeting<\/h3>\n\t\t
Compilations and Reviews<\/h3>\n\t\t
Financing Alternatives and Negotiations<\/h3>\n\t\t\t\n\t\t
Food and Beverage Cost Analyses<\/h3>\n\t\t\t<\/a>\n\t\t\t\n\t\t
Internal Financial Controls<\/h3>\n\t\t\t<\/a>\n\t\t\t\n\t\t
Tax Planning, Preparation and Compliance<\/h3>\n\t\t\t<\/a>\n\t\t\t\n\t\t
Traditional and Outsourced Accounting and Bookkeeping Services<\/h3>\n\t\t\t<\/a>\n\t\t
\n\t\t\tGetting Started With \n\t\t\t\t\t\t\t\t\t\t\tAccounting and Tax services for Restaurants\n\t\t<\/h2>\n\t\t\t
Key tax and accounting strategies for restaurants and hospitality businesses<\/strong><\/h2>\n
Invest in specific software<\/strong><\/h3>\n
Know the lingo<\/strong><\/h3>\n
Get the full picture<\/strong><\/h3>\n
Pinpoint the right goals<\/strong><\/h3>\n
\n
Choose the best accounting method<\/strong><\/h3>\n
\n
![\"restaurant-accounting-_0002_AdobeStock_614785186\"](\"https:\/\/www.smecpa.com\/wp-content\/uploads\/2023\/09\/restaurant-accounting-_0002_AdobeStock_614785186.jpg\" "\\"restaurant-accounting-_0002_AdobeStock_614785186\\"")
\n\t\t\n\t\t\tFinding the Right CPA\n\t\t\t\t\t\t\t\t\t\t\tfor Your Hospitality Group?\n\t\t<\/h2>\n\t\t\t
Hospitality Experience<\/h3>\n\t\t\t
Fit for You<\/h3>\n\t\t\t
Great Communication<\/h3>\n\t\t\t
\n\t\t\tThe top accounting challenges\n\t\t\t\t\t\t\t\t\t\t\tyour restaurant or hospitality group will face\n\t\t<\/h2>\n\t\t\t
\n\t\t\tInaccurate reports\n\t\t<\/h3>\n\t\t\t
\n\t\t\tErratic food prices\n\t\t<\/h3>\n\t\t\t
\n\t\t\tStaffing issues\n\t\t<\/h3>\n\t\t\t
\n\t\t\tFalling behind on accounts\n\t\t<\/h3>\n\t\t\t
![\"restaurant-accounting-_0001_AdobeStock_107859739\"](\"https:\/\/www.smecpa.com\/wp-content\/uploads\/2023\/09\/restaurant-accounting-_0001_AdobeStock_107859739.jpg\" "\\"restaurant-accounting-_0001_AdobeStock_107859739\\"")
\n\t\t\t\t![\"smecfohero\"](\"https:\/\/www.smecpa.com\/wp-content\/uploads\/2022\/08\/smecfohero.jpg\" "\\"smecfohero\\"")
\n\t\t\n\t\t\tSME CPAs knows your\n\t\t\t\t\t\t\t\t\t\t\taccounting and tax planning needs\n\t\t<\/h2>\n\t\t\t