Accounting Help for Restaurants in Winter Garden, FL
The restaurant industry is a unique field when it comes to taxes and accounting. Few other fields have the same combination of wage reporting regulations and operational expense deductions that coffee shops, steakhouses, and fast-food franchises routinely experience. These companies are best served by the assistance of an industry-experienced CPA.
Locksley A Cameron, CPA provides accounting for restaurants in Winter Garden, Ocoee, Windermere, and the surrounding communities. Call us today for help in balancing your restaurant’s books.
It is well-known that tips are taxable income. However, many restaurant owners forget about the importance of tracking the tips each employee earns. When an employee makes $20 a month or more in tips, the restaurant’s owner has to calculate how those earnings affect the company payroll return. Misstated tip income leads to misstated withholdings, creating problems with the IRS.
Our Winter Garden firm helps restaurant owners establish efficient tip tracking methods, such as having all employees submit a written tip report no later than the tenth of each month. Tracking tips effectively safeguards the accuracy of reported withholdings on all payroll returns.
Deducting Wages and Operational Expenses
When the restaurant files its business income tax return, there are two key deductions that must be fully reported. The first is the wages paid to your employees. The second is the collection of the restaurant’s operational expenses.
Locksley A Cameron, CPA helps restaurant owners track these deductible expenses. We implement controls and accurate bookkeeping services for better wage tracking. Our firm also establishes methodologies to track the costs of daily operation, including:
Food – the cost of purchasing ingredients for your menu can contribute to over one-quarter of your restaurant’s total expenses. We ensure that the money spent on food is fully reported in your accounts.
Office Supplies – from the pens and paper used to write down orders, to the material used in creating a menu, a restaurant goes through various office supplies like any other business. This easily forgotten expense is also tracked by our firm.
Capital Expenses – kitchen equipment, tables, building improvements, and delivery vehicles are all assets with life spans beyond their year of purchase. We make sure to track the value and depreciation of these capital expenses.
Contact Us for Restaurant Accounting
Locksley A Cameron, CPA offers restaurant accounting near Winter Garden. Our services help restaurants in all surrounding communities succeed. For more information about how we can keep your restaurant successful in a busy market, call us today and schedule a consultation.