Restaurant FAQs
Finding a restaurant CPA who understands the foodservice industry’s margins is vital to your success. Below are answers to the most common questions we receive regarding our services for dining establishments.
Services & Tax Strategy
Our team provides specialized support to help you manage your books and minimize your outstanding balance. We focus on the specific rules that apply to the food and beverage industry.
MBE CPAs provides a comprehensive suite of restaurant services that includes bill pay, bookkeeping, payroll, and growth management to support your daily operations.
The team reviews each client’s unique financial situation to maximize federal and local tax credits while providing clear advice and options that help business owners keep more of their money.
The work opportunity tax credit (WOTC) and the federal tax credit for employee tips are two of the most common and powerful benefits that restaurant owners track and claim. MBE CPAs can assist with tracking these credits so our restaurant owners receive all the benefits they deserve.
Tax planning is a core specialty in which the firm proactively provides guidance, advice, and regular conversations so your business structure meets both short- and long-term goals.
Operational Efficiency & Technology
Running a kitchen requires the right tools and a watchful eye on waste. We help you choose the right systems to keep your daily numbers accurate.
There are many software options that work well for restaurants. The key is to find one that provides owners with timely reporting to help them manage the day-to-day. The best are those that incorporate payroll and food costs, so gross margins are accurate.
To minimize loss, you should regularly measure inventory levels and develop simple processes for staff to follow, such as weighing ingredients or hiring third-party beverage trackers.
Owners often focus on the wrong financial metrics and lose sight of the key performance indicators that drive profit growth.
Forecasting & Scalability
Whether you are dealing with seasonal shifts or preparing to open your third location, we provide the data you need to plan ahead.
Profitability depends on managing the cost of goods so that food and labor costs remain consistent. Once those costs have been calculated, you can focus on customer service and improving table turnover.
MBE CPAs utilizes time-tested techniques and processes to help clients manage their cash flows through the natural ups and downs of the industry.
We include an annual review and future projections with our tax planning process. We can pull information from many types of restaurants and note seasonality and projected growth patterns to help our clients manage their businesses through the peaks and valleys of a year in the restaurant industry.
MBE CPAs works with clients to manage the transition to adding a new location or service line so that these changes do not disrupt the original business. The firm helps owners focus on the small details and maintain steady financial habits so the entire company stays strong as it gets larger.
Payroll, People & Compliance
Managing a team and staying up to date on local permits involves many moving parts. We offer restaurant payroll services and compliance tracking to keep your business running smoothly.
The Payroll Solutions team offers IRS-compliant reporting, including no-tax-on-tips and overtime laws, using a platform that integrates with most accounting software, resulting in accurate and timely reports.
A dedicated sales tax team assists with registrations, preparations, and filings so your business remains in full compliance with the specific laws of your state and locality.
Yes, we review our client’s financial situation as often as required. Some we’re reviewing monthly, and others quarterly or semi-annually. If audited or reviewed financials are required for lending purposes, our attest team can help with those as well.
Have Additional Questions?
If you have a specific situation that isn’t covered here, our restaurant accountants are ready to help. Reach out to discuss your unique needs and see how we can support your team.