Restaurants
The restaurant industry is an exciting sector to operate in, and it brings a lot of pleasure to its customers. The demands of this sector, selling food and drinks, places restaurants under specific pressures. These pressures dictate the best accounting practices for the restaurant industry. With flexible labour costs, the costs of goods sold, and meeting the fluctuating needs of customers; it is vital restaurants select a bookkeeper or accountancy specialist, and accounting method, which best fits their business needs.
For restaurants operative above VAT thresholds, we may also be able to move you to a “Flat Rate” scheme which might save enormous amount of tax compared to standard rate of 20%. We analyse recent business sales trends and expense and may suggest various useful tax saving measures.
At Garrison Accountants we are offering services aimed at helping clients like you. Many restaurants use the cash accounting method, and this is accepted as an intelligent choice for firms that deal in cash for supplies and see money coming in from customers as the service is provided. Some restaurants choose to work accrual basis of accounting where appropriate.
Hiring a professional accountant to oversee the financial part makes sense. Initially, it is worthwhile to discuss the matter with a professional. Accountants who offer this service make your life easier.
Clients get peace of mind when hiring accountants. We will examine a restaurant’s activity and offer tailored insight into which system best fits their needs.
While tax matters are a concern for restaurants in the UK, there are opportunities to save money and lower costs. The benefits on offer differ depending on the type of business and industry, so get personalised advice for your organisation.
Every company should maintain a good standard of taxation records and management accounts. You should consider how you pay employees and whether you have retirement and health insurance plans in place.
The issue of tax returns is pressing for most people and businesses. A professional can provide advice for a small business, helping them avoid problems, and future audit work. These tax matters are bewildering to most people, but they can have a massive impact on a restaurant’s success or failure. This is why working closely with chartered accountants is an investment which can pay off.
Please feel free to get in touch for an initial free consultation info@garrisonaccountants.co.uk
