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RESTAURANT & CAFE ACCOUNTING


Getting the restaurant accounting and tax expertise you need is simple when you use the help of Honest Buck. As a full-service accounting firm, Honest Buck is an expert in accounting and tax preparation for restaurants, cafes and other food-based businesses. Discover how you can take advantage of a cafe accounting expert to reduce taxes and leverage tax savings.

Why Restaurant Accounting Expertise Is Important

The business aspect of running a restaurant presents many challenges unique to the industry. The nature of restaurant operations requires unique, specialized accounting. To ensure compliance with federal, state and local labor laws and tax regulations, you need access to restaurant accounting expertise. A successful restaurant needs expert knowledge in several areas:

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Payroll Challenges

Needed Tax Expertise

Accounting Unique to Restaurants & Cafes

 

Form 8846: Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips

Work Opportunity Tax Credit

Small Business Health Care Credit

Uniform capitalization (UNICAP) rules

Smallwares tax deduction

Deduction for qualified business income

Form 1099-K: Payment Card and Third Party Network Transactions

Form 8027: Employer's Annual Information Return of Tip Income and Allocated Tips

Employee's reporting of tips

Unreported tip income

Tip pools and allocation methodologies

Minimum wage laws and tip credits

Meals provided to employees

ACA requirements

Franchise agreements

Upfront payments from suppliers

Tipping vs. service charge

Gift card sales

8 percent rule for tips

Income from delivery facilitators

Liquor license amortization

 

Honest Buck in Action

At Honest Buck, we don't just talk about what we do. We show up and deliver. Discover how we've helped a local Seattle restaurant improve its processes as well as prepare for and take advantage of tax savings over the years since its opening. Honest Buck experts implemented:

  • A streamlined tip allocation process. Allocating tips appropriately is essential when tracking expenses for labor costs in the restaurant industry, as well as for correctly compensating staff and keeping in compliance with wage laws. But without an organized process, it's easy to lose track of tips. Thanks to our restaurant accounting expertise, we were able to establish a process for tip allocations to help streamline the process.

  • Practical wage law monitoring. We helped our restaurant client effectively monitor minimum wage laws, keeping its payroll policies up-to-date with changing requirements.

  • Reductions in taxes. With our expert restaurant tax preparation services, we helped maximize the startup cost deduction and leasehold improvements depreciation for our client. We decreased taxes by enforcing marketplace fairness laws on delivery facilitators. We also assisted our client in leveraging the Small Business Health Care Credit to further reduce its tax liability. As a result of this expertise, the restaurant saves on costs over time.

 

Get Help From a Restaurant Accounting Expert

Ready to get started?

Looking for one of the best accounting services out there with extensive restaurant expertise? Leverage a restaurant accounting expert who can help you reduce taxes and maintain compliance. Contact us at Honest Buck Accounting to schedule an appointment today!