Restaurants
Feeding a healthy bottom line for restauranteurs
Regardless of whether you’re a franchisee, franchisor, or standalone, independent restaurant owner, owning a restaurant is complex. Shifting dynamics in the industry have brought about poor growth, rising costs, and a shortage of qualified labor.
From managing and controlling inventory, analyzing data from your point of sale (POS) system to identify issues and opportunities, dealing with a multitude of employee issues, or staying in compliance with sales and other tax compliance and reporting requirements, finding the path to a healthy bottom line can be quite challenging.
Whether you’re operating a single location, multi-location, or multi-state restaurant, balancing everything you need to get done is a challenge. The right partner on your team can be instrumental in your continued success. Customized solutions are within reach, including integration and cloud solutions for making the best decisions based on the data you already have across your platforms. Another example is inventory control and management for ordering and maintaining supplies while decreasing waste and driving up profits.
Undoubtedly, there are many dynamics at play for quick-service (QSR), fast-casual, and full-service restaurants. Don’t ‘86’ the available opportunities to adapt and position yourself for continued financial success.
Solutions
Adams Brown provides the following services to restaurants:
Agreed Upon Procedures, Review and Compilations
Services for providing insight into the accuracy and validity of your restaurant’s accounting and financial information to discover and correct issues, install controls, assist with financial decision making, and respond to 3rd party financial information requests.
Business Advisory and Consulting
For restaurants seeking guidance in areas in areas such as strategic planning, growth opportunities, business transformations, or selling, merging, or transitioning their businesses in response to new situations.
Outsourced Client Accounting
For restaurants seeking to make managing their business easier via outsourcing back office accounting functions like payroll, accounts payable and accounts receivable, analyzing areas for automation and implementing cloud-based solutions, and training staff on new software and procedures.
Tax Planning and Compliance – Business
Tax minimization strategies and tactics at the corporate level with a focus on capturing relevant Federal and State of Kansas incentives, credits and deductions for restaurants.
Tax Planning and Compliance – Individual
Tax minimization strategies and tactics for restaurant owners or families with a focus on opportunities under the new Tax Cut and Jobs Act and recent changes to State of Kansas tax requirements. We also help with tax strategies related to succession planning and exiting the business.
Wealth Management
We help restaurant owners or families develop and implement customized strategies for achieving long-term goals, strengthening your financial security and maintaining your quality of life.
Other Adams Brown Solutions
For a confidential discussion of your issues and needs, please contact our Restaurant Team Leader, James Bailey, using the fillable “Contact Us” form on this page.
Testimonials
Recent Posts
COVID-19 Presents Work Opportunity Tax Credit Possibilities for Restaurants
Restaurants Hiring Employees May Qualify for Substantial Tax Benefits By James Bailey, CPA In a year that has truly been unlike any other, the restaurant industry has faced considerable challenges. …
New Tax Provision May Benefit Restaurant Owners
Restored Bonus Depreciation May Become ‘Found Money’ By James Bailey, CPA As the restaurant industry slowly gets cooking again after the COVID-19 shutdown, many restaurants are hurting and may not…
What Will the Future of the Restaurant Industry Look Like?
By James Bailey, CPA Before the coronavirus outbreak, trends in the restaurant industry like increased delivery and takeout services have taken off, if nothing else than by necessity. In the…
FAQ: Common COVID-19 Employment Questions for Restaurants
Reopening Your Restaurant Post-Coronavirus Pandemic Mandates By James Bailey If your restaurant re-opens, you might have questions about how to legally ask or require employees to adhere to certain guidelines…
What’s Next
Among the many challenges that face restaurateurs, opportunity is abundant with new and emerging technologies. Capitalizing on these disruptors, which include delivery driver programs (DoorDash, Grubhub, Uber Eats, etc.), labor automation, and cloud operational and financial reporting in real time, is the next big challenge and opportunity for the industry.
Restaurant Team Leader:
James Bailey
Contact James: