Cost-Effective Restaurant Accounting & Tax ServicesWith our Restaurant Accounting Services, your business will continue to be financially sound, now and forever.
Tax Issues for Restaurants
Should I Incorporate My Business? Ask us.
Business Deductions for Restaurants
Tax deductible expenses include:
- Merchant fees
- Point-Of-Sale Expenses
- Food and alcohol
- Restaurant supplies
- Repairs and Maintenance
- Rental and utility expenses
- Licencing
- Travel expenses
- Make travel deductible in a legal way
- Marketing/branding, e.g. to develop your brand logo when selling your own brand Advertising
- Accounting
- Payroll
HST Issues for Restaurants
Keep a separate bank account for HST and tax (transfer ~20% income to this account) – HST is not your income, you only collect for CRA.
Payroll Issues for Restaurants
Payroll Management for Restaurants
- Make sure all employees are on your payroll system
- Understand payroll laws and regulations for different payroll scenarios (I.e. – holiday pay, vacation pay, overtime pay)
- Our office provides a complete hassle-free payroll system, contact us for more details
- High turnover can complicate payroll, we can help simplify your payroll management
- Report casual labour on T4A tax slips
Workers Compensation and EHT for Restaurants
- If your gross payroll exceeds $450,000, you will be required to remit the Employee Health Tax to the Ontario Government. Ask us if this situation applies to you.
- You may be liable to pay Worker’s Compensation Insurance for all provinces that your business operates in. Ask us for more details
Accounting Issues for Restaurants
- Use a Cloud-based Accounting System and point-of-sale system, ask us about your options
- Set up a proper chart of accounts to fit your operations
- Set up tracking categories to track restaurant sales and operations by category
- Keep concise records of purchases and income regardless if the transaction is electronic or by cash
