Restaurant & Hospitality Financial Services - Insights & Latest News

Restaurant Accounting Service News and Blog Articles

The next time you need help with your restaurant accounting External link opens in new tab or windowservices, bookkeeping and tax work, trust none other than External link opens in new tab or windowOceanview Financials in Miami, FL. We know the ins and outs of the industry like the back of our hands, and we are dedicated to delivering tailored solutions that meet your unique needs. To give you further insights, we have compiled some accounting news and blog articles for your review.

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Reopening Post-COVID: Financial Tips for Bars and Restaurants

Earlier this year, our country and our economy found itself in an unprecedented and challenging time. With the novel Coronavirus, known as COVID-19, instilling the unknown in many Americans across the country, business owners were coming face-to-face with the reality of having to close their doors for an unforeseen amount of time. One of the first groups of businesses to shutter was the food, restaurant and hospitality industry – an industry that relies on daily revenue from its patrons, those of which were now being mandated to quarantine and reside in their homes. External link opens in new tab or windowRead more...

Independent Contractor

Independent Contractor

Effective October 1, 2021, Florida businesses will be required to submit new hire reports for their independent contractors paid $600 or more in a calendar year. The business must submit new hire information within 20 days after their first payment to the independent contractor or the date on which the business and independent contractor entered into the contract, whichever is earlier. For example, a business contracts with a painter on October 10 to paint their offices and the first payment to the painter is on October 24 – information must be submitted within 20 days of October 10.

Governor DeSantis signed into law Senate Bill 1532 which requires any “service recipient” in Florida to submit a report to the State Directory of New Hires for each individual who is not an employee but is nonetheless paid $600 or more per calendar year for services. Previously, reporting of independent contractors by a business was optional.

Reporting independent contractors paid $600 or more in a calendar year is a new Florida requirement and should be monitored by each business when entering into contracts and processing independent contractor payments.

Hospitality & Restaurant Industry Trends | 2020