RESTAURANT & HOSPITALITY Financial Services - INSIGHTS & LATEST NEWS

Restaurant Accounting Service News and Blog Articles

The next time you need help with your restaurant accounting

services, bookkeeping and tax work, trust none other than

Oceanview 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.

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

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What does the future of hospitality hold? Overall, Oceanview Financials' staff suggests the need for restaurant owners to properly embrace the above mentioned trends and understand what's at stakes. Here are six of the most obvious trends:

#1 - Standardization can no longer be the norm.

It is becoming critical to personalize and tailor the services to the needs and preferences of the customer.

#2 - To create value, focus on niche ideas.

More customization and specialization may enable increased value creation for Restaurants. But be careful as this requires to genuinely think about the value proposition of your offer and not “simply branding and rebranding”.

#3 - Exploit technology as an accelerator for business.

Technology will be at the core of the restaurant experience both for the customer experience and for tracking cost. This will lead to the development of new concepts and more innovation in the industry and contribute to the emergence of an ever more individualized offer.

#4 - Social responsibility is a moral and an economic obligation.

The impact of Social Responsibility has become a way of living and thinking specially with COVID-19. It is critical for governments but even more so for corporations to become more sustainable: “not just green, but real sustainable business models”.

#5 - Develop more responsive and resilient business models.

As the number of customers steadily continues to decline and more restaurant concepts continues to emerge; this will be accompanied by an increased in response to a disproportional customer flows in some areas. " Think of Wynwood and Coconut Grove in Miami for example in which Wynwood has taken all the basis of customer leaving areas such as the Grove mere empty scrapping for customers to visit".

#6 - Manage talents actively.

The days of long-lasting employee retention as well as passive, hierarchical management styles are definitely gone. “Attracting, developing and keeping the right talent into and within the hospitality industry remains a core challenge.”