Hospitality-Specific Financial Services
Who Can Benefit From Our Services
Small Business Owners
Businesses in Florida
- Palm Beach
How We Cater To Your Needs
Unique Restaurant Financial Service Considerations
Even the most business-savvy restaurant or small business owner may need outside assistance with payroll processing and other accounting measures. Restaurants have unique considerations when tracking labor hours and payments. Whether you choose a firm for full financial accounting, including profit and controls, or contract out payroll services only, choosing a financial services company that is well-versed in hospitality can save you money and make sure you are fulfilling every responsibility to your employees and the government.
- Restaurant seasonality. Although many retail establishments also experience seasonal changes, restaurants are subject to seasonality more than most industries. Accounting services with experience in the highs and lows of restaurant seasons understand the nuances of navigating these changes and paying attention to the financial challenges, including seasonal employees and health insurance.
- Tips as wages. Restaurant employees in certain categories can be paid differently than in other positions due to tips’ earning. When choosing an accounting service for restaurant payroll, it is essential to work with a team that has specific restaurant experience if you employ servers whose income is partially tip-based. These unique circumstances can be confusing even for restaurant management, so businesses need to make sure that proper reporting takes place.
For example, restaurants pay sales tax and a surtax on anything that is income on a receipt. That goes from service charge, minimum charge, corkage fee, and others. Also, service charges are no longer considered "tips" in the state of Florida. Instead, these charges must be added to an employee’s paycheck and included as taxable income.
- Payroll taxes. While working on payroll services, a financial services company can review the way your taxes are being paid. The goal is to make sure all of the bases are covered while minimizing the burden of the tax requirements. When a professional eye overlooks your payroll and business taxes, you can be assured nothing is missed that can be a future liability.