Six Things Restaurant Owners Should Look for in an Accounting Service Provider

Running a restaurant can be challenging, to say the least. Handling finances while managing day-to-day operations can be overwhelming. That’s why many restaurant owners turn to us for tailored accounting and payroll services that simplify their operations. 

Sales Tax / Food and Beverage Tax

Sales tax and related food and beverage taxes are a shared headache for restaurant owners.  With the hustle of managing a busy restaurant, it's easy for these tax filings to fall through the cracks. Processing and filing these taxes are common services that restaurant owners are looking for help with. Hiring the right accounting service provider helps restaurant owners ensure that these tax filings are made timely and accurately. 

We help by systemizing the process. We can integrate with your point-of-sale (POS) systems to access necessary data, calculate what you owe, and schedule payments automatically.

Bookkeeping

Similar to the tax filings above, keeping up with bookkeeping can be a pain point for restaurant owners. Most owners are involved in the business's day-to-day operations, so they don’t have time for it. Outsourcing is the best option if the owner can’t find the time to keep it current. Having a service provider create timely and accurate monthly reports helps you stay organized throughout the year and leads to good business decisions.

Payroll Onboarding

As restaurant owners try to get their business up and running successfully, they may not have the time to devote themselves to various administrative tasks. This includes dealing with payroll issues or onboarding newly hired employees. They must find a service provider like TMA that offers user-friendly software that simplifies some tasks. TMA offers restaurant owners peace of mind with accurate payroll processing, reporting, and payroll tax filings. As a full-service payroll company, TMA can also assist in setting up electronic onboarding for new hires, timekeeping, or applicant tracking. 

At TMA, restaurant owners are assigned a dedicated Payroll Specialist as their primary point of contact for payroll. You submit payroll data for employees, and the Payroll Specialist will handle the rest. When you have questions, contact your payroll specialist directly for any answers or clarification.

Technology

The right technology helps restaurant owners streamline processes so they can focus on what matters most. Restaurant owners often need access to their accounting and payroll information remotely. With TMA’s client portal, they have 24/7 access to financial statements, tax documents and payroll data from any device. To simplify things, our clients can access the same portal to share documentation using the file exchange feature electronically and securely.

Managing Income Taxes

There are two common reasons restaurant owners come to us seeking help. First, they didn’t have a system in place to navigate their tax situation. Second, they need more attention from their accountant throughout the year. Restaurant owners can quickly become too busy with operations to think about the nitty gritty details of tax filings.  

When they come to TMA for help, we take control of monitoring the owner’s tax situation throughout the year.

General Guidance

With so many options when looking for an accounting service provider, finding one who knows the nuances of servicing small businesses is essential. Even fewer accountants know restaurants as well as we do. TMA has been fortunate to service many restaurants throughout our 20+ year history. Knowing the restaurant industry, TMA can offer restaurant owners valuable guidance and consultation.

Choosing the right service provider for your accounting needs can be a significant factor in your success. We take pride in providing services that address the specific challenges of running a restaurant (or more than one). We help business owners stay organized, compliant, and avoid unpleasant surprises with finances and taxes. Reach out to TMA today to see how we can make a difference in your restaurant's success story.