Managing Your Restaurant Finances Made Easier!
We specialize in empowering businesses to thrive by taking the complexity out of financial management. We understand that running a restaurant demands your full attention, and that’s why we’re here to handle the financial side, allowing you to focus on what you do best – growing your business.
Our Expertise:
Tailored Financial Solutions: We pride ourselves on providing personalized financial solutions crafted to meet the unique needs of your business. Our expertise allows us to streamline your financial processes, ensuring efficiency and accuracy.
Proactive Growth Strategies: At Small Business Associates, we go beyond traditional accounting. We work alongside you as strategic partners, offering insights and strategies to drive growth, optimize resources, and maximize profitability.
Peace of Mind: Say goodbye to the stress of managing complex financial tasks. With our dedicated team, you can confidently navigate the financial landscape, knowing that your business is in capable hands.
Why Choose Small Business Associates?:
Focused Support: We understand the challenges business owners face. Our mission is to provide comprehensive support, allowing you to concentrate on what matters most – the success and growth of your restaurant.
Transparent Communication: With Small Business Associates, you can expect open and transparent communication. We keep you informed, so you can make well-informed decisions for your business.
Discover the freedom of business growth without the burden of financial worries. Contact Small Business Associates today and embark on a journey of simplified financial management and accelerated growth.
Restaurant Accounting
Restaurants are unlike any other type of business. Because restaurants face unique challenges; you have to be disciplined and have accurate and timely information.
Cost Control – FLL
At the heart of every restaurant and food service operation the key to profitability always comes back to Food Cost, Liquor Cost and Labor cost (FLL). All three of these key elements are controllable and have the most impact on your profitability.
Food
The bills have to be in the accounting system timely and accurately.
They have to be categorized into meats, dairy, produce, etc.
Make sure every order is checked in and verified so that you are not paying for something you did not get.
You have to keep an accurate inventory.
Your next purchase should be calcualted by multiplying your Food Sales times your Food Cost Percentage.
$10,000 in sales x 25% food cost = next food order should be $2,500
Liquor
The bills have to be in the accounting system timely and accurately.
They have to be categorized into Beer, Wine, Liquor, etc
Make sure every order is checked in and verified so that you are not paying for something you did not get.
You have to keep an accurate inventory.
Your next purchase should be calculated by multiplying your Liquor Sales times your Liquor Cost Percentage.
$20,000 in sales x 15% liquor cost = next liquor order should be $3,000
Labor
Separate your groups so that you have Management, Kitchen, Bar, Wait Staff, Host etc.
Post the payroll expense by the categories.
Look at Labor cost as a percentage of Sales. Kitchen costs to Food Sales, Wait staff to total sales, Bar staff to Liquor sales and of Course Total Staff cost to total Sales less tips.
Have staffing models and have staff cross trained. Bartender can also be wait staff or vise versa if you get busy. Managers have to be cross trained to kitchen, bar and wait staff.
r
TIP Credits
IRS Form 8846
Tip Credits are unique to restaurants. The IRS has created a FICA tip credit that the business owner receives on their annual tax return. This credit does not impact the employees pay in any way. It is an incentive to Resaurant owners to make sure that all tips are being reported by the employees. In exchange the IRS provides the credit which is equal to the FICA tax that the employer paid on those tips in the form of a credit. Why is this important? That credit is deducted from the total tax you owe on your tax bill. If your employees claim $100,000 in tips for the year and they meet minimum wage requirements then you will receive a $7,650 credit of your taxes. That is like earning an additional $25,000 tax free.
Who Gets a 1099’s
It’s simple. Any person or non Corporation that you have paid more than $600 in the Calendar year should receive a 1099-NEC
Most common in Restaurants are Musicians or Bands, Cleaning Person, Subcontractors, Handyman.
Also, you must send a 1099 for Rent and Legal Services
efilemyforms.com
Personal Property Declerations
Due by March 1 every year In St Louis County
Due April 1 each year in St Louis City
Include lease info on Schedule 4
Your business equipment declared should match your Balance Sheet or your Fixed Assets schedule on your Tax Return.
https://stlouiscountymo.gov/
Sales Tax in Missouri
Sales Tax used to be due on the 20th of the following month, but in Missouri that has changed. Monthly returns are due on or before the last day of the following month.
Always file your sales taxes timely. Failure to do so results in a 5% penalty per month up to 25%.
https://dor.mo.gov/online-services/