Accounting Services for Restaurants in Toronto
Hart Accounting Services offers contemporary and effective accounting solutions to restaurant owners in Toronto. These services involve gathering, interpreting, and analyzing your restaurant’s financial information, including your restaurant’s revenue, cash flow, income, and inventory levels.
Restaurant Accounting Services
Your restaurant can conduct hundreds of transactions per day, and it can be easy to lose sight of your business’s financial performance.
With this information, you can make calculated decisions, ensure that you manage your cash efficiency, and plan for future growth. Our services allow for seamless integration with your current systems and infrastructure. You’ll also be able to access your financial records any time and from anywhere for accurate financial tracking.
The accounting services that we offer at Hart Accounting Services frees up your time and resources to focus on growing your business. Read more below to learn more about our accounting and tax services and how they can contribute to your restaurant’s success.
Gain Insights into Your Restaurant's Financial Status
Cloud-based accounting information gives you a detailed insight into your restaurant’s financial status. With our real-time financial reporting solutions, you can understand what is going on with every aspect of your business. For example, you will be able to calculate your most significant expenses or identify the best-selling menu items.
Profit and loss statements and balance sheets are particularly crucial for restaurant owners to gauge their business’s financial status. The profit and loss statement shows your restaurant’s profitability while the balance sheet shows your restaurant’s worth at a specific time.
As is the case with any business, constant improvement is critical to ensure sustainable growth. With our accounting services, you’ll know exactly where to make these improvements.
Get in Touch with Us!
We Offer Practical Solution to All Your Accounting Problems.
Tax Planning to Maximize Profits
As a restaurant owner in Ontario, you have to be compliant with all relevant tax regulations and policies. Our tax planning solutions ensure that you pay your liabilities on time, reducing your risk for a CRA audit, penalties, and fines.
We stay up to date on the latest Canadian Revenue Agency (CRA) regulations and policies, including those pertaining to tax-deductible expenses. With our tax planning solutions, we aim to minimize your tax liability and maximize your profits.
These services include advising you on the correct tax forms to use for your sole proprietorship or corporation. We can take care of all your tax accounting, from identifying tax-deductible expenses to filing your return and assisting you in dealing with the CRA.
Prime Cost Control
Your restaurant’s prime cost is a critical key performance indicator. This cost refers to the sum of your inventory, or cost of goods sold, and labor cost. In essence, these are the costs of the products and services you need for your restaurant to serve customers.
Controlling prime cost is a prerequisite to keeping your restaurant profitable. Using prime cost as a guide, you can manage your restaurant’s daily revenue to ensure that you meet your profit margin objective.
If you don’t know your prime cost or don’t know what your prime cost is supposed to be, it becomes challenging to set revenue targets. By using our accounting services, you can analyze your prime cost and adjust your prices accordingly.
Frequently Asked Questions
Here are some questions business owners frequently ask when they consider hiring restaurant accountant services
Do I Lose Control of My Books with Accounting Outsourcing?
When you outsource your accounting to Hart Accounting Services, you maintain full control over your books. We use cloud-based accounting solutions, providing you with complete access to your financial statements and reports. You can also use these platforms to share source documents with your accounting professional.
By having access to your updated and accurate financial reports and statements, you have more control over your business’s finances than you would with an in-office accounting system.
How Does the Transition of Bookkeeping Functions Work?
With the installation of our accounting hardware, you can import all documents and invoices in a matter of seconds. We share all payroll information with your current provider, or we complete it ourselves. Hart Accounting Services will also contact all your vendors and ask them for statements so we can reconcile accounts payable.
When you sign up for our accounting services, we immediately take your accounting and bookkeeping functions over in a seamless transition, and your restaurant can continue operating as usual.
What Happens to My In-House Bookkeeper?
If you have a bookkeeper or administrative staff and want them to continue with their activities, you don’t need all our bookkeeping solutions. However, we can provide you with QuickBooks support or training to make your existing accounting system more efficient.
I'm Behind on My Bookkeeping and Taxes. Can You Help?
Falling behind on tax preparation is a common problem that busy restaurants have. GTA Account can help. We offer professional and prompt tax planning and preparation services to ensure that your business is ready for tax season.
If the CRA wants to conduct an audit, we will help you prepare for the audit and assist you with your communication with the agency.
