Cost-effective Restaurant Accounting & Tax Services

With our Restaurant Accounting Services, your business will continue to be financially sound, now and forever.

Tax Issues for Restaurants

Should I Incorporate My Business? Ask us.

Business Deductions for Restaurants

Tax deductible expenses include:

  • Merchant fees
  • Point-Of-Sale Expenses
  • Food and alcohol
  • Restaurant supplies
  • Repairs and Maintenance
  • Rental and utility expenses
  • Licencing
  • Travel expenses
  • Make travel deductible in a legal way.
  • Marketing/branding, e.g. to develop your brand logo when selling your own brand Advertising
  • Accounting
  • Payroll
HST Issues for Restaurants

Keep a separate bank account for HST and tax (transfer ~20% income to this account) – HST is not your income, you only collect for CRA.

 

Accounting Issues for Restaurants

  • Use a Cloud-based Accounting System and point-of-sale system, ask us about your options.
  • Set up a proper chart of accounts to fit your operations.
  • Set up tracking categories to track restaurant sales and operations by category.
  • Keep concise records of purchases and income regardless if the transaction is electronic or by cash.
  • Report tips (pool tips or direct)

Payroll Issues for Restaurants

Payroll Management for Restaurants
  • Make sure all employees are on your payroll system.
  • Understand payroll laws and regulations for different payroll scenarios (I.e. – holiday pay, vacation pay, overtime pay).
  • Our office provides a complete hassle-free payroll system, contact us for more details.
  • High turnover can complicate payroll, we can help simplify your payroll management.
  • Report casual labour on T4A tax slips.

 

Workers Compensation and EHT for Restaurants
  • If your gross payroll exceeds $450,000, you will be required to remit the Employee Health Tax to the Ontario Government. Ask us if this situation applies to you.
  • You may be liable to pay Worker’s Compensation Insurance for all provinces that your business operates in. Ask us for more details.

Accounting Plus Testimonials

Accounting Plus Testimonials

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Trusted Accountancy For Over Two Decades

  • The Accounting Plus is our medical business' financial company which provides us with accounting, financial planning, and tax planning services. The w... Read More
  • I've been working with Peter Edrey and his people at Accounting Plus for about 18 years. Just like any relationship, things are not perfect 100% of th... Read More
  • Cannot say enough good things about Peter and his team. Knowledgable, efficient and responsible are just some of the adjectives to describe them!!
  • I am working with accounting plus since 1996, when it was a one man office ( Peter ). Well I have only good words to express my satisfaction from the... Read More
  • Business returns always done professionally with attention to detail. Keep up the good work

Start Growing Your Business Today

Speak with one of our accounting and tax specialists and discover how we can help grow your business.