Restaurant

Discover the benefits of a bespoke accounting solutions that helps you grow your business.

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

Xero Online Gold Partner

Xero Online Accounting Software

Operate more efficiently and have more time to focus on your business. Find out why over 300,000 people worldwide have moved to Xero’s online accounting solution.

Xero Online Accounting Software

Xero Key Features

  • Invoicing Made Easy
    Not only can you create professional recurring invoices in Xero, you can also keep track of when they are opened.
  • Value For Money
    Xero reduces your upfront business costs with free upgrades and access for an unlimited number of users all at an affordable monthly fee.
  • At-A-Glance Dashboard
    With just one click, you can see your bank balance, invoices, bills and expense claims, without having to log onto various websites.
  • Automatic Bank Reconciliation
    Xero imports and categorizes you latest bank, PayPal and credit card transactions so reconciliation is just one click away.

Trusted Accountancy For Over Two Decades

  • The team at Accounting Plus Financial has been amazing! We are a very long-time client of theirs and they are always going above and beyond to help us... Read More
  • Despite having some unique accounting needs, the team at Accounting Plus has consistently delivered excellent, professional service and at a very reas... Read More
  • I’ve been doing my accounting with Accounting Plus for the last 20 years and have to say they are the best. I know that my numbers are right because... Read More
  • Peter Edrey and accounting plus has been such a positive experience for my taxes and accounting needs. Being new to business ownership 2 yrs ago, I s... Read More
  • Accounting plus been my accounting firm for the past 32 years . Peter and his team always there for me to take the time And explain any type of tax wi... Read More

Start Growing Your Business Today

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