Accounting and Tax Services for Restaurants in Canada
Are you ready to get top restaurant accounting services?
Running a restaurant is hard work! It takes dedication and focuses to provide every customer with an exceptional dining experience.
We have decades of experience in accounting and restaurant operations. The restaurant industry is our daily bread. Our experienced team of restaurant accounting services professionals understands the unique needs of your business. Our restaurant accounting system provides clear and fair daily financial reports, a hassle-free payroll process, and always-ready books for timely tax returns. Our restaurant accounting system is the best choice for many of Canada’s most popular establishments.
Webtax Online offers a full spectrum of accounting services for restaurants, including accounts payable, sales auditing, managed payroll, accounts receivable, general ledger, and a complete accounting systems infrastructure. Our main offices are in Toronto and Brampton.Plus, through our cloud-based accounting services, we can serve restaurants anywhere in Canada.
Importance of restaurant accounting
Accounting has always been about translating complexity into clarity. The success of your restaurant depends largely on the accuracy of your financial records. Regardless of the size of your business, accounting helps you provide statistics that show where your business is headed. You can determine whether you are running a profitable business or the steps to take to achieve better financial results.
Each company must comply with local laws and tax policies. Proper restaurant accounting will ensure that your accounts payable are paid and recorded on time. This includes legal requirements such as paying sales tax, GST, and income tax. You will be able to manage and monitor cash flow to ensure that money within your business is channeled into the right channels.
Accurate and stress-free accounting services for restaurants
Restaurant accounting encompasses so many aspects that are essential to running a restaurant business. It is the daily pressure of finances that weighs on you above all else. Margins are tight, so cost control and revenue collection are priorities.
Our team of experts will fill in the gaps in your accounting, debt, and payroll, allowing you to focus on good food and great service.
We provide restaurant accounting services for growth-oriented owners. The scope of our services includes professional management of financial accounting combined with ongoing training and consulting services. Here’s what you get:
Accurate financial data
We bet you got into the restaurant business because you love providing good food and great experiences, not to master the art of accounting and cash flow management. But if you don’t keep a close eye on expenses and margins, evaluate your base costs, and operate efficiently 24/7, your restaurant can quickly turn into a loss-making proposition. Receiving timely financial reports is essential for restaurant owners, chefs, and managers to make decisions to improve the bottom line, operating costs, and profits.
Let Webtax Online manage your monthly cash flow, balance sheet, and tax returns to get the information you need to run your business better.
Management of payroll and tips
Paying restaurant employees is one of the most challenging types of payroll. Not only is there a mix of permanent and casual employees that need to be properly categorized and paid, but you’re also faced with the dubious task of handing out tips. At Webtax Online, we keep records of employees as they come and go and accurately record all personnel expenses in your monthly ledgers. Everyone gets paid the right amount at the right time.
Point of sale and collection
Collecting revenue from your point of sale (POS) plus daily cash reconciliation is a challenge. We create efficiencies through technology and ensure your POS is integrated with your accounting process and day-end procedures to ensure everything is accounted for. Say goodbye to manual errors like a missed free or discounted meal and welcome headache-free collections and reconciliations.
Inventory management and supplier payments
Understanding and accurately accounting for inventory is no small task, but it is critical to running a successful restaurant business. You must carefully manage and keep up-to-date with your suppliers to consistently source the ingredients and supplies you need to deliver culinary excellence. We’ll keep up to date with your payments so you always have the supplies you need
Period end report
Explore metrics and identify areas of opportunity using audits, benchmarks, and financial meetings.
Small business tutoring
Individual coaching to clarify the vision and implement a strategic plan for your restaurant.
Financial forecasts
Our most popular service for growing small businesses. We used your numbers to accurately predict your restaurant’s financial future.
Operational reports
Analyze current results with industry benchmarks and set goals, tactics, and metrics for the future. Thanks to our extensive experience with restaurant customers, we are able to provide specific real-time financial information on trends in revenue, cost of goods, and expenses.
With benchmarking, you can analyze how your revenue, base costs, and expenses compare to the industry.
Your business will gain a unique advantage
At Webtax Online, we provide restaurants with better accounting through a unique combination of expertise and efficient value.
When you work with us, your restaurant will have access to an accounting advantage that will allow you to reach the next level of growth. This is what sets us apart.
Proven expertise in restaurant accounting
We have worked with an extensive list of major Canadian restaurant chains. We understand the financial requirements and they are easy to comply with.
Complete service at a high level
Our team is built to handle all levels of financial and accounting services, from standardized accounting tasks to back-office technology consulting to CFO services.
Trusted data for decision making
With Webtax Online, you’ll be able to collect accurate data that drives business intelligence. Better strategic decision-making skills are an advantage.
Convenient accounting service
In terms of costs, working with Webtax Online provides your business with efficiencies that significantly improve internal solutions and benefit your bottom line.
Easily scalable
Working with us unlocks the ability to seamlessly scale your company’s accounting functions as needed. Our teams can handle up to 4 times the capacity of internal resources.
Clear and proactive communication
Unlike many external accounting firms, we prioritize clear and proactive communication to ensure high-quality services to meet your business needs.
A shift from survival to prosperity
Every industry will feel the effects of the coronavirus in the coming years, and the restaurant industry is no exception. But as the crisis fades, restaurants must change from a survival mindset to a thriving mindset as they seek to seize new opportunities and adopt long-term considerations instead of adopting a reactive short-term stance. The world is complicated, especially now. However, restaurant accounting services from Webtax Online professionals can help you better understand your business so you can be confident in your decisions even during the coronavirus pandemic.
We’ll create a plan that fits your business
Based on your business needs and future goals, our team will create a package of services that is right for you.
Safety
Every industry has specific tools and requirements, and restaurants are no different. We work with the technology you use every day. We do not skimp on security and your data always belongs to you.
Are you ready to download your restaurant accounting and bookkeeping?
Take the first step by connecting. During our interview we will discuss:
1. Current status of your operations
2. Your financial and accounting wishes and requirements
3. Solution packages that can streamline your business through operational efficiency
Drive your business to success with our specialist accounting services, priced below the market price and led by a team that operates above the market.
Restaurant owners are always stressed with taking care of the customer, promoting the target segment, dealing with the supplier, etc. We are here to share your pressure. The most common requests from restaurant customers are for HST accounting and remittance services and tax planning.
Accounting and bookkeeping and HST transfers
We are tech-savvy and provide accounting and bookkeeping services to our clients through QuickBooks Online. Instead of regular meetings and handing over reams of your transactions, we are able to get your business documents online. That’s why we prepare financial data and HST transfers for you without taking your attention away from running your restaurant. We will meet quarterly or whenever you need to solve your problems.
In addition, you can view your income from different sources and different categories of expenses, giving you a more detailed understanding of your financial situation.
Tax planning
With more clarity on proposed tax reform that targeted wealthy small and medium business owners, most restaurant owners face stricter requirements to share profits and hold passive investment portfolios within the company. Failure to tax plan will cost you unnecessary tax liability, while incorrect disclosure will result in a penalty and interest from the CRA.
Looking for tax services, need help in filing t2 tax returns, an accountant for a small business, or a bookkeeper near me? Webtax online is your one-stop solution.
Tips for better management
Many restaurants are closed due to poor management. An important aspect of accounting that helps organizations better manage their business is the auditing process. At Webtax Online, we can perform a check to ensure that all your processes are running according to the established rules.
We will highlight any issues that could lead to massive losses and provide solutions to make your restaurant run better. We always strive to help you succeed in business.
If you are struggling to keep your financial records, we can offer our accounting services to ensure that all this information is available, accurate, and easy to understand. We will ensure that your information is presented in accordance with best practices and international reporting standards.
This allows you to look for financing in the form of a business loan or investors who can easily find out the financial situation of your restaurant after checking your statements. If you need us to provide payroll or accounting services, we are qualified to offer that and more.
Do what you love, and we will take care of the rest
You entered the restaurant business to offer value and quality to your customers. Many of our clients do not want to spend valuable time on bookkeeping, inventory management, payroll, or taxes. This is where we come into play. Webtax Online is a restaurant accounting firm that lets you focus on your business. We take care of the busiest parts of your day, including managing your books and making sure your employees are paid on time. Connect with an accounting firm that will make it easier for you to manage your restaurant’s finances.
Running a successful restaurant is definitely not easy. First, you’ll need to be prepared to wear many hats. When you’re starting out, you may find that you’re wasting too much time on payroll, accounting, and other financial matters. But over time, high employee turnover and different salaries could make transactions more difficult. If dealing with accounting matters seems too much work for you, Webtax Online is here to offer you a complete service. Outsourcing all your accounting and taxes to our CPA Professional will save you time and money.
Minimize taxes
Do you suspect that you are spending money unnecessarily in the form of taxes? We will help you register your sales correctly and thus reduce your tax liability. Many restaurants use professional bookkeeping to maximize profits and get the most bang for their buck. At Webtax Online, we make sure you’re never late filing or paying your taxes, and that you can minimize payments to the Canada Revenue Agency.
Accurate financial information at your fingertips
Organized financial records can help you run your restaurant properly. We have a qualified chartered accountant who can show you how to increase your profit by analyzing your statements. We’ll show you how to track important sales transactions and gain insights you can use to make better decisions. With the right information, you can make changes to your restaurant that will dramatically increase its performance.
Restaurants and bars are the two most common types of businesses in Canada that cater to a variety of demographics. With high customer traffic and sales prospects, restaurant owners are usually busy negotiating contracts, providing great customer service, and marketing their services to their target market sector. In the absence of a thorough understanding of regulatory regulations, tax rules, and regulatory legislation, successfully completing tasks such as effective management, transaction evaluation, reporting, and tax filing can be daunting.
Looking for tax services, need help in filing t2 tax returns, an accountant for a small business, or a bookkeeper near me? Webtax online is your one-stop solution.
Bookkeeping in the restaurant, tax processing, bookkeeping, and payroll
According to the accounting professionals at Webtax Online Canada, managing the finances and accounting of restaurants and bars involves a significant amount of manpower, frequent maintenance, and daily meticulous paperwork, among other things. This enables us to provide restaurant and cafe owners with comprehensive bookkeeping, financial management, tax processing, bookkeeping, payroll, GST, HST, PST, QST filing, and business consulting delivered on time and at a reasonable cost. We identify potential threats and obstacles that could lead to financial loss and then offer cost-effective solutions to assist organizations in their efforts to be successful in their specific industries, leading to increased profitability.
Canadian tax specialists and tax advisors
With the services of Webtax Online Canada’s tax specialists and tax advisors, restaurant and bar owners can complete their financial statements and file tax returns (GST, HST, PST, and QST) without disrupting their day-to-day operations. It is our knowledge and experience that will help you track critical sales transactions and provide reliable information to
help you make more informed business decisions that will reward you.
1. POS systems and revenue collection
2. Payroll processing and tip distribution
3. Tax planning and accounting
4. Sales tax compliance
5. Management consulting for companies
6. Creation of financial statements
7. Manage payments for suppliers
Looking for tax services, need help in filing t2 tax returns, an accountant for a small business, or a bookkeeper near me? Webtax online is your one-stop solution.