Helping Restaurants Progress Towards Their Financial Goals

Little things make a big difference in the highly competitive restaurant industry, where precise cost tracking and optimal menu pricing are critical. Each restaurant has its own style, customer base and role in the community, so a one-size-fits-all approach just won’t cut it.

Our experienced restaurant team offers customized accounting and business advice based on your individual situation to ensure that your hard work is reflected in both your cash flow and long-term success.

SOLVING BUSINESS ISSUES

“New to the restaurant industry, I needed someone with extensive accounting experience and began working with PBMares because my business partner recommended them. PBMares has been exceedingly helpful and the team goes out of their way to both educate myself and staff and advise my business partners and me about what it takes to succeed in this industry.”

Joni Greene, Chief Financial Officer, ZOËS STEAK & SEAFOOD

Reach your goals faster with a financial partner that understands the challenges of running a successful food and beverage operation.

Getting to know what makes your organization so special allows us to deliver tailored advice that pinpoints specific ways to improve operational efficiency and create lasting financial strength. We help restaurants achieve growth and profitability with services that include assistance with:

Audit & Assurance

Internal controls are critical to preventing loss. For restaurants, a top priority is having systems in place for opening and closing, especially as those procedures relate to handling cash and monitoring supplies. Other concerns involve payroll and accounts payable. One way to monitor vulnerable areas is to reconcile your financial statements regularly. Our experts are skilled in looking for discrepancies that might be difficult to spot.
Consulting

Food costing is an ongoing process that directly impacts your profitability. Regularly monitoring expenses like recipe cost per serving and rate of spoilage is critical. PBMares experts can guide you as you develop or revamp your food costing systems.

The fact that fraud and theft are common in restaurants is memorialized in a show on the Food Channel. There are precautions that can be taken to prevent this, however, including random checks of supplies, unexpected visits to the premises and security cameras. Our experts have the knowledge to examine your fraud protection policies and procedures and assess whether and where changes should be made.

Monitoring industry statistics can alert you to trends and patterns that can impact your bottom line. Understanding what is going on in the industry, from mobile apps to the average amount patrons spend per visit to current food fads can help you maintain a competitive edge.

Menu pricing can be tricky. Should you charge $14.95 or $15 or $15.00? a lot depends of the type of restaurant and its clientele. It takes a certain amount of research to price your menu profitably.

It also takes carefully monitoring food costs, especially for your menu staples. Sure they’ve sold well over time, but has the cost-per-item stayed the same or gone up?

PBMares’ experts are skilled at assessing menu prices so you can be more profitable.

Generally speaking, U.S. restaurants must file an annual report of gross receipts and tips with the IRS if they employ more than 10 employees and patrons customarily tip. Employees must report their tips as income and pay taxes on them if they earn more than $20 in any given month. Some tip income is classified as allocated income and some as regular tip income. As the restaurant owner, you must keep detailed records for every employee so you are in compliance with the law.

It is complicated. Our experts are available to help you understand and comply with these complex rules.

Tax

Tax planning and compliance for federal, state and local taxes is important for every business and every business owner. The professionals at PBMares understand this, so they can help you understand the various factors that impact every decision you make.

RESTAURANT INSIGHTS

MEET YOUR TEAM LEADER



R. Todd Swisher, CPA

Partner, Hospitality Team Leader

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Contact us to experience our “one size fits you” approach.