Accounting and Tax Services for Restaurants

From serving lip-smacking delicacies to whipping aromatic sweet-treats, restaurants take care of our hunger pangs all through the year. We, at Blue Ocean Tax, acknowledge the service and dedication of restaurants in feeding the community. That’s why, we are here to help restaurants, bars, cafes and other hospitality services with accounting, bookkeeping, payroll, tax returns and other financial solutions.

Why do restaurants need accounting and tax services?

There are many facets to running a restaurant. From stocking inventory, managing resources to handling guests, meeting safety standards, and setting up a robust delivery system, there is a lot that goes into successfully operating a restaurant.

This rigorous workload often leaves restaurant owners with little or no time to handle books, reconcile accounts, manage taxes, payroll and other essential financial planning tasks. Working with a reputed accounting firm has two major benefits:

  • You can not just outsource your bookkeeping and financial planning worries.
  • They help you streamline the various restaurant management processes to amplify your profit margins.

There are many facets to running a restaurant. From stocking inventory, managing resources to handling guests, meeting safety standards, and setting up a robust delivery system, there is a lot that goes into successfully operating a restaurant.

 

What are the services provided by Blue Ocean Tax?

We offer a plethora of accounting, taxation, and other financial planning services for:

  • Restaurant chains.
  • Family-owned restaurants.
  • Local food joints.
  • Neighbourhood bars.
  • Bakeries.
  • Ice Cream Stores.
  • Coffee Shops.
  • Start-up restaurants.
  • Cafes.
  • Mobile food truck.
  • Hotels & lodges.
  • Bed and Breakfast.
  • Event management agencies.
  • Other hospitality services like movie theatres, theme parks, art and recreation facilities.

 

Our service include but not limited to:

  • Bookkeeping - Right from creating charts of accounts to allocating entries and handling month-end as well as annual closing, we walk with you every step of the way.
  • Income Tax Returns- We don't just file your tax returns but we discuss and ideate strategies to maximize tax credits.
  • Payroll - From setting up payroll accounts to calculating payroll taxes, we are well-equipped to handle all payroll-related activities.
  • Bank Reconciliation - Tallying your accounting records with bank statements, sequencing of cheques, credit card reconciliation - you name it, we do it!
  • Corporate Planning - Looking to take your restaurant business to the next level? Our expertise in corporate planning has you covered!
  • Retirement Planning - From diversifying investments to estate planning, we ensure you make the right financial choices to sail into the sunset.

Some of the other in-demand services that Blue Ocean Tax offers are:

  • Incorporation
  • Projections and Cash Flow
  • Invoice Management
  • Expense Allocation
  • Collections Management

    • We work closely with restaurant operations management software like xtraCHEF to get access to financial reports and use cloud-based accounting software like Quickbooksto ensure quick and accurate bookkeeping.

     

    How do we work with restaurants and hospitality services?

    Blue Ocean Tax believes in working closely with the client towards the growth and expansion of their restaurant business. That's why we strive to establish clear communication and robust partnerships with restaurant owners.

    Here’s a breakdown of our work process:

     

    Why choose Blue Ocean Tax ?

    • We are the experts in providing accounting and tax solutions to major restaurant chains as well as local restaurant owners.
    • We spend time understanding how your restaurant operates and take your business goals into account before suggesting ways to increase profit margins through tax minimization, improved vendor management, cash flow projections, bookkeeping and more.
    • We establish clear communication with your business through data transparency and year-round support.

     

     

    CONTACT BLUE OCEAN TAX TODAY!

    If you are a restaurant owner or manager, and require an accounting and tax solution upgrade from your current standard, feel free to contact our team so that we can discuss your current and future needs. You can call Blue Ocean Accounting & Tax Firm at 1-833-909-1234 or email us at info@blueocean.tax for our no obligation consultation.