Restaurants & Bars

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Bookkeeping Services

$500-3,000

per month

We provide our clients with live books and timely month end close.

Restaurants & Bars

At Bennett Accounting & Tax LLC, we offer specialized bookkeeping, payroll, and tax preparation services tailored to the unique needs of restaurants and bars. These businesses operate in a fast-paced, high-volume environment with specific financial challenges, from tracking tips to managing fluctuating staffing levels. Our expertise, particularly in the FICA tax on tips credit, ensures that restaurant and bar owners can optimize their finances while staying compliant with tax regulations.

Accurate Bookkeeping for Restaurants & Bars

Managing the day-to-day financial operations of a restaurant or bar requires careful tracking of income, expenses, and inventory. Our bookkeeping services provide:

  • Precise Expense Tracking: We categorize expenses such as food, beverages, labor, and overhead, ensuring clear financial reporting. This helps business owners identify areas to reduce costs and improve profitability.
  • Cash Flow Management: With fluctuating revenues based on customer flow and seasons, we help maintain steady cash flow by providing accurate financial forecasts and identifying potential shortfalls.
Jacob Braschwitz in a meeting with a client.

Efficient Payroll Management

Payroll in restaurants and bars is more complex due to hourly employees, tipped workers, and varying schedules. Our payroll services ensure:

  • Accurate Tip Reporting: We help businesses stay compliant with IRS regulations by accurately tracking and reporting tips, ensuring employees are paid fairly while meeting tax obligations.
  • Multi-State and Seasonal Employees: If your business operates across state lines or hires seasonal staff, we handle payroll tax compliance across jurisdictions, reducing your administrative burden.
  • Timely and Accurate Payroll Processing: We ensure your employees—whether full-time, part-time, or tipped—are paid on time, with the correct withholdings for taxes, deductions, and tips.
Ezry Bennett in a meeting with a client.

Tax Preparation and the FICA Tip Tax Credit

One of the unique tax benefits for restaurants and bars is the FICA tax on tips credit. This can provide significant tax savings, and we ensure businesses take full advantage of this credit:

  • Maximizing the FICA Tip Credit: Restaurants and bars are required to pay FICA taxes on the tips employees earn, but they may be eligible for a tax credit to offset a portion of these taxes. We ensure that all eligible employers take advantage of this valuable credit, helping reduce overall tax liability.
  • Tailored Tax Strategies: Beyond the FICA tax credit, we help restaurants and bars implement tax strategies that align with their growth goals, including maximizing deductions for equipment, improvements, and other operational expenses.

By partnering with Bennett Accounting & Tax LLC, restaurant and bar owners can streamline their financial operations, reduce the risk of tax penalties, and improve profitability. Our expertise in managing bookkeeping, payroll, and tax credits like the FICA tax on tips allows you to focus on delivering exceptional service to your customers while we handle the complexities of your financial management.

Free Discovery Meeting!

We're taking on new clients!

If you’re looking for a Certified Public Accountant to provide tax preparation, bookkeeping, or payroll services, we’re here to help!

Let’s figure out if we’re a good match for one another.

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We can prepare your taxes remotely using our secure portal. If you select "individual taxes" or "business taxes", we can use this information to invite you to our secure portal and begin the preparation process. If you do not receive a response from us with in 4 days of submission, please reach out via phone or email.
Our Services

Exceptional Quality in Accounting and Tax

Assistance with accounting and taxes ensures that tax obligations are met while maximizing your financial efficiency for small businesses, individuals, and large corporations alike. Below are some of the avenues where our team can help your business find success.

Bookkeeping

Our outsourced bookkeeping can help you track and save costs for your growing business.

Payroll

Our team can help ensure your employees are paid on time, every time.

Personal Taxes

Our tax planning and preparation services can help you save more with less worry.

Business Taxes

Our team can help ensure your employees are paid on time, every time.

Tax Planning

Our team can help forecast your tax bill and put together a plan to keep it as low as possible.

Trust & Estate Taxes

If you're in need of financial statements to present to lenders, we've got you covered.

Business Planning

Not sure how to start, grow, or sell your business? We can help walk you through the process.

Tech Consulting

Let us help you set up your new tech stack to optimize business operations.

Comprehensive Tax Planning

We help clients from all across the United States plan ahead for tax season. If you’re looking to minimize your tax liability and avoid overpaying the IRS, we’re ready to help.

Contact us now to discuss your tax situation with a Certified Public Accountant (CPA).

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Hear What Our Clients Have to Say

Our Client Testimonials

We assist clients in a wide range of industries at different stages of their lives and businesses. Below are some of the clients our practice continues to support to this day.

It's reassuring to have such reliable and personable professionals handling my financial matters.

Serif Krkic Owner, Zel Lifestyle Collective

Attentive, personable, honest, and truly caring about our product. I highly recommend this team!

Lisa Petrarca-Gamido Director, The MODE

They guided me through the whole process, and took care of me very professionally. Highly recommend.

Youssef Barakat Owner, Sentinel Health Insurance