Catch Up On Your NYC Restaurant’s Bookkeeping by Filing Taxes Early
January 22, 2021at5:00 AM
Tax season is stressful, so it’s understandable if you always wait until the last minute to deal with the paperwork. But you can resolve your taxes early this year and leave yourself free to focus on what really matters - your restaurant - by hiring NYC restaurant bookkeeping services.
Bookkeeping goes beyond tax preparation to take a holistic look at your company’s finances and find places to maximize efficiency and minimize waste. Cutting costs and maximizing profits has never been more critical to safeguard your business against future challenges. You can start 2021 strong by filing your taxes early, with the help of an experienced hospitality-focused bookkeeper.
What does a restaurant bookkeeper do?
Not all bookkeepers understand the differences that set the restaurant industry apart from other businesses. So, suppose you’re the one handling your restaurant’s accounting or you’re working with someone who doesn’t understand the industry. In that case, you’re not getting the most out of what bookkeeping can do. By filing your taxes long before the deadline, you have an opportunity to catch up on your bookkeeping. It’s the perfect time to bring in a restaurant specialist bookkeeper to work with you.
Restaurant bookkeepers understand the razor-thin margins of the industry. They examine your operation to reduce inefficiencies and maximize profit opportunities.
Operating budget and forecasting: if you’re not working comfortably within your monthly operating budget, you’re adding unnecessary stress to your life.
Management of accounts payable: improve timing and flow of vendor purchases and secure better purchase terms.
Cash flow management: use your cash flow strategically and always operate with positive cash flow in your daily operations.
1099 and W-2 Management: ensure accurate reporting of wages and tips and timely dispersal of W-2s to current and past employees.
Effective NYC restaurant bookkeeping does more than just crunch numbers. It develops strategies for helping your business not only survive but maximize profitability.
Why file taxes early?
Taxes are stressful, so you’re not alone if you want to put it off until the last possible minute. But by filing your taxes early, you have an opportunity to not only catch up on your bookkeeping but establish new financial management for the upcoming year. Filing early has some benefits in itself:
Get a clear picture of the year ahead: when you file your taxes for the year, you can develop a plan for your remaining tax payments through the year.
Eliminate a source of stress: once you file your taxes, you’re free to focus on the more important things in your life–like running your restaurant.
Develop a tax strategy: you can’t stay on top of every new regulation. A bookkeeper will make sure you’re not losing out on opportunities to minimize your payments.
Many business owners in the restaurant industry get caught up in the day-to-day or week-to-week details of running their business. Feeling behind or that your accounting is always out of your control isn’t uncommon. But one of the critical structures that divides just surviving restaurants from thriving ones is confident financial management.
NYC restaurant bookkeeping services by Vilardi+co will analyze your fiscal data and provide solutions to maximize profitability. By filing your taxes early, you can start the year with clean books, ready to tackle new challenges.
Stop stressing about tax season and partner with Vilardi+co for restaurant bookkeeping in NYC and tax preparation services.
The hospitality industry is unlike any other. Long hours, high pressure, and incredible demand are no strangers to restaurant owners. Work with a bookkeeper who understands the industry. Vilardi+co handles bookkeeping, tax preparation, and a wide range of accounting services, so you’re free to focus on your true passion–your restaurant.
You can get your taxes resolved early this year with an experienced NYC restaurant bookkeeper. Give us a call at 917.848.0006, or fill out our easy online form to set up an appointment today.