Bringing food and beverages to the consumers’ table is a multi-step process. From the producer to the consumer, you need a competent accounting professional to work closely with you to provide ideas and to evaluate opportunities.
If you are a new business of an existing business you need to know the type of business entities that are available and their advantages and disadvantages.
- Sole Proprietorship
- Limited Partnership
- Limited Liability Partnership
- Joint Venture
Day to day Operations
There is a host of information that you require on a daily basis to keep your business performing at optimal levels. The most important things you need to know are your margins. You need accurate information to determine your margins, both on food and on your beverages. You need to know who you owe money to and when these amounts are due in order to take advantage of discounts. You need to be able to measure your performance so you can take corrective action when necessary.
The food and beverage industry has requirements that differ from other industries. They have to know on an ongoing basis what their margins are. They need to know what is selling and what is not. Portion costing is of the utmost importance. Labour costing which includes payroll is also vital. Up to date volume reporting is also important so the correct marketing action can proceed.
Taxation and Reporting
The reporting for taxation and other bodies include, personal tax, corporate tax, Worksafe reports, GST reports, employee deduction and payroll reports, T4’s and T5’s.
How we can help
- First of all, we can help you select the business form to use in your business. We will evaluate your needs and recommend the right form keeping in mind the current operations and the projected operations. We can provide you with the required information when you need it. We have over 20 years experience in this industry.
- We can provide you cash flow data to help you determine your requirements for working capital. We can assist you in obtaining bank financing. We can assist in preparing budgets to guide your growth.
- We can prepare financial statements and tax returns as required and on time, including information bonding companies require.
- We can analyze your requirement for computer systems and software. Alternatively we can prepare the information you require in our offices. Our professional personnel are always happy to help.
- We can provide you with margin information, profitability and financial position information, payable and receivable management.
What to do
Call our office for an appointment for a free initial consultation or we can arrange to go to your office. If you are a new business, we can help you with required registrations and provide you needed advice. If you are an existing business, a second opinion can never hurt.