Streamline Your Operations with Expert Accounting Services

We help you streamline your financial processes, from daily bookkeeping to strategic tax planning, so you can stay ahead of the game.

Comprehensive Accounting Services for the Retail and Food Service Sectors

Bookkeeping: Recording daily financial transactions such as sales, purchases, payroll, expenses, and inventory movements.

Inventory Management: Tracking food, beverage, and other inventory levels, valuing inventory, and reconciling physical counts with recorded amounts.

Cost of Goods Sold (COGS) Analysis: Calculating and analyzing the cost of goods sold to determine food and beverage costs, monitor margins, and adjust pricing strategies.

Sales Revenue Recognition: Properly recognizing revenue from food and beverage sales, including handling discounts, promotions, gift card sales, and accounting for returns.

Accounts Payable Management: Processing and recording payments for expenses such as food and beverage purchases, utilities, rent, supplier invoices, and other payables.

Payroll Processing: Calculating and processing payroll for restaurant and hospitality staff, including servers, cooks, bartenders, managerial personnel, and other employees.

Cash Management: Monitoring cash flows, managing cash receipts and disbursements, reconciling cash accounts, and ensuring adequate liquidity for daily operations.

Budgeting and Forecasting: Developing budgets and financial forecasts to plan for future expenses, sales projections, and cash flow needs in the dynamic hospitality environment.

Financial Reporting: Preparing financial statements such as income statements, balance sheets, and cash flow statements to evaluate business performance, assess financial health, and support decision-making.

Tax Planning and Compliance: Advising on tax strategies to minimize tax liabilities and ensure compliance with tax laws applicable to hospitality and food businesses, including sales tax and payroll taxes.

Expense Tracking and Analysis: Recording and analyzing operating expenses such as rent, utilities, marketing, supplies, and other overhead costs to identify cost-saving opportunities and improve profitability.

Minnesota Sales Tax Compliance: Calculating and remitting sales tax accurately and timely to comply with tax regulations in the jurisdictions where the business operates.

Vendor Management: Managing accounts payable, processing vendor invoices, reconciling vendor statements, and ensuring timely payments to suppliers to maintain strong vendor relationships and optimize cash flow.

Financial Management Consulting: Providing strategic financial guidance and analysis to support business decisions, improve operational efficiency, and achieve long-term financial goals in the hospitality and food sector.

Choose Prudent Accountants for unmatched accounting services that address the unique financial needs of the hospitality and food service industries. Contact us below: