Restaurant Accounting Systems
Effective, efficient cloud-based accounting solutions to suit every taste
The hospitality industry is continuing to evolve at lightning speed. With upstarts such as Uber Eats and Skip The Dishes flipping the economics of running a restaurant, you need a financial team that can help you navigate this changing climate with confidence.
A cloud accounting solution from Think Accounting can help you better understand your numbers, reduce unnecessary expenses, and manage cash flow more efficiently. We work with all types of hospitality business owners to develop innovative, cutting-edge solutions that cover all aspects of their bookkeeping, accounting, payroll, and tax planning needs.
Think Accounting has an appetite for using cutting-edge technology to create imaginative solutions that help restaurants succeed. Let us set the table with professional financial advice and accounting services that focus on growth.
A Full Menu of Hospitality Solutions
Restaurant and hospitality business owners enjoy sharing their passion for great food and drink with their clientele. However, that same appetite might not extend to spending hours on managing their finances, a task essential to maintaining a successful business.
We specialize in helping restaurants, bars, casinos, hotels, and other hospitality businesses solve even their most complex accounting requirements. This includes streamlining your routine bookkeeping and accounting duties, as well as integrating payroll processing, tip reporting, financial statement preparation, expense tracking, and much more to work as one seamless accounting system that’s always accessible and easy to use.
What Comes With a Think Accounting Restaurants & Hospitality Solution
Every accounting need is different. We’ll take an in-depth look at your organization, learn about your goals, and develop customized, best-fit cloud solutions to help your business get there.
- System setup, training and support
- Create customized bookkeeping workflows
- Cloud bookkeeping and accounting services
- Sales Tax returns across Canada
- Financial Statements
- Business tax returns
- Cash flow management
- Expense tracking
- Payroll processing
- Budgets and financial projections
Better Decisions. Bigger Profits.
With so much information at your fingertips, you’ll be able keep tabs on costs and trends, allowing you to make informed decisions that result in better money management. Our cloud accounting solutions don’t just make running your business easier, but also help it become more profitable.
As your business grows, we’ll grow with you. We’ll be here every step of the way, all year round. It’s simply what valued business partners do for one another.
THINK Approach
Discovery Call
We schedule a meeting or phone call to learn all about your business, ask pertinent questions, and listen to your needs.
Create a Customized Plan
After making a thorough assessment of your unique needs, we’ll begin developing a customized action plan with pricing clearly outlined.
Onboarding
We set up the systems and workflows, connect your solution to your accounting apps and connect you with a Think Accounting team member.
Kick-Off
With deadlines and deliverables clearly identified on our end so your business is always compliant with CRA. You’ll also receive ongoing proactive strategies from our experts.
Restaurant & Hospitality Accounting Solutions in Toronto, Calgary, Vancouver and across Canada
Find out why more and more companies are using Think Accounting for tax-efficient accounting strategies and business advice that’s optimized for growth. Contact us today for a free consultation!
THINK FAQs
Do you provide customized accounting Services or Solutions based on the nature of business?
Absolutely. Each industry is unique and within each industry, each business is unique. For e.g. E-Commerce Accounting is very different from Creative Agency Accounting. We have separate processes in-house for different industries that we follow to deliver our services. We build our scope of work and deliver on that scope customized to your business, instead of using a cookie-cutter approach.
Do you provide Bookkeeping-only services (that is, if I already have a year-end accountant)?
In rare circumstances, yes. However, majority of the time, we provide a full-service package service that includes Bookkeeping, Financial Statements, Tax Returns, and, if applicable, Payroll.
Do you provide Year-End-only services (that is, if I already have a Bookkeeper)?
Yes, we do. We prefer that you have a professional bookkeeper taking care of your books and bank accounts are reconciled. If you as a business owner do your own bookkeeping, we will first need to review your bookkeeping before giving a fee quote for year-end scope of work.
Do you provide Audited or Reviewed financial statements?
No. We provide Compilation Engagement Financial Statements (previously called NTR or Notice To Reader). For your Audited or Reviewed Financial Statement needs, we are able to connect you with firms in our network.
Which Industries do you work with?
Although we work with most industries, we have specialized knowledge of clients in the E-Commerce, Startups, Medical and Creative Agencies space.
Do you provide Accounts Payable and Accounts Receivable Services?
We provide Accounts Payable services on a monthly frequency basis. We’ll setup a paperless workflow for you to provide all bills to be paid, and set up a payment platform for you. After that, we’ll follow a once-a-month process to schedule bills to be paid for the month.
We do not provide Accounts Receivable (Cash Collection) services.
Do you help with Advanced Tax Planning (Reorganization of Corporate Structure, Estate Planning, etc.)?
Absolutely! It’s one of the ways we add tremendous value to our clients. Our Advanced Tax Planning work is structured as follows:
- Discovery Call – To gather a high-level background and understand your goals and objectives.
- Phase 1 – To assemble all detailed background, tie the tax research to your specific situation, design the solution and steps for your reorganization, and present you with the solution(s).
- Phase 2 – Implementation of Phase 1, which incudes coordination with lawyers and business valuators. We summarize all of the work performed in a detailed Memo for you and your advisors.