Accounting for restaurants and cafés is different to accounting for other businesses. There are subtle rules about GST, important tax considerations for tips, plus strict legal requirements around compliance. Not to mention the complications that can arise from hiring casual employees and contending with irregular hours. If you run a restaurant or café, you need an accountant who knows your business – and the industry – inside and out.
At Platinum Accounting & Taxation in Melton, we’re experts in accounting for restaurants and cafés. Since 2009, we’ve helped hundreds of businesses, just like yours, to protect, manage and grow their enterprises. Regardless of whether you’re just starting out, or if you own an established restaurant, our award-winning accountants can set you on the path to sustainable profit, growth and success.
Business structure and startup advice for restaurants and cafés
Hospitality is a competitive business and restaurants fail at an alarmingly high rate. In fact, in Australia, more than 50% of restaurants and cafés close their doors in the first 3 years. It’s a scary statistic if you’re just starting out. However, with a brilliant concept, coupled with the right advice and careful planning, you can be one of the good news stories.
At Platinum Accounting & Taxation, we’re specialists in the startup space. If you’re planning to open a restaurant or café, we can help you hit the ground running. We offer fixed-fee business coaching packages designed specifically for startups. These comprehensive, affordable packages will give your restaurant or café the best chance of success throughout the critical early stages.
Setup costs for restaurants and cafés can be expensive, but we work with you to create realistic budgets and effective cash flow strategies. If you need finance for tools or equipment, we can even connect you with a lending specialist. That’s the icing on the cake.
Here’s a snapshot of how we help startup restaurants and cafés:
- Determine the best business structure for your restaurant or café
- Create actionable business and marketing plans
- Provide effective strategies to legally minimise tax and protect your assets
- Set up strong cash flow management systems – critical for those first few years
- Advise on profitable product and service pricing strategies
- Offer ongoing mentoring and support to keep you on the path to success
A smorgasbord of accounting services for restaurants and cafés
In addition to business structure and startup advice, we offer a full menu of accounting services for restaurants and cafés. From basic services like bookkeeping and BAS preparation, all the way through to complex tax strategies that save you serious time and money. Here are some of our key services:
- Real-time business accounting
- Cloud bookkeeping
- Tax compliance
- Taxation advice
- Tax return preparation
- BAS preparation
- GST set up, advice and lodgement
- Cash flow forecasting and budgeting
- Business structure advice
- Financial advice
- Payroll, superannuation and FBT
- Business coaching
A la carte or degustation
Just like every customer has different tastes, every restaurant has different needs when it comes to taxation and accounting. That’s why we offer a ‘full menu’ of packages to suit your unique needs and budget. Our fixed-price business accounting packages are perfect for restaurants and cafés because they’re comprehensive, affordable and value-packed. We also offer cloud bookkeeping packages for restaurants of all shapes and sizes. Whether you’re a small “coffee and cake” café or a full-service restaurant with many staff, there’s a Platinum Accounting package to suit you.
Let’s get cooking!
Get in touch with our team to talk about your accounting needs. Our office is based in Melton, but we work with restaurants and cafés right across Melbourne, including Bacchus Marsh, Brookfield, Eynesbury, Deer Park, Gisborne and Caroline Springs.
As Elon Musk wisely said:
“If you’re trying to create a company, it’s like baking a cake. You have to have all the ingredients in the right proportion”
Call us on 03 9746 6479 or enquire online to discuss your restaurant or cafe business – the coffee is on us!