Research on the trends affecting the hospitality industry reveals consistent challenges:
- more demanding customers
- younger customers and even owners of restaurants who take a more creative operational and creative approach than boomers
- intense competition
- labor market challenges –tipping, access to qualified employees and the ongoing discussion of minimum wage for starters
- the role of technology
- the need to identify new revenue streams while lowering costs
Each one of these areas plays into the other. And while restaurant owners, operators and investors must pay close attention to these matters, at the end of the day, they must also exhibit a strong bottom line (or at least a plan for getting there).
The role of CPAs in helping those in the hospitality industry succeed cannot be understated. At Smith & Howard, our hospitality team understands that our role as your accounting partner is to advise you on and help you execute the steps necessary to strengthen and maintain your financial position. We do that with a strong knowledge of your business and your goals combined with an understanding of how tax, accounting and other financial strategies can be leveraged to you succeed.
Some of our specialized tax, accounting and advisory services for the hospitality industry include:
- Sales and use tax matters
- State and local tax (SALT) matters
- Gift card revenue reporting
- Franchise disclosure requirements
- Proper tip reporting
- Valuations and tax consulting on mergers and acquisitions
- Federal and state tax credits and incentives
- Repair and maintenance studies
- R&D credit studies
- Cost segregation studies
- Lease accounting matters
Your business can benefit from consulting with a Smith & Howard hospitality team member. Please call us at 404-874-6244.