Unique. Challenging. Ever Changing.
Hospitality is a tough business. Heavy competition, government regulations, constantly rising costs, high rents, and staff turnover all combine to keep profit margins razor-thin. As a restaurant owner, you need to know every aspect of your business, from production, to marketing, administration, sales, finance and human resources. It can be overwhelming.
On this page, Paul outlines the major restaurant tax issues facing restaurant owners, discusses restaurant business plans, and provides restaurant profitability information. Paul has authored two highly aclaimed blogs on restaurant profitability and restaurant tax issues offering valuable information to help you become more profitable and keep what you earn.
Paul is here to help you stay on top of your business and navigate the turmoil of constant change. He takes a personal, hands-on approach to finding the right solution to your greatest challenges.
Restaurant Tax Issues
The greatest risk facing restaurant and bar owners is being faced with a tax audit. Even restaurateurs who think they are doing everything right can find themselves staring at a very significant tax reassessment at the end of a tax audit. In too many cases, the business and its owner is forced into bankruptcy.
Restaurants and bars are much more likely to be audited than the average business. In a nutshell, the CRA doesn't trust restaurateurs to report all of their income and sales tax. Sales to customers paying cash can be voided or not rung in at all, allowing the owner to pocket the cash.
Paul has helped many restaurants, bars and their owners minimize the risk of tax audits, and in most cases, completely reverse unfair tax reassessments resulting from audits. If you are being audited, about to be audited, or have been stung by a huge reassessment, Paul can help you sleep better at night.
The Case Studies page has a couple of huge success stories that Paul won for restaurant owners.
Paul S. Hewitt, CPA, CA is the author of a world-reknowned blog about tax issues facing restaurants, bars and their owners. Here, you will find a wealth of information to help you better manage your tax risks.
If you're not growing, you're dying.
So true, especially for restaurants and bars.
Sell More Things
To More People
This is your business guide to profitability and growth, in a nutshell.
Need help improving your bottom line? Paul has helped many restaurants and bars increase sales, generate customer loyalty and control costs. Backed by 15 years' experience owning and managing successful restaurants, Paul is dedicated to helping businesses and their owners achieve their personal and financial goals.
Paul is the author of a popular blog focusing on helping restaurant owners improve their operations and increase profitability.
Restaurant Business Plans
Every restaurant (or business) should have a well-thought out business plan to help its owners plan for success and stay focused on their objectives. Ideally, your plan should be updated each year to consider the implications of changes in your business, competitive environment, and the economy.
Business owners must take an active role in developing the business plan, even when an advisor is brought in to assist. Paying someone else to write your business plan is a complete waste of money. Who knows your business best?
A great advisor...
- stimulates creativity and innovative solutions
- provides an objective sounding board
- makes sure you ask and answer the right questions
- helps you consider and respond to all significant risks and contingencies
- develops practical forecasts
- helps you select the best course of action
Paul S. Hewitt, CPA, CA has developed business plans for a variety of successful restaurants and bars. If you are considering a new concept or need to reinvigorate your existing business, Paul has the knowledge, experience and resources to make it a success.
Visit the Canadian Restaurateur blog for more ideas to increase your profitability and grow.
Find out how Paul can help your restaurant become more profitable and grow. Request your complimentary initial consultation today.