We probably all complain about having to pay taxes. That cut in income can be hard to part with, and the paperwork and calculations can be daunting. The time spent trying to understand how to add it all up is usually grudgingly spent. Like individuals, small businesses, and restaurants specifically, have to pay a variety of taxes as well. Staying organized with the business accounting and on top of the income and outcome numbers can make mangers’ and owners’ lives easier and prevent unpleasant surprises when it comes time to pay taxes.
In 2015, the projected restaurant sales are $709.2 billion, according to the National Restaurant association. This number shows how huge the industry is and how much money is poured into it. However, this number unfortunately doesn’t reflect the potential restaurant profits. It doesn’t take into account food costs, other expenses, wages, and, of course, taxes. Defaulting on accounting organization can have damaging effects (…Read More…)