How Outsourcing Accounting Benefits Your Bar

learn how outsourcing accounting services can benefit your bar

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Running a bar, restaurant, or a combination of the two has its ups and downs. Most of the time, one has to build a clientele base from the ground up while cementing a place in the local scene. Plus, in order to survive, there needs to be a variety of exciting drinks and dishes that keep people coming back. 

Needless to say, establishing a business can present its challenges, especially when you try to juggle the accounting side of things with the customer service demands. After all, being an expert accountant and a bartender at the same time is not ideal. You want to keep focused on growing your bar, rather than crunching the numbers.

At Chester & Daniels, LLC, our accounting services can make your money management easier. Our experienced accountants can save you the trouble that accounting mistakes can lead to. We can also devise a tax strategy that helps reduce the chance of liabilities while maximizing profits for your business.

Fine-Tuning Plans with Outsourcing Accounting

Perfection only arrives after experience, with time-consuming trial and error. In the food service industry, every aspect needs to be fine-tuned to produce the best results. For example, the response to dinner rushes is quite different from the lunch rush, and only hands-on experience can lead to a smooth operation. Meanwhile, your bookkeeping needs to be accurate and reliable; otherwise all that hard work won’t mean anything. Many a bar has closed down due to poor money management, because the overall demands were too great.

This is where outsourcing accounting comes in. Our accounting services are known for establishing a game plan – one that starts in a good place and only gets better. One integral part of accounting is keeping up with tax laws, which tend to evolve over time. These changes are often easy to miss, which can have repercussions. Chester & Daniels, LLC ensures that you save the most money on your taxes. Any fine-tuning will be applied when necessary, which means you can focus your attention on how your bar runs. Our Core services for 1 Owner Business operating in a single state, with a single bank account of ~50 monthly transactions, include:

  • Business Taxes
  • Personal Taxes 
  • Unlimited Support
  • Tax Planning
  • Business Entity Management
  • Monthly Bookkeeping

All the above services will let you keep running the bar with efficiency. With outsourcing accounting, your client strategies will only become more successful because you won’t need to worry about balancing the books. 

Outsourcing Accounting for Business Tax Returns

While outsourced bookkeeping for your bar is a big advantage, income tax preparation for business owners and individuals is also a great option when tax filings are processed quickly. Preparing your tax return on your own may seem like a way to save money, but even the smallest of mistakes can end up costing you in overpaid taxes. In a worst-case scenario, repeated mistakes might prompt an IRS audit. 

Clearly, this kind of headache is detrimental to your business aspirations. Don’t take risks with your tax return. Trust Chester & Daniels, LLC for fast, affordable, and error-free tax preparation in the Atlanta, GA area.

Tax Strategies for Restaurants and Bars 

Tax strategies can help to minimize state and federal taxes. For inexperienced accountants, missing tax breaks and/or deductions is a common mistake. Keep in mind, even if your clientele base is skyrocketing and word-of-mouth continues to grow, a simple accounting mistake can derail everything. On the less dramatic side of the equation, you stand to lose extra money if you miss out on tax breaks and the like.

At Chester & Daniels, LLC, we employ powerful tax strategies to help bar and restaurant clients minimize state and federal taxes, which ultimately leads to better savings and income. When we prepare your tax filings, we’ll capitalize on every incentive, break, and deduction available to accurately prepare your tax return. With our experts handling your books, rest assured your taxes will be at their lowest possible number. We constantly monitor any changes in tax legislation, while also identifying opportunities to legally and effectively reduce taxes for your bar.

Outsourced Accounting Vs. Tax Software

If you spend a minute online, no doubt you will come across an advertisement for “do it yourself” tax software. The promise of an “easy alternative” might seem like the logical thing, especially if you are a start-up restaurant or bar. Unfortunately, DIY approaches are not always transferrable to finances. Bookkeeping is serious business, which means doing it alone can be a big risk.

Unlike impersonal tax software, we care about reducing taxes for our clients and we’ll make sure you never pay one dollar more than you legally owe. Plus, you will receive the following features when you outsource with Chester & Daniels, LLC:

  • Business tax preparation including corporate and LLC
  • Multi-state tax filings for businesses
  • Income tax returns for individuals
  • Trust and estate tax returns
  • Form 990 tax return preparation for nonprofits
  • Expatriate tax preparation and FBAR filing

Ultimately, your business will benefit from quicker tax refunds with an e-file option. Personal tax software might promise a faster alternative, but the truth is that any commercial business is open to tax mistakes when there isn’t a professional at the keyboard. We offer a personal, human-based service that can answer any questions you might have. You can’t expect benefits and ease of access like this with “do it yourself” software. 

Chester & Daniels, LLC Accounting 

Our accounting experts can track expenses, monitor cash flow, and identify financial trends. Each step assists you in the planning of your business, both present and future. No matter what accounting services your bar ventures need to thrive, Chester & Daniels, LLC presents a smart approach that comes equipped with personal attention to details. You can reach out to us at any time for reliable financial advice. Call us at 404-913-0110 now or request a free consultation online to find out what we can do for you and your business.

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Melanie Smith
Melanie Smith

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