Restaurant Accounting Services and Bookkeeping
It’s easy to throw around terms like reliable and trustworthy. But actions speak louder than words. Farrukh’s accounting firm has been servicing people in GTA and Mississauga since 1993. 27+ years of helping local restaurants, businesses and individuals file their taxes each year.
Chartered Professional Accountant
Being a CPA is considered the gold standard in accounting. Farrukh Ahmed, CPA manually prepares, reviews and audits each businesses financial statements to figure out where money can be saved.
Tax Auditor Experience At CRA
Early in Farrukh’s career he had worked at the Canada Revenue Agency where as a tax auditor. This experience has benefited his practice immensely.
Professor At Sheridan College.
In addition to Farrukh’s love for numbers and helping local businesses and entrepreneurs. He is also a professor who teaches part-time at Sheridan College.
Farrukh’s Tax Tip For Local Restaurants
Know the value of your losses. The Restaurant business can be very tough and cut-throat. All businesses will have good years and bad years. When your total business expenditure is greater than your income resulting in a capital loss it can be used to offset other income. Also, did you know if you show a loss it can be carried back 3 years or carried forward for up to 20 years! This loss (although it sucks) can help finance growth in the future. A loss of $20,351 this year can be carried up to 20 years into the future and could be used strategically. At 33% tax bracket could be $6,715.83 – which is nothing to scoff at.
Tax Consultant For Restaurants
For new restaurant owners it’s important to know your business start date. It’s also important to separate personal accounts with business which can save you trouble in case of an audit. By working with my Accounting firm we enable you to focus on the most important aspect of your business which is getting customers through the doors, making sure their happy and their bellies filled so you get repeat visits. With our accounting expertise we’ll help free up your schedule so you can do the important things to grow your business while we take care of the so called “boring stuff” (no offense taken).
Our services include but are not limited to:
- Registering for master business license.
- Collect and Remit GST / HST
- Accounting Services
- Payroll Services
- Bookkeeping for restaurants.
- Preparing Financial Statements
- Notification of monthly or quarterly tax Installments.
- Filing for Tax Refunds.
- CRA Representation in case of Audit.
- To incorporate or to not incorporate?
- Personal Tax Filing.
- To incorporate or to not incorporate? That is the question many SMBs have.
Farrukh Ahmed has been our accountant for over 25 years. We were one of his very first customers. He is extremely professional and takes care of his clients needs in a very timely and professional manner. We have recommended him to many of our family and friends and trust him with our financial/tax needs with utmost confidence.
Farrukh has been my accountant for at least the last twenty years. He has done an excellent job of assisting me in managing both my business and personal finances. His work has always been accurate and timely. His guidance over the years has been most instrumental in my success. Perhaps most important, he is always willing to answer my questions and provide guidance in a caring and pleasant manner. He genuinely cares.
There’s a notable difference in hiring an inexperienced accountant versus one that’s been in the game for 27+ years. I’ve worked as CRA auditor for few years early in my career. Currently a professor teaching tax software to students at Sheridan college part-time, and I am also a certified professional accountant. This is not to brag but to give you the confidence to realize that you’re in good hands.
One of the core difficulties of many business operators (not just restaurants) is having an understanding of the financial health of the organization. This is tough for many individuals because there’s a lot of moving parts and frankly, this is not exactly what they were trained for when they first decided to go into business for themselves. An experienced accountant is like a having a world-class coach in your corner of a boxing fight. We’re here to tell you when you should cover up instead of throwing that big right hook. Keeping a good record of the operation of a restaurant is vital to the success of the business. If you spend enough time, you could probably manage your taxes and books but what you lose out in time and expertise is just not worth it. Instead we believe it’s worthwhile for you to consider assembling a team of experts that play to their strengths and form the healthy organization that is your business. We’d be honored if you’d give us a call and a chance to fight in your corner.
Bookkeeping For Restaurants
Bookkeeping can be intimidating. It’s also very time consuming if you don’t have a system or process to doing things. There’s a lot of moving parts.
- Tip Reporting
- Cash Flow
- Income Statement Preparation
- Balance Sheet Preparation
- Payroll Preparation
- Filing GST / HST on time to avoid incurring tax penality.
We provide free complimentary Audit defense service in case of a random Audit by the CRA. We’ll work with you to make sure you have a proper defense against the CRA to minimize the impact of a tax audit.
- CRA Representation
- Forming Tax Documents
- Record Keeping