“Newburg & Company, has provided exceptional accounting, tax and management advisory services since we commenced our relationship some 15 plus years ago. They were integral advisors assisting with the sale of the Vinny Testa’s chain of Italian restaurants, back in 2002. In addition, they have provided beneficial advisory along with accounting and tax planning with my subsequent acquisitions; Mission Oak Grill in Newburyport, Rosebud Diner in Davis Sq. Somerville, Mission on the Bay in Swampscott, and Burro Bar in Brookline. Newburg & Company are specialists in this industry and continuously provide me with the current updates on tax issues that impact my operations. Their restaurant benchmarking and industry tools help our team formulate sound budgets and insightful data to maximize cash flow and streamline operations.” – Martin Bloom, Mission Oak Grill in Newburyport, Mission on the Bay in Swampscott, Burro Bar in Brookline
Newburg & Company, LLP has extensive experience working with restaurants and related services throughout the New England area. Since 1984, we have been a resource for restaurants, restaurant groups, franchises, bars/pubs, cafes, and breweries within the hospitality industry. We pride ourselves on providing restaurant clients with a proactive approach, helping minimize their tax exposure while providing timely advice and product. In addition, we utilize a team approach to provide our clients with useful restaurant benchmarking tools along with various industry resources in the restaurant, pub, and brewery arena. We can assist the management team with generating more user friendly financial reports and bridge the gap in being a resource to increase profitability and improve margins.
Our restaurant benchmarking and industry tools help owners formulate sound budgets and insightful data to help maximize cash flow. We have worked with many start-up restaurants to help them formulate business plans, budget for build-out, and ultimately set-up proper accounting controls to maintain profitable operations. Often we assist our restaurant clients with setting up management incentive plans, retirement plans, estate and succession plans along with providing valuation expertise for acquisitions, sales, divorce, gifting, etc., as well as a variety of other consulting services. In addition, we work with a variety of restaurant groups and franchises with multiple locations providing planning advice relative to restructuring and areas such as integration of a management company structure.
Due to constant changes in federal and state regulations, the restaurant industry needs to account for the cost and impact of numerous changes and challenges. As businesses adapt to these new circumstances, they face increasing pressure on margins and profitability. Understanding the challenges and industry issues restaurants face, we provide tailored solutions to help your company decrease costs, respond to changing market conditions and strategies, keep customers satisfied and reduce operating cash needs. Our professionals draw on extensive knowledge of best practices in order to help our clients drive and maintain profitability and growth.
Newburg & Company, LLP is a member of the Massachusetts Restaurant Association as well as the Brewers Association. We also have a terrific external network of resources inclusive of key restaurant vendors, credit card processing, banks, attorneys, investment advisors, payroll, benefits, retirement planning, etc.
Some Important Accounting and Tax Issues Impacting Restaurants:
- FICA tip reporting and compliance
- QuickBooks set-up, chart-of-accounts set-up, monthly procedure recommendations and periodic oversight.
- Meals Tax Filings compliance with State and Local Government Agencies
- Depreciation Opportunities (i.e. qualified restaurant property, qualified leasehold improvements)
- Benchmarking and application of key analytics to internal restaurant financial statements.
- ACA Act integration and resources.
- Massachusetts Unitary filing considerations
- We offer a complimentary 1 hour meeting to review your current accounting and tax situation
- Proactive approach helping minimize overall tax exposure and streamline financial reporting
- Useful benchmarking and industry tools to help you manage and better gauge profitability and budgeting
- Guidance and oversight to streamline your monthly reporting procedures
- Tax projections and personal income tax planning for restaurant owners
- Tax structuring and working with your legal team to best structure the restaurant group (e.g. utilizing a management company etc.)
- Assistance with acquisitions or exit strategies. Due diligence support and valuation expertise within the hospitality arena
- Cost segregation resources to maximize depreciation deductions
- Financial statement and attestation services (Audit, Review and Compilation work)
- Network of excellent external resources (attorneys/vendors/service providers) in the restaurant industry
Newburg & Company, LLP values getting to know your business better so that we can be a long-term trusted advisor. We have the resources to take you from start-up through ultimate succession. We pride ourselves on delivering quality timely service. Contact us today to set-up an initial complimentary consultation.
“While running 3 bar/restaurant locations and constantly thinking of new creative food and drink menu items, it’s good to know that our accounting and tax compliance are in good hands. We have worked with Newburg & Company for over 10yrs and they have been an integral part of our financial and advisory team. As restaurant owners, it gives us peace of mind to know that Newburg and Company is there for us to help navigate this ever-changing environment. Having accounting and tax specialists in this industry is so important. We appreciate the value add they bring to the table.” – Aaron Sanders and Max Toste, Deep Ellum in Allston, Lone Star Taco Bar in Allston & Cambridge