Hospitality

industry Experience

Hospitality Accounting

Growing a successful hospitality company requires a mix of financial strategy and business planning. In this highly competitive and rapidly growing industry, owners and managers must implement processes and strategies that help to mitigate common challenges in order to gain an advantage.

The external pressures of the hospitality industry can easily become overwhelming for a business. Having to navigate challenges such as gift card liability/income recognition, and uncashed payroll checks subject to unclaimed property laws is not easy, and can take valuable time and resources away from other areas. The decision to partner with experienced financial and business consultants will help ensure that areas such as these are properly addressed and will allow owners and management teams to focus on revenue generating activities and a better chance at reaching their financial goals.

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bgr CPAs has conducted services for businesses in the hospitality industry for more than 70 years.

During this time, our hospitality professionals have helped our clients to collect and measure key operating data that enables them to assess performance against that of industry benchmarks and competitors. The Berman, Goldman & Ribakow hospitality professionals understand that there are many challenges inherent to the hospitality industry, and remain abreast of tax regulation changes, legislation and trends that may affect our clients’ operations and growth.

In addition to providing guidance regarding industry-specific tax and accounting rules, the bgr CPAs provide the following services:

  • Financial statement preparation
  • Accounting and audit
  • Business formation and structuring
  • Tax planning and preparation
  • Business consulting
    • Advisement on Real Estate transactions
    • Evaluation of internal financial controls and reporting procedures
    • Strategic tax planning
    • Analysis of cash management, purchasing/inventory and labor/payroll systems

4 Things That All Restaurants Should Consider: Part Four

March 6, 2017

The hospitality industry leader at bgr CPAs explains the four practices that all restaurant managers should consider implementing to help combat financial challenges that are common within the hospitality industry. Throughout this series, our hospitality industry leader at bgr CPAs has discussed the benefits of implementing three managerial practices: establishing four-week periods,conducting routine menu costing…

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4 Things That All Restaurants Should Consider: Part Three

February 1, 2017

The hospitality industry leader at bgr CPAs explains the four practices that all restaurant managers should consider implementing to help combat financial challenges that are common within the hospitality industry. The failure rate of new restaurants is well documented. Lack of monitoring and understanding of performance can be a big contributor to this daunting statistic.…

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4 Things That All Restaurants Should Consider: Part Two

December 20, 2016

  The hospitality industry leader at bgr CPAs explains the four practices that all restaurant managers should consider implementing to help combat financial challenges that are common within the hospitality industry. In Part One, the hospitality industry leader at bgr CPAs explained how implementing 13 four-week periods can provide substantial benefit to restaurateurs. In Part…

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Our team of experienced and skilled professionals has extensive knowledge of the ever-changing laws and regulations within various industries, and has provided our valued clients with accurate, informed insights and business guidance for more than 70 years.