Barry's Accounting Services, Corp.
1852 Flatbush Avenue - 2nd Floor
Brooklyn, New York 11210
(718) 677-4006
E-mail:
clembarry@aol.com
 
Client Update - quarterly newsletter
 
 

 

The Hospitality Industry - Barry's Accounting Services

Tax accountant & business advisor serving the hospitality industry

The Culinary Industry - Barry's Accounting Services

Overview of industry specifics

Industry Course Work

  • Night Clubs, Sports Bar & Lounge
  • Bakeries & Restaurants
  • Inns, Lodges, Guest Houses, and Bed & Breakfast
  • Hotels, Motels, Hostels, Villas & Cottages
  • Luxury Yachts & Cruise Ships

- Business legal structure (Corporation, LLC, Partnership)
- Trends Forecasting & Strategic Planning
- Marketing & Operations Management
- Revenue (Lodging, Dining, Catering, Gambling, & retail merchandise)
- Inventory management & Expense Analysis
- Insurance, Risk management & Business Valuation
- Accounting, Financial & Tax reporting requirements
- Hotel with restaurants
- Hotel with restaurants & casinos
- Franchising, Merger & Acquisition
- Casino talent buying and event production
- Small gamblers, High Rollers & Whales
- Entertainment Taxation (Music, Fashion, Sports, Culinary & Casino)
- Business, Contracts & Entertainment Laws

**Sales (food, liquor, beer, wine, non-alcohol beverages, & retail merchandise)

Departments: Front Desk, Room Reservation, Food & Beverages, Housekeeping, Laundry, Dishwashing, Human Resources, Billing & Accounting, Security, Engineering, and Sales & Catering.

There are many accounting and operational issues in the hospitality industry and the right accountant can make a significant difference to your bottom line. There are plenty of accountants to choose from. Call Barry if you are tired of constantly changing your accountant and you have a backlog of work to complete. He has worked for some of the finest restaurants and bakeries, including:

1) Stouffers and Woolworth restaurants in Manhattan
2) A cookie and chocolate factory in Brooklyn that sold its candies to upscale stores like Barney's and Bloomingdales in Manhattan
3) A wholesale and retail Caribbean bakery in Brooklyn

Barry's Accounting Services has been in business for over 25 years. Its clients range from owner-operated Restaurants, Bakeries, Motels, and Hostels to corporate franchises. We have turned hot dog stands into three- and five-star restaurants, so we know how to implement the essentials to get results.

Services

Do you need help classifying purchases and sales and matching deposits, credits and discounts against banks' and merchants' statements? We are experts at reconciling business transactions and resolving emerging financial issues that are akin to your industry.
Do you need help with business and personal taxes, overhead expense analysis, financial reports, transactions audits for errors, duplicate payments, embezzlement, and fraud? We solve those issues every day. We are experts at solving tax issues.
Do you need to revamp your menu? We have the best chefs and bakers in our network. We can work with you to help you purchase Just-In-Time inventory from reliable suppliers. We will notify suppliers of shortages and damages immediately, ensure that recurring suppliers' bills are paid on time, and we will constantly reevaluate all suppliers.

Do you have problems with your liquor license? We have experts (former officials) who can help you with that. People do like to treat themselves special and their choice of beverage(s) does make a statement. Catering for special occasions and serving an inventory of fine wines and beverages will make you competitive, boost your profits, and help you meet future increases in operating costs. A recent Nielsen study has shown that liquor store sales of celebrity-driven spirits and ultra-premium wines were up 21% over last year.

Do you need to improve your sales? We have experts in our network who can help you with that. Word-of-mouth advertising by satisfied customers is important, but word-of-mouth alone cannot build a profitable business in this competitive environment. A continuous marketing program that is coupled with the right marketing mix is essential to help you establish your identity and create customer retention. Managing successfully during the busy days and peak seasons will prepare you for survival during the slow periods.
Do you need help structuring/negotiating your restaurant lease? We are experts at getting around escalator and escape clauses, base rent vs. a percentage of sales, and what to exclude from sales, leasehold improvements, etc.

Do you need insurance coverage for your restaurant? We are insurance brokers.

Do you need assistance with NYC inspection? We have an expert (former official) who can help you with that. Health officials do close restaurants and bakeries that pose a health risk and keep open those that are willing to fix the problems and improve cleanliness.

Long-term concerns
Business expansion, monthly food costs as a percentage of sales, portion costs/control, increases in overhead expenses, staff turnover, taxation (tax write-offs), sanitation, and licensing authorities. Use this simple formula to quickly and accurately calculate your actual monthly food cost as a percentage of your monthly sales:

(Beg mth inv. + monthly purchases – end of mth inv)/mthly sales = % food cost

If you are tired of constantly changing your accountant and you have a backlog of work to complete, call (718) 677-4006 for an appointment. Thanks for your time! Have a nice day!

 

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