Restaurant Accounting


Providing the knowledge and experience for you to succeed and prosper.

Goldman & Co., CPAs is a Rhode Island certified public accounting firm providing accounting and tax services to chains, casual and fine dining restaurants.  Our mission as CPAs and advisors with a depth of knowledge and experience in the restaurant industry is to assist restaurateurs to better manage and control their operations through improved record keeping, efficiencies, and enhanced analytical data customized to your operations.

Whether it’s fully utilizing a point-of-sale system,  tracking and reporting tips correctly,  accurately calculating sales tax, preparing detailed analytical financial reports and statements – you can rely on us to provide the financial assistance you need so you can do what you know best – deciding on today’s special.

Our clientele includes local privately owned restaurants  to national franchise operators.  Our services include, complete accounting, tax and bookkeeping services to help your restaurant(s) operate more efficiently and profitable.  Goldman & Co., CPAs services are able to be customized to meet any special needs.

More Time

Avoid the burden of the daily bookkeeping and the time consuming  constraints of dealing with vendor issues.  Your time is best spent with the daily tasks of operating a restaurant.  Our restaurant accounting services  allow you and your managers to focus on operations,  customer satisfaction and increasing profits.

Better Decision Making

Our experience trained restaurant professionals can provide you with real-time financial reporting.  Financial reports  detailing  actual results allow you to better manage your restaurant(s), and can be provided on a daily, weekly, monthly, or as needed basis.  Timely and accurate financial information is a must for today’s restaurant owners and managers.

Better Controls Over Operations

Outsourcing bookkeeping and payroll services with Goldman & Co., CPAs saves time and money.
We know the restaurant industry.   Daily we are able to maintain your books and records.  You save time and money and are better able to control irregularities and theft with the confidence of an independent third party who has no conflict of interest.

Better Cost Control

Administrative and bookkeeping costs can be better controlled.  Add profits to your bottom line with our restaurant accounting services.

Additional Information – Restaurant Accounting Services

Our restaurant accounting services are customized to meet the needs of each restaurant.  To improve your restaurant’s profitability and efficiency financial statements and analytical and financial reports are provided to you on a daily, weekly, monthly, or on an as needed basis.

Experienced and knowledgeable in handling the bookkeeping and payroll tasks of a restaurant.

Reporting Tip Income

  • Reporting  Restaurant Tip Income
    Employees  who receive tip income of $20 or more per month must report the tip income on IRS Form 4070:  Employee’s Report of Tips to Employer or on a similar statement.
  • Employer Requirements
    Employers must collect income tax, employee social security tax and employee Medicare tax on tips reported by employees.  You can collect these taxes from an employee’s wages or from other funds the employee makes available.
  • Allocation of Tips
    As an employer, you must ensure that the total tip income reported to you during any pay period is, at a minimum, equal to 8% of your total receipts for that period.
  • Tip Reporting Requirements for Employers
    Employers who operate large food or beverage establishments must file Form 8027: Employer’s Annual Information Return of Tip Income and Allocated Tips to report employee tip income.

If the food is consumed off premise from where it is sold.

If the food is consumed at a banquet facility your company owns or has control of.

If the food is prepared at your restaurant facility but delivered offsite to an area you haven’t arranged.

Our Accounting and Tax Services for Independent and Franchise Restaurants Include:

  • Outsourced accounting and bookkeeping
  • Financial statement preparation
  • Analytical and financial reports
  • Cash flow management
  • Asset maintenance and overhead classification
  • Tax preparation
  • Tax planning and tax compliance
  • POS restaurant accounting software setup
  • Allocated tips & tip reporting
  • Payroll services
  • Incorporation and new business advisor services

Tax Services

Our firm offers professional preparation of all federal, state, and local tax returns for individuals, regular corporations, S corporations, and LLCs at competitive, affordable rates.  We continuously monitor federal, state, and local tax law changes to allow our clients to minimize current and future tax liabilities.  If necessary, we can implement tailor-made due-date tax compliance monitoring systems to prevent costly interest and penalty assessments due to late filing.  Of course, we offer full tax preparation and filing services.

Individual Taxes
We specialize in preparing your taxes quickly and painlessly.  We will ensure you receive all the deductions that you are entitled to.  We are always available to meet with you to discuss tax planning ideas to help you lower your taxes, and avoid surprises.

Corporate Taxes
Careful tax planning is the most essential step in preparing our clients’ income taxes.  By minimizing taxes we strive to improve our clients’ profitability and cash flow.  Whether you are a large or small, established or newly formed, we will find the best possible strategies for reducing your tax liability within the limits of the law.

Estate, Gift And Trust Tax Return Preparation
Our firm provides preparation of federal and state estate, gift, and trust tax returns.  We endeavor at all times to protect your heirs from the unneeded emotional devastation that can be caused by estate tax levies.  We are also available to advise you in your estate planning needs, including business succession plans and gifting strategies.

Sales Tax Services
Our firm prepares all sales tax filings and offers full sales tax audit representation.

IRS And State/Local Representation
Our firm knows the tax laws, and we know how your tax return was prepared.  We can provide complete representation services before the IRS, as well as state and local taxing authorities.  We are also experienced in negotiating Offers in Compromise with the IRS.


Tax Planning

Planning is the key to successfully and legally reducing your tax liability.  We go beyond tax compliance and proactively recommend tax savings strategies to maximize your after-tax income.

We make it a priority to enhance our mastery of the current tax law, complex tax code, and new tax regulations by attending frequent seminars.

Businesses and individuals pay the lowest amount of taxes allowable by law because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year.

We recommend Tax Saving Strategies that help you…

  • Grow and preserve assets by keeping Uncle Sam out of your pockets.
  • Defer income so you can keep your money now and pay less taxes later.
  • Reduce taxes on your income so you keep more of what you make.
  • Reduce taxes on your estate so your family keeps more of what you’ve made.
  • Reduce taxes on your gifts so you can give more.
  • Reduce taxes on your investments so you can grow your wealth faster.
  • Reduce taxes on your retirement distributions so you can retire in style.

For additional information contact Jim Goldman, CPA at [email protected] or call (401) 781-4200.

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