We know a profitable menu keeps your doors open.

…Restaurant business came to me that was not making money, requested for audit under the CRA for GST/PST/Payroll & Corp Tax and had a family member posting their books. One of the first problems is the pressure from family to post the way they want to see it not the way it is required by law. In the first six months we changed the way the transactions had been posted in prior years, amended and resubmitted their CRA filings and developed a payment plan with the CRA that they could afford without closing the business. During this time we also uncovered a staff person systematically stealing from them by closing the till 1 hour before the restaurant locations closed. This staff person thought because they worked in all 5 locations sporadically but the numbers followed them and their schedule identified who it was. 

Next, we implemented cloud accounting software that made the family members responsible for the collection of their portion of data. (part of the audit charge was converting business expenses without receipts into taxable income that cost them $13K in tax). This weekly system of accountability developed good habits where all expenses were captured by the business reducing personal/corp tax amounts to the CRA. The system  was also 40% faster reducing bookkeeping costs which assisted cash flow. The consistent, accurate and compliant books stopped CRA from continually requesting audits which reduced high penalties and interest charges and expensive accountant fees to represent them with the audit department. (This business was audited by the CRA for 2012/2013/2015 where 2015 had zero penalties and interest charged filed against them) 

The new financial reporting also showed them in real time where they were making and losing money. This allowed them to sell their two catering food trucks and open a second food court location that took their business from no profits to $200/yr in only three years.