You have the complex task of understanding the connection between menus and food costs.
1. Industry Performance Formula
Outside influences impact costs. Virtual bookkeeping monitors expenses on a weekly basis so you can be alerted for necessary adjustments in time to make a difference.
2. Fraud Prevention
Noticing anomalies that can be detected in food and labour cost is easy when bookkeeping is done weekly.
Navigating the pitfalls of CRA when dealing with controlled and uncontrolled tips can be stressful and costly.
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We have helped businesses just like yours access their books in real time with a minimal need for book keeping and accounting skills
How Positive Statements Can Help You
Snap a picture, forward an e-mail, or scan your receipts/invoices directly to an app and we take it from there.
Cloud Based Platforms
The need to bring your laptop or request statements from your book keeper is a thing of the past. Use any device to access any business data anywhere, anytime.
Ease of Use
Our technology stack is easy to use, and lets you understand your books without the need to be a finance pro.
Instant Access, Anywhere
Accessing your books on the go can help you make informed decisions, without having to wait for updated financials at the end of the period.
Saving Money on Your Annual Tax Return
Drastically cut down the time it takes your Accountant to file for the fiscal year end. Our systems gather your data as the year unfolds, ensuring all tax documents required by your Accountant are complete in the file sent.
Our standardized protocols and procedures are consistent throughout our firm ensuring an accurate, complete, verified file package is delivered to your Accountant
Positive Statement’s Services
…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.