Behind the scenes of your retail or hospitality business lies the strategic backbone that:
- Runs the business
- Drives the customer experience
- Implements the analytics and performance reporting process
Sometimes it takes another pair of eyes to help you understand the impact of individual decisions on your customers, your profit and your competitive advantage. Our team of retail and hospitality specialists can be those eyes.
SB Partners is a results-oriented professional accounting services firm providing accounting, tax, and business consulting services for the retail and hospitality industry. We understand the unique challenges your industry faces, including complex tax regulations and constant changes in the marketplace.
As a firm that specializes in retail and hospitality accounting, we know what it takes to succeed in this competitive environment. We provide a full range of services to help with financial reporting, tax planning and compliance, strategies for growth and other customized solutions to help our clients meet their goals.
Our chartered professional accountants will help you streamline your business process, manage your finances, and stay ahead of the competition.
Why Work With Our Accounting Team in the Retail and Hospitality Industry?
The success of your business depends on the quality of the financial decisions you make. With the help of our chartered professional accountants and advisors, you’ll be able to make better, faster decisions like:
- What products should be on sale during which times?
- Where is my highest profit margin coming from?
- Where am I looking to grow my business?
- How can I plan for seasonal change?
We’ll help you make more informed decisions so you can take advantage of opportunities as they arise.
Benefits of professional retail & hospitality accounting services
Our retail and hospitality accounting services can help your company:
- Manage inventory and payroll
- Minimize your tax liability and maximize tax incentives and credits
- Develop profit enhancement strategies
- Operate and manage multiple ownership structures (e.g. franchises, global business units, etc)
- Improve cash flow and revenue
- Manage and assess risk
- Identify all costs and eliminate unnecessary expenses
- Consult on leases
- Review franchising documents and non-compete agreements
- Implement cybersecurity solutions
- Enhance e-commerce strategies
Our team has experience in many aspects of retail and hospitality including:
- Food and beverage
- Travel and tourism
- Hotels and resorts
- Entertainment and recreation
We want to help you today to meet your goals tomorrow. Get in touch now!
How SB Partners Can Optimize Your Retail and Hospitality Corporate Structure
Seasonality and economic shifts are two of the biggest challenges that retail and hospitality companies face. We can help you avoid these problems by providing you with real-time data so that you can make decisions based on accurate insights.
Here’s how we use integrated accounting software to help you:
- Manage payroll: the right software can help mitigate the ebb and flow of seasonality. We offer a range of services to make sure your payroll is managed, reconciled, audited, and investigated for irregularities.
- Sync data: with integration software to seamlessly sync payment data and sales from your POS into your accounting system. Data integration allows you to examine all of the information related to the sales process at once. It assists you in understanding your targets/goals, what the team has accomplished thus far, who your top performers are, and much more.
- Track inventory: through an integrated inventory management and accounting software solution that allows your business to prepare accurate levels of inventory required for demand. Real-time integration provides valuable insights like sales forecasts and cash flow.
Discover how we can help bring clarity to your data while streamlining operations and driving growth.
Our Accounting Services for the Retail and Hospitality Industry
Whether you’re a small shop owner or the president of a national chain, we can help you with accounting services for your retail and hospitality business. We understand how important it is for you to stay on top of the market, which is why we’re committed to providing high-quality accounting services tailored to your specific needs.
SB Partners retail and hospitality accounting services include:
- Tax planning and tax compliance services
- Developing working capital management strategies
- Cash flow analysis
- Audit, review, and compilation services
- GST/HST/PST advisory and reporting
- Operational performance reviews and process improvement
- Inventory accounting construction materials and equipment
- Business overhead and marginal cost review and analysis
- Subcontractor and job order costing
- Fixed-price consulting contracts
- Project management review
- Profit enhancement strategies
- Tax credit possibilities
- Financial analysis and reporting
- Strategic business advisory services
- Estate and succession planning
- Risk management and security reviews
Talk to our team about your business needs today!
Who We Work With
SB Partners Retail and Hospitality Practice Group aggregate experience over time and from very different enterprises to provide tailored guidance to each client. Our accountants have experience working with:
- Large and small retailers, wholesalers, and distributors
- Hotel General managers
- Brick and Mortars
- E-commerce companies
We can help
Contact us today to learn how our experienced retail and hospitality industry accountants can help your business succeed!
Inventory carrying costs are the costs associated with keeping inventory in stock at a store, restaurant, or other retail establishments. These costs are usually figured as a percentage of the value of the inventory and include such things as:
- Employee salaries
- Other inventory-related expenses
If you want to reduce your inventory carrying costs while still maintaining a profitable business model, there are several things you can do:
- Improve warehouse layout
- Determine optimal inventory levels and reorder points
- Accelerate turnover
- Use inventory management software
We help our clients identify inventory carrying costs and determine ways to reduce those costs without sacrificing your products’ quality or customer service levels.
The Municipal Accommodation Tax (MAT) is a room tax that was implemented by the Provincial Government in 2017 to help support Ontario’s tourism industry. The MAT supports the tourism industry, as well as programs and services that visitors take advantage of when visiting.
The implementation of a Municipal Accommodation Tax allows municipalities across Ontario to apply a mandatory rate on accommodations. Here is what you need to know:
- The rate is 4% applied only on the room cost portion of overnight accommodation of all guest invoices for a continuous period of 30 days or less.
- The MAT is subject to a 13% HST.
- The MAT is mandatory and must be paid by the guest to the lodging provider at the same time that they pay for the reservation.