Restaurant Services

The restaurant industry brings with it many diverse operational and business factors, including concept design, menu development, site selection, restaurant build out, food preparation, purchasing, training, and exceeding customer service expectations. These factors coupled with the financial issues of providing sufficient working capital, budgeting, controlling food and labor costs, selecting the right point-of-sale system, implementing adequate accounting and cash handling procedures, tracking fixed assets, and providing required funding for new unit growth, combine to make the restaurant business an exciting but challenging industry.

With over 25 years of restaurant industry experience, Halverson & Company is prepared to meet your industry specific business, accounting and tax needs. We have been involved in nearly every aspect of the restaurant business. We have encountered, head on, the challenges identified above. Our people have worked as financial officers and senior accountants within restaurant companies gaining valuable operational and industry specific experience. Our people have also served as outside advisors for many restaurant companies on the financial, accounting, and tax matters encountered within the industry. We are not only capable of talking the talk but are well prepared to share with you proven solutions from years of actually walking the walk.

Planning In order to help you navigate your business through the key strategic decisions that determine your future success, we continually focus on the important future business considerations in the following areas.

Business Formation, Entity Selection and Structure Planning
Choosing the form of entity (i.e. “S” corporation, “C” corporation, sole proprietorship, limited liability company (LLC), etc.) is a crucial decision that can have longstanding tax implications, positive or negative. We can assist you in evaluating the pros and cons of each entity type to help you determine the most advantageous form for your business. In addition, entity conversions and entity structure planning may be of importance to you.

Business Operation, Strategic Planning and Finance Advisory Services
We gauge our value by the business successes of our clients. We can help evaluate areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business.

Budget and Cash Flow Preparation and Analysis
A business can be profitable and still run into trouble due to cash flow issues. We can forecast and evaluate your company’s financial condition, estimate financing requirements and alternatives, and track cash flow sources and uses.

Business Succession Planning
Even the most successful business owners and operators must plan for transferring business operations due to specific retirement plans or unforeseen circumstances. We can help you create a succession plan to minimize the complexity of the transfer process while maximizing the value of the business that remains in the hands of the new operators or owners.

Accounting, Write-Up and Compilations
Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Our qualified staff can assist you with day-to-day tasks associated with accounting record keeping. In addition, we can provide compiled financial statements based upon client information provided and used primarily for internal use. We have made the decision to not perform any services in the attest-function arena above and beyond compilations of financial statements. Accordingly, we are not in a position to assist with audits or reviews of financial statements.

Accounting for Income Taxes (FAS 109 and FIN 48)
With the implementation of the Sarbanes Oxley legislation, many audit firms are no longer permitted to assist their audit clients in the preparation of the required accounting for income taxes. We have extensive experience in the preparation of required tax provisions and the calculation of required current and deferred income tax asset and liability account balances. We provide assistance with both quarterly and annual calculations for SEC registrants and privately held firms. Furthermore, we are familiar with reporting requirements and Generally Accepted Accounting Principles related to more complex transactions, including valuation allowances, other comprehensive income, equity compensation programs and others. Let us assist you in developing your provision analysis for turn-key delivery to your audit firm.

Accounting Software Selection and Implementation
With the number of computerized accounting software packages available for small business growing every day, selecting one that is right for you has become increasingly difficult. As accounting professionals, we are exposed to most programs through trade journals and actual use. Our experienced staff can help you choose and implement the system that best fits your needs.

Fixed Asset Software and Database Conversion and Management
For many companies, the investment in fixed assets is a necessary and significant factor and yet, so often, insufficient attention is given to properly accounting for this significant cash outlay and its ratable recovery. We have extensive experience with the available software packages used to manage this cost center and can assist your company with the software implementation and ongoing outsource maintenance of the related database. Proper accounting for fixed asset costs will help minimize personal and real property taxes. We have been able to cover the costs to our clients for monthly asset maintenance through reduced and abated personal property tax costs.

Payroll Services As a business grows, it must hire more employees, which can result in increased payroll administration. We can assist you in implementing the controls necessary to ensure a reliable, efficient, and effective payroll system. Our firm can help you develop a payroll system and prepare all necessary payroll tax returns in a timely manner.

Taxes

Taxes always bring a degree of pain; however, your business can take advantage of a number of opportunities to minimize taxes and reserve excess cash flow for other capital requirements. Furthermore, certain tax planning can have a direct positive effect on your businesses’ reported profits, effective tax rate, and earnings per share. We work to be a consistent source of value in the following areas.

Income and Franchise Tax Planning and Preparation
Tax planning and preparation form a winning combination for our successful business clients. The best time to save money on your taxes is before they are due, and this requires expert planning. By keeping current on new tax laws and legislation, we are in a position to identify key tax opportunities that minimize both your current and future tax liabilities. We provide one-on-one, pro-active tax counsel to meet your unique needs throughout the year, not just at tax time. We are prepared to assist you in any of the following compliance and planning areas:

	“C” Corporation Tax
	“S” Corporation Tax
	General Partnership Tax
	Limited Liability Company/Limited Liability Partnership Tax
	Sole Proprietorship and Disregarded Entity Tax

Personal Property Tax Planning and Preparation
Businesses with significant investments in operating assets recognize that personal property taxes represent a significant cash outlay. We are qualified to help you in tracking your assets and accurately reporting their value on property tax returns. We also provide guidance on minimizing the assessed value of these assets.

Payroll Tax Planning and Preparation
The variety of depository requirements and the potentially complex calculations of appropriate withholding amounts can cause a significant drain on your internal resources, especially when you have a diverse or unique employee base. We provide guidance regarding both traditional compensation and more complex remuneration and incentive packages. We can also assist you in the preparation and filing of the various returns and reports necessary to accurately disclose your payroll transactions.

State and Local Sales and Use Tax Preparation
Many of our clients are responsible for collecting and remitting sales and use taxes in many different taxing jurisdictions. We are prepared to assist in the compilation of information and preparation of sales and use tax returns in an efficient and timely manner.

Federal and State Tax Return Audit Representation
From time to time, business tax returns are selected for examination by the respective taxing authority. This should not be a time for alarm but should warrant careful interactions to minimize the exposure and inconvenience. We are experienced in our interactions with taxing authority personnel and are prepared to assist or represent you in connection with these matters.

New Business Services

The future success of your new business venture or entity requires careful planning from inception. The decisions you make now have significant impacts on your future options. We work hand-in-hand with new business owners to pro-actively assist them with the important decisions in the following areas.

Business Formation, Entity Selection and Structure Planning
Choosing the form of entity (i.e. “S” corporation, “C” corporation, sole proprietorship, limited liability company (LLC), etc.) is a crucial decision that can have longstanding tax implications, positive or negative. We can assist you in evaluating the pros and cons of each entity type to help you determine the most advantageous form for your business. In addition, entity conversions and entity structure planning may be of importance to you.

Business Operation, Strategic Planning and Finance Advisory Services
We gauge our value by the personal and business successes of our clients. We can help evaluate areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business.

Established Business Services The continued success of your business requires constant attention to new opportunities and challenges. We strive to help you identify such developments and to design processes to take advantage of them. We consistently advise our established business clients in the following areas.

Business Operation, Strategic Planning and Finance Advisory Services
We gauge our value by the personal and business successes of our clients. We can help evaluate areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business.

Budget and Cash Flow Preparation and Analysis
A business can be profitable and still run into trouble due to cash flow issues. We can forecast and evaluate your company’s financial condition, estimate financing requirements and alternatives, and track cash flow sources and uses.

Business Succession Planning
Even the most successful business owners and operators must plan for transferring business operations due to specific retirement plans or unforeseen circumstances. We can help you create a succession plan to minimize the complexity of the transfer process while maximizing the value of the business that remains in the hands of the new operators or owners.