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Restaurant & Hospitality:How We Can Assist with Current Restaurants & Hospitality Accounting & Tax IssuesWho We ServeRisks & Process ManagementTakeaways From Restaurants Who Mean BusinessState of the Industry Back to Top

How We Can Assist with Current Restaurants & Hospitality Accounting & Tax Issues

New Lease Accounting Regulations

These new accounting rules could have impact on bank loan covenants as they might change the borrowing base for many loans essential to your operations.

How to prepare: Briggs & Veselka is already working with companies and their banks to advise them on the possible implications of these new accounting regulations to help them prepare possible revisions to existing covenants and as guidance for future loan agreements.

Data Security

Companies with significant credit card transactions are faced with increasing scrutiny and potential assumption of liabilities for fraud events.

How to prepare: Briggs & Veselka Business Advisory professionals can assist with penetration testing, PCI compliance and data processing risks and controls issues to protect your operations from unneeded costs and reputation risk.

Cost Management for Internal Financial Functions

Supplier billing, month-end closings, and reports for lenders can place burdens on your existing finance and accounting staff and impede the cash flow of your operation.

How to prepare: Briggs & Veselka’s Outsourced Accounting Services gives you budget flexibility and control when you require interim support of full back office accounting functions.

Fraud & Shrinkage

More than 40% of retail shrinkage is caused by employees, either as isolated incidents or larger, more organized schemes.

How to prepare:  Our teams of internal auditors and forensic investigators can work with your operations teams to develop preventative methods via process improvement, or in the event of discovery of an organized fraud, conduct forensic accounting to uncover defensible evidence of fraud.

Who We Serve

  • Full-service restaurant chains
  • Hotels
  • QSR concepts and franchise groups

Risks & Process Management

With businesses cutting costs and overhead, restauranteurs are becoming more and more vulnerable to cyberattacks, control weaknesses, and losing oversight in key areas and of key data. This session will shed light on key processes restauranteurs should keep on their radar in order to limit the risk of exposure and unexpected costs.

Takeaways From Restaurants Who Mean Business

Hear from a panel of restaurant operators who, like many, are navigating through the many variables of operational strategies, delivery services, safety protocols, and maintaining culture and morale in a limited workforce. Celebrate their successes, and develop and grow from the lessons learned.

State of the Industry

This session will cover the current regulations and protocols for the state of Texas (11/2020). Additionally, we will briefly discuss top accounting, tax, and employee benefit plan considerations that could potentially put cash back into your business.

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