COVID-19 checklist for restaurant owners

As we continue to monitor the updates regarding the COVID-19 and the impact that it is having in our industry, we at Antares Group have put together a checklist of things that you may want to consider. As you know, circumstances are changing daily. We will continue to monitor the situation and keep you advised about the best strategies to weather this unique storm.

Please take a look at the list and if you have any questions, do not hesitate to contact us.

Coronavirus Checklist for Restaurant Owners

REINVESTMENT

  • Rethink upcoming reinvestment projects beyond April. If you can, postpone any MRP, EOTF/lobby remodels or MOD C’s as far into the future as possible.
  • Check with your local governmental agency as construction may have been halted for a period of time.

BANKING

  • Contact banks and ask for a minimum of 3 to 6 months “interest only” payments.
  • Request working capital Lines of Credit.
  • Refinance at lower rates if possible. consider asking for relief on breakage fees.
  • Negotiate bank fees, especially with local banks.

P&L’s

  • Review G&A and see where there is any room to cut down.
  • Check on deliveries. You may not need as much food delivered as before.
  • Reduce any recurring, unnecessary expenses.
  • Think about reducing hours of operations.
  • Talk to McDonald’s regions about your situation and plans going forward. Keep them abreast of your compromised cash position. Over-communicating is a good thing right now.
  • Pay bills when due, not early.
  • Inquire with your insurance carrier about business interruption proceeds.

DELIVERY

  • UberEats is offering relief to restaurants, including daily payouts.
  • Grubhub is waiving the commission it receives from independent restaurants
  • Check with your delivery partner on what help they may be providing.
  • Can any of your employees help in the delivery process? Are you insured to allow this to happen?

MARKETING
Be creative

  • Begin short-term loyalty programs to drive “drive-thru” sales.  For example, if you visit our drive-thru for three consecutive days or 5 days in a week we will give you a “XXX.”
  • Provide customers at the drive-thru with a coupon that says, “come back tomorrow” and get a small fry with the purchase of “XXX.”

LOCAL GOVERNMENT EFFORTS
Get in touch with your local restaurant associations to find out what requests they may have of your local or state government to provide assistance to restaurateurs.

These may include:

  • Meals/sales/use tax relief for a period of time;
  • Streamlining the Unemployment Insurance process;
  • States may be looking to increase the maximum payments to individuals;
  • Potential expansion of the jobs credit program to employers;
  • Expansion of the investment tax credit to include all hospitality and retail companies; and

Creation of a state version of the employee retention credit, an income tax credit for certain employers in federal disaster areas who continue to pay their employees during periods in which their businesses are inoperable.

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Succession & Transition Strategies

Creating a successful succession plan is about protecting the future of a business and/or brand and ensuring there is a strategy in place to ensure your business continues to thrive.

After years of investing time, money and other resources, it’s imperative to prepare for this next stage in business and life. Poor planning can increase risks for stakeholders and tarnish legacies. Let’s make sure the next generation is well-equipped and ready to take your life’s work and family legacy to an even greater level of success.

Each situation is unique because the needs of each one involved are unique. We carefully review each opportunity to determine how best to structure a transition while meeting your goals, complying with any brand licensing polices and minimizing the tax implications of the transfer.

  • Next generation succession planning
  • Retirement planning
  • Wealth management

Let's get started.

Call us at 770.785.7855 Or email hello@antaresgroupcpas.com

Technology Services

Antares Group’s technology team provides convenient hardware and software support, along with comprehensive cloud accounting services with 24/7 access to up-to-date financial information exactly the way you want it, on any connected device, with a customizable dashboard interface. We use best-in class cloud accounting platforms and software including Sage Intacct, Bill.com and robot process automation (RPA) with integration capabilities with some of the leading point-of-sale, payroll, and business operations management software programs.

Cloud accounting is just the beginning; Antares Group’s experienced technology team also performs system evaluations and makes recommendations for products and services that will help your business run more efficiently, as well as protecting your information and infrastructure with robust security options. Using the right technology for automation will simplify your life and keep your valuable data safe..

  • Technology and security optimization
  • Complete cloud accounting services
  • Computer troubleshooting assistance with remote and onsite repair

Let's get started.

Call us at 770.785.7855 Or email hello@antaresgroupcpas.com

Business Planning & Valuation

An accurate understanding of your company’s current value and financial viability is vital for achieving business success and the launch pad to boundless possibilities in the years to come. Realistic valuations are essential for long-term strategic plans, business successions and expansions, gift and estate planning, and a lucrative retirement package. Planning for where you want to go in the future is what our business and tax advisors do best. Whatever your goals, we are here to provide you with the right plan and insightful guidance to achieve it.

  • Trend reporting and analysis and business valuation
  • General business and start-up consulting
  • Major reinvestment planning
  • Cash flow projections

Let's get started.

Call us at 770.785.7855 Or email hello@antaresgroupcpas.com

Back Office Solutions

In such a fast-moving business environment, business owners need every advantage to succeed. Improving efficiency should be an ongoing part of your strategy for financial success, empowering you to make continuous improvements.

Whether your business is a single location seeking to grow effectively and sustainably, an established franchise brand adding new locations, or something in between, Antares Group provides a suite of back office services and the financial expertise to help business owners and managers achieve their operational and financial goals. In the process of supporting your essential back office operations with practical solutions, we analyze the function and effectiveness, looking for inefficiencies and potential liabilities, offering valuable insights for owners and managers.

  • Daily deposit verification and online banking monitoring
  • Process invoices and code general ledger accounts
  • Process vendor payments and file 1099s
  • Prepare and file sales and use tax returns
  • Reconcile bank, credit card and cashless sales accounts

Let's get started.

Call us at 770.785.7855 Or email hello@antaresgroupcpas.com

Tax Advisory

Minimizing your tax burden is a year-round strategy; planning for and preparing complex business and individual tax returns is where Antares Group excels. Beyond simply helping you fulfill basic tax obligations, you can rely on our tax advisory team to keep you informed of ever-changing regulations and keep you in compliance. We conduct regular reviews to make sure all methods of reducing your tax liabilities are being used. We routinely assess your personal income tax situation and cash flow to guard against the unexpected. This ongoing strategic analysis empowers you to maximize tax savings and capitalize on new opportunities.

In addition, we provide advisory services for new business startups, acquisitions, and dispositions. Through careful analysis, we help clients determine the best structure and make the process as seamless as possible.

  • Business and individual year-end tax returns
  • Personal property, gift, and trust income tax returns
  • Fixed asset setup and maintenance
  • Annual tax planning and preparation

Let's get started.

Call us at 770.785.7855 Or email hello@antaresgroupcpas.com

Cloud Accounting

Whether you run a small closely held business or a large franchise operation, maintaining a firm grasp of accounting and bookkeeping can be challenging. Between managing staff and overseeing daily operations, there is not enough time to dig into the books and make sense of the financials. You need to know the facts and the implications. – having precise, up-to-date information at hand means you always know your financial position so you can make informed decisions that keep your business moving forward.

The financial experts at Antares can create a custom menu of accounting and tax services perfectly catered to your business needs, including accurate and timely financial statements and reports, so you are always prepared to respond quickly to changing and challenging circumstances. Along the way, we provide clear feedback and financial guidance to help you predict trends and recognize issues, then make the necessary adjustments to sustain cash flow throughout the year.

  • Timely preparation of financial statements based on your particular needs
  • Complete preparation of sales, payroll, inventory, accrual, and prepaid journal entries
  • Meticulous monthly bank and credit card reconciliations

Let's get started.

Call us at 770.785.7855 Or email hello@antaresgroupcpas.com