icon-search

restaurant consulting and hospitality consulting iconRESTAURANT CONSULTING & HOSPITALITY CONSULTING

A FULL MENU OF SERVICES FOR YOUR RESTAURANT & HOSPITALITY BUSINESS


Restaurant and hospitality businesses rely on the health of both the national and local economies. Personal incomes, employment levels and corporate profits are key economic indicators influencing travel, hotel stays and dining out. Not only is the economy a contributing factor to business, but the high level of competition as well. Distinguishing quality, value and efficiency is critical to these industries in order to attract and retain customers.

Restaurateurs need to stay on top of the industry trends such as high-speed food delivery, clean foods (no chemicals), gluten-free and paleo diets, and the conversations around wages and tipping for starters.

Lodging owners are seeing that millennials are becoming a core customer and they demand unique experiences, speed, precision, and WOW service all to capture and keep customers coming back.

With all of this, you need a partner and an advisor to focus on the business of your business. The SVA professionals in this service sector can assist keeping a close eye on everything financial.

Download our Profitability Review: Using Ratios As a Scorecard for Your Business eGuide

Profitability Review eGuide img 

The volatility of pricing in the restaurant and hospitality industry makes it vital for business owners to monitor key ratios and compare them to industry standards. This eGuide showcases ratios calculations and how those ratios can be used to measure performance.

Download eGuide
 

SPECIALIZED INDUSTRY SERVICES


Cash Flow
BUSINESS IMPACT: Fund Growth

Cash flow is essential – it is the roadmap to performance or the core of the financial process. A cash flow forecast ensures you have the financial resources to fund your company’s growth or simply to make the next payroll. Most companies want to do better than just covering all of their fixed or variable costs, but aren’t certain where that actually occurs or what all of the factors are to make that goal attainable.

SVA can help this process along by making sure all costs are considered, pricing for your product or service is right in today’s marketplace, your sales goals are set at the right level, the cost of buying the materials for your product is in line, and the list goes on. In the restaurant and hospitality industry, seasonality and peak business times should be considered in your cash flow planning. Let us help you clearly define your average per unit revenue, average per unit cost, and your monthly fixed costs to get you to that break-even point as fast as possible.

Consulting Services
BUSINESS IMPACT: Improve Profitability

We know running a business is more than a full-time job and you need a strategic partner who can help impact your bottom line and long-term profitability. From consulting on hotel operations and menu pricing for restaurants to assisting with lease negotiations, we stay actively involved in financial and process improvement so you can focus on day-to-day operations.

Our restaurant and hospitality professionals also employ financial tools to assist you in planning for your future, suggest improvements, monitor results and communicate those results in a productive and strategic manner. Our priority is to listen to your concerns and find the right solutions to fit your unique needs.

Financial Statement Benchmarking
BUSINESS IMPACT: Performance Indicators

Your financial statements include the balance sheet, statement of cash flows, and the income statement. This information is used to calculate financial ratios that help you understand the financial performance of your business.

The ratios you should be reviewing are:

  • Current ratio
  • Profit margin
  • Return on assets
  • Price-earnings ratio

Once you have your ratios determined, benchmark them against industry standards to gauge how your company is performing against your peer group. Our SVA experts will review your financial statements and ratios to help you determine how your business aligns to your industry-specific peers.

Menu Costing and Pricing
BUSINESS IMPACT: Competitive Pricing

Costing and pricing your menu items is an important step in making sure you are generating enough revenue to cover expenses. To cost each item, you will need to know the exact amount of each ingredient and the amount of drip loss, plus your overhead expenses including rent, salaries, equipment, etc. There are several methods you can use to price menu items, including the ideal food cost pricing method, the competition pricing method, and the demand-driven pricing method. Our restaurant and hospitality professionals will review your costs and pricing, and help you determine an appropriate profitability margin for each.

Operational and Profitability Reviews
BUSINESS IMPACT: Efficiency Planning

Operational reviews should be performed regularly for your business. It is a way to look at your operational efficiency and determine areas that need to be improved as well as areas that are performing well. The reviews can uncover opportunities that may increase profit, drive more revenue, or reduce costs, without affecting the quality of your service. These reviews should also drive your strategic planning and budgeting process. At SVA, we use our in-depth knowledge of the restaurant and hospitality industry to complete operational and profitability reviews that include a consultative plan to address any concerns that might arise. Getting a review is the start, putting expert advice into practice is the goal. 

Sales and Use Tax Strategies
BUSINESS IMPACT: Reduce Impact

Almost everyone is familiar with sales taxes and the role they play as a consumer. However, understanding the complexities and laws involved with sales and use taxes as they apply to business is another story. Reduce the impact of sales tax on not only your business but your customers by proactively planning for the tax consequences of your business-related activities.

Tip Reporting
BUSINESS IMPACT: IRS Compliance

Complying with IRS tip reporting rules is one of the most critical and important tasks facing restaurant owners. This is truer today than a decade ago as the IRS is accelerating its efforts to capture previously lost revenue in the form of income and FICA (Social Security and Medicare) tax. As a restaurant owner, you should be aware of your responsibilities regarding the reporting of your employees’ tips.  

One of the most important factors that restaurant employers and employees should both be aware of is that tips are considered taxable income. Because of this, employees and employers each have specific reporting requirements.

Tip reporting is required not only from the owner side of the business but the employee side as well. Federal tax law requires any employee who receives at least $20 in tips in a month, to keep a daily record and report the tips to their employer. You also need to withhold income and FICA tax from each paycheck and report each employee’s tips to the IRS.   This is a complicated area of your business, but an essential one. Putting procedures and processes in place to make certain your establishment is compliant is another area of SVA’s expertise.

 
Measurable Results.
kl engineering mr banner

Measurable Results.

"SVA provides proactive sound financial and business advice. They help me gauge what we are doing well, what we can do better, and they develop strategies to guide my company into the future."

Kim Lobdell, President, KL Engineering

KL Engineering

LEARN MORE VIEW ALL

capital-endodontics-measurable-results-banner-sva-accountants

Measurable Results.

"We were fortunate to partner with SVA. Without their guidance, we would not be in the position we are today – the largest endodontics practice in Madison."

Dr. Nabeel Khan, Partner

Capital Endodontics

LEARN MORE VIEW ALL

madison-radiologists-banners

Measurable Results.

"SVA provides our accounting and back office functions including bill paying, account reconciliations, and compensation calculations. They also been instrumental in strategic planning for business growth and infrastructure development. "

Dr. Sally McKinnon, Partner

Madison Radiologists

LEARN MORE VIEW ALL

madison-anesthesiology-consultants-measurable-results-banner-sva-accountants

Measurable Results.

"Working with SVA gives us one less thing to worry about. They helped us cut our overhead by 6.5% and created effective business processes allowing us to focus on the core of our business- taking care of our patients."

Dr. John Olson, Managing Partner

Madison Anesthesiology Consultants

LEARN MORE VIEW ALL

victory-homes-measurable-results-banner-sva-accountants

Measurable Results.

"We rely on SVA’s forward-thinking approach. With their assistance, we restructured our business creating tax and cost savings."

John Stoker, President
Daryl Prusow, Vice President

Victory Homes

LEARN MORE VIEW ALL

oakbrook-corporation-measurable-results-banner-sva-accountants

Measurable Results.

"We rely on SVA’s technical expertise and practical advice to help us navigate the complex issues involved in the real estate business."

Mike Morey, President

Oakbrook

LEARN MORE VIEW ALL

manske-machinery-measurable-results-banner-sva-accountants

Measurable Results.

"Our bank recommended SVA and we have never looked back. SVA doesn’t always tell us what we want to hear, they provide the advice we need to grow our business."

Fred Manske, Owner

Manske Machinery Service

LEARN MORE VIEW ALL

racine-dental-group-measurable-results-banner-sva-accountants

Measurable Results.

"SVA provides top to bottom care by being hands on and thorough. Whatever our need, they respond quickly and efficiently. They helped us reduce our overhead by 6%."

Dr. Paul Elcano, Executive Partner

Racine Dental Group

LEARN MORE VIEW ALL

kleenmark-measurable-results-banner-sva-accountants

Measurable Results.

"SVA’s valuation of our company and their expertise in loan structuring was instrumental in maximizing the tax benefits as we transitioned ownership."

Scott Stevenson, Owner

Kleenmark

LEARN MORE VIEW ALL

whpc-mr-banner

Measurable Results.

"SVA provided financial statement stress testing scenarios including how interest rate fluctuations and federal subsidy changes might affect our bottom line. Our board now has the information they need to make informed decisions."

Mary Wright, President

Wisconsin Housing Preservation Corp. (WHPC)

LEARN MORE VIEW ALL

madison-childrens-museum-mr-banner

Measurable Results.

"SVA streamlined our largest and most complicated fundraising effort by developing an effective method of tracking inventory and sales."

Deborah J. Gilpin, President & CEO

Madison Children's Museum

LEARN MORE VIEW ALL

meridian-endodontics-mr-banner

Measurable Results.

"SVA has a reputation in the dental community that is second-to-none. They have exceeded our expectations and truly have been a catalyst for our business."

Dr. Lisa Teel, DDS, MS, Owner

Meridian Endodontics

LEARN MORE VIEW ALL

bc-adhesives-mr-banner

Measurable Results.

"I would recommend SVA because no question is too small. They have the same core values as BC Adhesives and we trust their opinions and recommendations."

Melissa Shibilski, Finance Manager

BC Adhesives

LEARN MORE VIEW ALL

wisconsin-brewing-co-measurable-results-banner-sva-accountants

Measurable Results.

"SVA was our first phone call. They have been with us since Day 1 and without them I [Mark Nolen] don't know where we would be."

Mark Nolen, President & CEO

Wisconsin Brewing

LEARN MORE VIEW ALL

barnes-inc-measurable-results-banner-sva-accountants

Measurable Results.

"We saved $20,000 in taxes and deferred over $500,000 of taxable income with the help of SVA. They are a tremendous partner for our company."

Mark Barnes, President/CEO

Barnes

LEARN MORE VIEW ALL

capital-mechanical-mr-banner

Measurable Results.

"The SVA team understands the business trends in our industry and helps us develop strategies for business in a good economic climate, as well as preparing us for economic downturns that may occur in the future."

James Wagner, President

Capitol Mechanical Inc.

LEARN MORE VIEW ALL

sondel-veterinary-clinic-measurable-results-banner-sva-accountants

Measurable Results.

"My clinic saves over $10,000 in taxes yearly with the help of SVA. They help me improve my profitability."

Dr. Jesse Sondel, DVM/Owner

Sondel Family Veterinary Clinic

LEARN MORE VIEW ALL

colectivo-coffee-measurable-results-banner-sva-accountants

Measurable Results.

"We hire professionals who bring knowledge to the table that we don’t have. SVA continuously delivers a well-informed, objective perspective we value which makes us continuously evaluate our path."

Lincoln Fowler, Co-Founder

Colectivo Coffee

LEARN MORE VIEW ALL

madison-public-library-measurable-results-banner-sva-accountants

Measurable Results.

"SVA’s reputation and expertise with nonprofits made them our first choice! Their ability to turn the work around in a condensed timeframe, and in a way that all Board of Director members could digest easily, has made them an invaluable resource to us."

Jennifer Jeffress, Executive Director

Madison Public Library Foundation

LEARN MORE VIEW ALL

hand-to-shoulder-mr-banner

Measurable Results.

"When it was time to bring on a new partner, SVA discussed the offer, practice numbers, and goals which made our new partner very comfortable with joining our practice. They appreciated the personalized communication as they transitioned into our practice."

Dr. David Toivonen, M.D., Senior Physician

Hand to Shoulder Center of Wisconsin

LEARN MORE VIEW ALL

village-family-dental-mr-banner

Measurable Results.

"SVA has helped us look at opportunities for new locations and as we look to grow, they help us determine what plan is financially feasible and a good business decision."

Dr. Todd Stahnke, DDS, Dentist and Owner

Village Family Dental & Orthodontics

LEARN MORE VIEW ALL

icon-mr-arrow-left icon-mr-arrow-right
CONTINUE THE CONVERSATION

INDUSTRY INSIGHTS

MEET THE TEAM

CONTACT US

RESOURCES

Tired of searching for important, timely business information? Let us do the work for you. Check out our Biz Tips to stay up to date with what’s going on in the world of business.