garber

Garber2 Partners LLC – Your Bookkeeping Solution!

It’s critical to your business success to have your accounting records in good order.

Our clients hate the boring, tedious aspects that good bookkeeping requires. So these entrepreneurs and companies—located across Texas and the U.S.—hire us to handle the financials of their business so they can focus on daily operations and growing their revenues.

If you’re a new company startup, it’s just plain smart to launch your business with sound financial practices. If you’re a company seeking to jump to the next level, it’s smart then, too, to ensure that your financial systems can grow with you.

There’s nothing we enjoy more than helping our clients to establish a strong account and record foundation. When you become one of our valued clients, we’ll do everything we can to ensure your ongoing success.

Who we work with: Small and medium sized businesses with annual revenue between $1M and $15M.

What we offer: We are a full service concierge bookkeeping firm. We offer a range of services depending on the needs of our clients. Our services include:

  • bill pay
  • monthly reconciliation
  • bank accounts
  • merchant service accounts
  • credit cards
  • lines of credit
  • accounts receivable
  • accounts payable
  • monthly financial statements
  • sales tax returns

We deep dive into the numbers with our clients and go over with them how and why the financials are moving. Our goal is to meet with our clients each month to review the financial reports to give the business owners a snap shot of the financial health of their business. Additionally, we partner with the client’s CPA and other financial advisors when it’s time to look at the long-term strategy.

About us: We are both degreed accountants with a combined 30 years of corporate accounting and finance experience.

Leigh Ann graduated from SMU with an accounting degree. She has experience in audit/assurance services with both Arthur Andersen LLP and KMPG LLP. Leigh Ann worked for 7+ years in various roles within the internal audit groups for both Triad Hospitals and Tenet Healthcare; she is a Certified Internal Auditor. Most recently Leigh Ann was the Director of Operations Finance for Tenet Practice Resources overseeing the accounting and finance functions for Tenet-owned physician practices in Texas, Tennessee, and Missouri. In this role for 4 years Leigh Ann had responsibility for the month-end close process, monthly account reconciliations, budgeting, forecasting and overseeing a staff of 15 accountants.

Glen graduated from the University of North Texas with degrees in both accounting and finance. He has held corporate accounting and finance positions with of several Fortune 500 companies; including Texas Instruments, JC Penney, Compass Bank and Michael’s Stores. Glen has extensive experience with month-end close, budgeting, forecasting and operational & financial analysis.

 

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How to Keep Accounting Records for a Small Restaurant

A cash register can do much of the work for calculating your restaurant’s sales revenue. Even if you run a small restaurant, you will need to keep accounting records in order to file and pay taxes, and understand the financial workings of your business. Some restaurant accounting, such as closing out register totals, should be done daily. Other tasks, such as payroll, can be performed weekly or every other week. Tallying an expense ledger is usually a monthly task, and payroll tax forms must be completed and filed quarterly. Sales Totals A small restaurant should keep records of its sales revenue after each meal shift as well as totals for each day. Even relatively simple cash registers will print reports tracking food sales in different categories such as entrees, appetizers and beverages, as well as sales-tax totals and amounts that customers pay in cash, checks and credit cards. Creating a spreadsheet that tracks totals in each category for each meal enables you to identify and prepare for busy shifts and compare sales across different days and weeks. Payroll Your cooks and servers depend on your payroll system to write their weekly paychecks and withhold income and Social Security and Medicare taxes. Most restaurant employees earn wages rather than salaries; multiply employee hours by their hourly wage to determine base payroll amounts. Servers and bartenders are also liable for payroll taxes on income they earn in tips, so ask them to report their tip income on their time sheets. Deduct income tax using IRS tax tables, and multiply tip and wage income by .0565 as of 2012 to determine Social... read more

How to Calculate Monthly Sales Tax for a Restaurant

Restaurant customers in some states must pay sales tax. Not all states charge its consumers sales tax to generate revenue. Some states rely on other forms of taxation, such as property tax or state income tax. If your restaurant is located in a state with sales tax, your gross sales are typically subject to sales tax. This means you must collect the tax when you sell something to a customer. You also need to apply for a resale permit in your state, authorizing you to collect sales tax. Normally, the permit costs nothing, but you will be required to submit regular sale tax reports along with the collected taxes — usually monthly. Step 1 Determine your tax rate. Not all restaurants in your state will necessarily have the same tax rate. Sales tax rates can vary by city and county. Contact the agency where you applied for your sales tax permit if you need to find out your tax rate. This is a percentage amount. Step 2 Distinguish between taxable and non-taxable items you sell at the restaurant. For example, if your restaurant includes a bakery, some carry-out items might be tax-free in your state. Information regarding taxable items are available through the government agency issuing resale tax permits. Related Reading: How to Figure the Amount of Sales Tax in Texas Step 3 Talley up the sum total of all the taxable items sold in the restaurant during the month. Step 4 Multiply your sales tax rate by the sum total of all the taxable items sold during the month. For example, it your tax rate is 10 percent,... read more