Restaurant Accounting & Bookkeeping Services in Toronto
We handle bookkeeping, HST remittance, payroll, and tax filing for Toronto restaurant owners and cafe owners so you can focus on running your kitchen.
Trusted by Toronto Restaurants & Food Businesses
This Service Is For You If…
- You're doing well but have no idea where the money goes at the end of the month.
- You're charging HST on everything just to be safe, or skipping it and hoping for the best.
- You stay late doing payroll and tips while the kitchen is already closed.
- Your accountant shows up at tax time and disappears for the rest of the year.
Our Restaurant Accounting Services
Everything a Toronto restaurant owner needs, from daily bookkeeping to year-end tax filing.
Bookkeeping & Tax
- Monthly bookkeeping in QuickBooks Online
- Track income by channel: dine-in, takeout, delivery
- File GST/HST returns and claim eligible ITCs
- Handle T2 corporate and T1 personal tax returns
- Identify taxable vs. zero-rated food sales
Payroll & Compliance
- Process payroll for full-time, part-time, and casual staff
- Allocate tips for servers and kitchen staff
- Remit source deductions and WSIB on time
- Issue T4s at year-end
Inventory & Cost Control
- Track food and beverage costs against sales
- Monitor prime cost ratio (food + labour as % of revenue)
- Flag waste and shrinkage early
- Reconcile daily POS reports against bank deposits
Cash Flow & Reporting
- Build budgets around your slow and busy seasons
- Forecast cash flow for supplier payments
- Prepare financial statements for lenders or investors
Other Businesses We Help in Toronto
Three Steps to Restaurant Accounting
Here’s what it looks like to work with our restaurant accountants in Toronto.
1. Free Restaurant Accounting Call
We learn about your restaurant, how it's structured, what software you use, and where the gaps are. An honest look at your situation.
2. Setup & Cleanup
We connect your POS system and bank accounts to QuickBooks Online, clean up any backlog, and get your chart of accounts set up the right way for a restaurant.
3. Bookkeeping & Tax Support
Monthly restaurant bookkeeping, HST remittance, payroll processing, and year-end tax filing, handled on time, every time.
Why Restaurant Owners Trust SAL?
We Speak Restaurant
Food cost, prime cost, COGS, labour percentage; our CPA understands how a restaurant's finances work.
Food HST Is Tricky
Not all food is taxable. We sort out zero-rated vs. taxable so you're not over or underpaying CRA.
No Year-End Surprises
We close your books monthly so you always know where you stand. No surprises at tax season.
Our Client Stories
See What Toronto Restaurant Owners Say
Get Started Now!
Talk to our restaurant accounting team in Toronto and see what’s possible for your business.
What is restaurant accounting?
It’s the ongoing process of tracking sales, expenses, payroll, HST, and tax filings for a food business. It differs from general accounting because of inventory, tips, POS systems, and food-specific HST rules.
Do restaurants in Toronto need to charge HST?
Most restaurant meals are taxable at 13% HST. Some sales are zero-rated, like basic groceries, certain takeout items under $4, or qualifying catered events. Getting this wrong leads to CRA assessments. We make sure it’s filed correctly.
What food sales are zero-rated for HST purposes?
Basic groceries are generally zero-rated. But single servings sold for immediate consumption are usually taxable, even if the item looks like a grocery. A food services accountant can map this out for your specific menu.
Does my restaurant need to remit HST?
Yes, once revenue exceeds $30,000 per year. Most restaurants hit this quickly. We handle registration, quarterly or annual filings, and ITC claims.
What accounting method do restaurants use?
Accrual accounting. Income and expenses are recorded when they occur, not when cash moves. It gives a more accurate picture of profitability and is what CRA expects from incorporated restaurants.
Should my restaurant use cash or accrual accounting?
Accrual is the better choice for most restaurants. Cash accounting is simpler but can distort your numbers if you carry inventory or pay suppliers on credit.
What is the best accounting software for restaurants?
QuickBooks Online. It connects to most POS systems, handles payroll, and keeps everything in one place. It’s also what CRA is familiar with when they request records.
Do restaurants use FIFO or LIFO for inventory?
LIFO is not permitted in Canada under IFRS or ASPE. Restaurants use FIFO or weighted average cost. FIFO is most practical since older stock gets used first, and it keeps your COGS accurate.
What does prime cost mean in a restaurant?
Prime cost is food and beverage cost plus total labour cost, expressed as a percentage of revenue. Keeping it under 65% is a common benchmark. We track this monthly so you can see where margins are leaking.
How do you handle tips in restaurant payroll?
We track tip allocation for all staff, including casual and part-time, and make sure source deductions and WSIB are remitted correctly.
Can you help if my restaurant gets audited by CRA?
Yes, and it’s included at no extra charge. We prepare the documentation and deal with CRA directly on your behalf.
Do you work with bars, pubs, and caterers?
Yes. We work with restaurants, cafes, bars, pubs, catering companies, and food and beverage wholesalers. We adjust our approach based on your business type.
How much does an accountant cost for a restaurant in Canada?
At SAL Accounting, restaurant bookkeeping services start at around $800/month. Final price depends on your revenue, number of locations, and services needed. Book a free call for an exact number.
Is there a restaurant accountant near me in Toronto?
SAL Accounting is in Toronto’s Financial District, close to Union Station. We work with restaurant owners across Toronto and Ontario remotely, no need to come in.
