It's safe to say that a restaurant owner wears many hats. Chef, interior designer, human resources, IT, and inventory manager, front of the house and back of the house supervisor, the list goes on and on. But for many restauranteurs, taking on the role of a tax professional is not on that list.

Recently, we heard about the owner of a pizzeria who had started out doing his books and filing his taxes. But one thing led to another, and he fell behind on his paperwork and payments. Before he could sort it out, the state's Department of Taxation and Finance shut his business down.

Now the owner accepts full responsibility for what happened. "I know my business inside and out. I know the food aspect of it, but the paperwork aspect, I'm very bad at," he said. 

His business isn't the first to fall victim to a tax seizure, and it won't be the last. With the help of a tax professional, he was able to resolve his issues and reopen his business, but the story still dogs him on social media. 

"A business operator has to recognize when they need help," he said. "It's like pulling a thread on a sweater. If you don't clip it, it gets bigger and bigger."

Now that he's met his obligations, he is learning to use QuickBooks and is relying on a professional bookkeeper for help.

And that's the moral of the story. With sales tax, state and federal income tax, withholding tax, unemployment, and payroll tax, hiring a professional to help keep your business up to date and out of trouble is money well spent.  

Since 2005, Quikstone Capital Solutions has helped thousands of restaurant owners get the working capital they need to grow their businesses (and pay their taxes). If you accept credit cards, you could qualify for up to $250,000. It's a quick and easy process. There is a simple application, no collateral is needed, and funds are available in 2-5 business days. Contact us today to learn more.