Food & Restaurant
From labor-management issues to new IRS regulations, the food and restaurant industry must account for the cost and impact of numerous new changes and challenges. As businesses adapt to these new circumstances, they face increasing pressure on margins and profitability.
Current Industry Challenges
Growth-minded food manufacturers and restaurant operators are listening to their customers, whose expectations are evolving. Busier lifestyles, shifting demographics, changing consumer preferences and evolving buying habits are combined with rising competition, real estate costs, food safety concerns and cybersecurity risks to ramp up the pressures on operators’ systems, sourcing and workforce. There are multiple forms of special tax credits and allowable accelerated deprecation methods that allow food manufacturers and restaurant operators to operate smoothly and efficiently.
However, some food and restaurant industry challenges include employing a lot of workers, requiring a lot of space, and having the fastest turnover of inventory in the marketplace. It also faces many other challenges including post-COVID re-openings, increasing labor costs, hiring qualified employees, health care reform, finding new markets and locations, acquisitions, and franchising to name a few.
A representative sample of notable food and restaurant clients we have served:
Why is Wright Ford Young & Co. right for you?
Wright Ford Young & Co. has been committed since 1973 to serving and advising food manufacturers, restaurant owners/operators, and franchise companies as they pursue their business objectives and improve their performance through the most challenging business cycles. Whether your goal is to open more locations, increase cash flow, launch additional service lines, or make your day-to-day operations more efficient, our team is ready to provide you with critical accounting and tax solutions to meet your business goals. We take the time to help you understand and navigate through these issues to deliver greater financial performance and be more efficient in your overall operations.