Restaurant Accountant

Running a restaurant in Quebec means dealing daily with profit margins of just a few points, food costs that fluctuate with suppliers, tips to declare, mandatory invoicing to the MEV (Ministry of Economy and Finance), and a fast-paced team. Between lunch service and closing, bookkeeping can wait, but VAT remittances and DAS (Declaration of Annual Salaries) can't.

That's precisely why we offer you, free of charge, an accountant who already understands the realities of the restaurant industry: tip allocation, high-volume payroll, perishable inventory, and the seasonality of patios and holidays. We'll find the right match for you, as many times as needed, and we'll stay by your side. Regarding fees, we're completely transparent with the Bankeo Barometer . No obligation.

• Net margins among the lowest in the trade, often 3 to 5%: every point difference in the cost of food is directly reflected in the result.
• Food costs should be kept between 28 and 35% of sales depending on the concept; with labor, prime cost quickly exceeds 60% of turnover.
• Tips: declaration by employees, allocation of 8% in Quebec, DAS and slips to be adjusted accordingly.
• One of the highest turnover rates in the country: continuous hiring, departures and job postings.
• A marked seasonality (terraces, parties, festivals) which distorts cash flow and complicates tax remittances.
• Perishable goods must be inventoried closely to obtain a reliable cost of goods sold.
• The choice of structure: incorporation, eligibility for the DPE (in France, the criterion of 5,500 paid hours) and remuneration: salary or dividends.

• Collection and remittance of VAT (9.975%) on meals; registration required from €30,000 of taxable sales (end of small supplier status).
• Mandatory invoicing by the tax authorities: invoices produced with the sales recording module (MEV or MEV-WEB) and given to the customer.
• Employee tip log and reporting (form TP-1019.4) and allocation of 8% of tip-eligible sales if reported amounts are lower.
• DAS on wages AND tips declared or allocated: tax, RRQ, RQAP, employment insurance, FSS and CNESST.
• Year-end slips: T4 (CRA) and RL-1 (Revenu Québec) with boxes for tips received and allocated.
• Permits and taxes specific to the sector: MAPAQ permit, RACJ alcohol permit and specific tax on alcoholic beverages.
• T2 (federal) and CO-17 (Quebec) declarations if the restaurant is incorporated, with year-end inventory of food and beverages.

Can an accountant really help me with tips and payroll? Yes. An accountant experienced in the restaurant industry will set up the tip register (TP-1019.4), apply the required 8% allocation in Quebec, and calculate the DAS (Declared Amounts in Services) on the wages and tips reported. The result: compliant T4 slips and Relevé 1 slips, and no unpleasant surprises from the CRA or Revenu Québec.

My margins are tight, is it worth it? Yes, and that's often where the biggest returns come in. According to the Bankeo Barometer, the median for this sector is around $1,500 per year. An accountant who tracks your food costs, tips, and VAT rebates quickly spots discrepancies that cost more than their fees. And the Bankeo match is free.

How much does an accountant cost for a restaurant? According to the Bankeo Barometer , based on 1,248 real-world cases (2024-2026), the median cost for this sector is around $1,500 per year. The cost varies depending on whether you are an incorporated company or a self-employed individual, the volume of transactions, and the complexity of payroll. Bankeo matching is free: you pay your accountant directly.

How can I switch accountants for my restaurant without the stress? It's simpler than you think. You tell us what's no longer working, we'll introduce you to an accountant who understands the restaurant industry, and the transfer of your files (financial statements, tip registers, access to the point-of-sale system) is coordinated directly between professionals, ideally outside the tax rush. The matching process is free, and we'll support you until everything is running smoothly.

Local or remote accountant for a restaurant? Both work very well. With a cloud computing system, payroll, and digitized bank statements, a remote accountant can monitor your figures in real time; a local accountant can be a plus if you want someone who visits the dining room. The real deciding factor is the restaurant experience: tips, sales volume, and food costs. Bankeo offers the right match in both formats.

Does mandatory invoicing (MEV-WEB) change my accounting? Yes, in a good way. Sales recorded in MEV or MEV-WEB must match your bookkeeping and GST/QST remittances: any discrepancy will attract the attention of Revenu Québec. An accountant experienced in the sector will reconcile the MEV reports with your cash and deposits, ensuring your file remains strong in the event of an audit.