Sales Tax Audits

Georgia Sales Tax Audits On the Rise

We have partnered with the Georgia Restaurnat Association to get the word out to the industry about intrusive and expensive sales tax audits by the Georgia Department of Revenue.

The audits focus on:

• Vendor invoics



• Comps



• Out of state equipment purchases



• Internet purchases of items



• Madatory tips



• Employee uniform policies



• Leases of equipment

Come to our discussions on June 21 and July 6 to learn how to reduce sales tax audit liability.

Register at the Georgia Restaurant Association web site. http://www.garestaurants.org

Atlanta Restaurant Survey Q1, 2011

Atlanta Restaurants Whip Up Strong Q1 2011 Sales Gains
By Robert Wagner, CPA

NetFinancials’ latest sales survey of 69 independent Atlanta restaurants reveals that Quarter 1 2011 same-store sales increased 5.3% over sales for the same period in ‘10. This increase comes on the heels of a strong 2010 performance when full-year sales increased 5.2% over 2009 sales. Even better news, these Q1 2011 same-store sales gains are broad-based, impacting three major Atlanta restaurant sectors – fast-casual, causal and fine dining.

Quarter 1 2011 vs. Quarter 1 2010

An impressive majority of Atlanta restaurants whipped up same-store sales increases in Quarter 1 2011. Of restaurants surveyed, 78% reported positive sales gains compared to Q1 2010. That compares to just 22% of restaurants reporting a Q1 2011 negative sales trend. Notably 25% of restaurants surveyed reported double-digit sales gains in Q1 2011 compared to Q1 2010.

Conclusion

Robert Wagner, NetFinancials president states that, “The results of our Quarter 1 2011 sales survey shows that the strong sales recovery established in 2010 has continued into Q1 2011. We are particularly impressed that the positive sales trend is broad-based with a remarkable 78% of stores notching Q1 sales improvements. There is reason to be optimistic that the strong sales momentum evident in Q1 2011 will help operators through the tough operating challenges they face in Q2 2011 and beyond.”
The Sample: The 69 independently-operated, non-franchise restaurants were drawn from the metro Atlanta market. Total Q1 2011 sales in our survey were $34,901,840. Our sample included restaurants in Atlanta’s fast casual, casual and fine-dining segments.


Robert Wagner, CPA is president of NetFinancials, Inc. which provides a full range of tax and accounting services for restaurant companies. Email: bob.wagner@netfinancials.com. www.netfinancials.com 404-874-7002
NetFinancials’ restaurant sales surveys are provided free of charge as a public service to the industry.