According to recent statistics, the expectation is that the market size of New York restaurants will increase by 4.3% in 2022. At the moment, the market size, measured by revenue, stands at $18.5 billion.
Some of the significant expenses that any restaurant business incurs include point-of-sale (POS) system, equipment, and inventory costs. Additionally, the human resource factor remains at the heart of the hospitality sector, and labor costs account for much of the expenses that restaurants incur. Over 27,000 restaurants were operating in New York just before indoor dining was shut down in March 2020. At the moment, restaurants are striving to boost revenue and reduce operating expenses, and restaurant owners can achieve the latter by cutting restaurant payroll costs.
In New York, the restaurant industry is an integral part of the City’s economic and social fabric. That includes four-star world-famous establishments, small, family-owned restaurants, and food carts. It is also worth mentioning that New York has multiple restaurants offering cuisines from every part of the world. Additionally, recent statistics indicate that in 2019, New York’s restaurant industry had 23,650 establishments that employed 317,800 individuals. The same year, restaurants in the city made nearly $27 billion in taxable sales and the total wages they paid amounted to $10.7 billion. On the other hand, understand that calculating New York restaurant payroll can be challenging, yet it is necessary.
Running any restaurant without employees is impossible, suggesting that payroll is critical for restaurant managers, owners, and operators. The only thing is that calculating, distributing, and double-checking restaurant payroll for your workers is complex. Non-compliance with government mandates and errors can attract costly fines and taxes for your establishment.
Owning and operating a restaurant in the “Big Apple” can be a rewarding experience – but it comes with its fair share of stress, too! You’ve got utilities to pay for, vendors to deal with, customers to serve… and oh yeah, payroll to manage.
Well, maybe not that last one. Many restaurant owners in NYC have found that outsourcing their payroll to a reputable provider is the way to go. Here’s the big question: Is it the right choice for you? Whether you’re based in Gramercy or the Bronx, here are just a few reasons why payroll outsourcing may be the best option for your restaurant when you have a lot on your plate.
If you’re a restaurant owner in New York City, you’re a busy person. And as a busy person, the last thing you want is to get caught up in tedious, time-consuming work that distracts you from other important aspects of your business.
Keeping up with payroll is the bane of many small business owners’ existence. Let’s face it: as an entrepreneur, you already have an incredibly hectic schedule — and that’s without having to spend hours on tedious accounting tasks week after week! Still,
NY DOL has issued proposed adjustments to the tip credit in accordance with the upcoming increase in minimum wage. With the first increase set to take effect in January 2024, this has been signed into law by Governor Kathy Hochul and will occur over the next few years.
