Amidst all the mayhem of “The Menu”, I found myself wondering that exact question. How on earth could a restaurant with five tables on a private island actually be financially feasible?
President Trump signed into law the Families First Coronavirus Response Act requiring companies to provide both limited paid sick leave and expanded family leave to employees impacted by the COVID-19 outbreak effective April 1st. We're joined by Gaye Weinberger of Organization Ink as we touch on Unemployment, Sick and Paid leave and how it all works.
The CARES Act includes a loan program for keeping employees on the payroll during the COVID-19 epidemic. Here's how it works!
You may have noticed in the last couple of weeks that AMex’s bank connection in Quickbooks Online switched to a multi-card setup, where each employee card gets its only account in the chart of accounts. This is great if you have two or three cards, but if you have half a dozen or more… well, it’s a real pain in the ass. Here’s how to fix it.
There's many ways to skin a cat, and just as many ways to handle a buyout in your restaurant. However, many of those ways end up skewing your financial reports. In our webinar, we’ll cover buyout contracts (yes, you should have one), setting up payment ahead of time, and then closing out a check at the end of the night.
As 2022 comes to a close, its time to look inward and prepare for 2023. To help with all your restaurant planning needs, Prix Fixe webinars have returned. Focused on full and limited service restaurants, this series should hit on all the hot button issues for this off season. As always, we try to keep it approachable and light, and is suitable for ownership and management.
Nov. 29th at 2PM EST
With summer and fall coming to a close, it's time to adjust your spending and go into hibernation for the off season. There is a way to plan ahead for this that works well for you, and your employees as well.
Dec 13th at 2PM EST
Every year, there are a few items that need to be completed to keep your tax preparer happy. In this webinar, we’ll cover what those items are for a restaurant, and how to hand the information over to your tax preparer
Dec 14th at 12PM EST
Same story, different time. Every year, there are a few items that need to be completed to keep your tax preparer happy. In this webinar, we’ll cover what those items are for a restaurant, and how to hand the information over to your tax preparer.
Dec 27th at 2PM EST
Catering is one of the most flexible and profitable revenue streams for a restaurant, and timing of deposits can help a restaurant make it through the winter months. It's a balancing act, however, as overextending can land you in hot water.
Jan. 4 at 1PM EST
You’ve heard it mentioned, your tax preparer asks if you did them every year, and you phase into the shrubs like Homer Simpson every time they ask. Well, this is the year you finally get it straightened out. In this webinar we’ll cover what a 1099 is, who gets one, and how to send them out.
Feb 8th, 12PM
One of the most significant increased costs for a restaurant was labor cost. Skyrocketing beyond the increases of compostables and chicken wings, the limited supply of qualified labor caused rates to soar. In order to manage these costs, there are a few tricks that you can use to keep employees and your bottom line happy.
Feb 28th, 10AM
There's many ways to skin a cat, and just as many ways to handle a buyout in your restaurant. However, many of those ways end up skewing your financial reports. In our webinar, we’ll cover buyout contracts (yes, you should have one), setting up payment ahead of time, and then closing out a check at the end of the night.
April 19th, 2PM
With inflation on the rise, the cost of food has increased with it. Costing a menu is insanely time consuming, but we have to do it, or your food cost plummets. In this webinar we’ll cover strategies to make costing a menu less cumbersome, while protecting your bottom line.
Any successful restaurant needs successful financial oversight, but owners and managers have plenty to do aside from these concerns, like running the restaurant.
That’s why management may want to consider restaurant bookkeeping to support these duties, especially during the busy seasons or expansion. After all, everyone could use a cover now and then.
A restaurant bookkeeper oversees financial and budgetary records of a restaurant, commonly known as the “books”. They ensure the accuracy of figures like revenue and expenses, track inventory and tax obligations, and make recommendations to maximize profit.
Here are some of the specific tasks that restaurant bookkeepers tackle.
Above all, bookkeepers assist with tracking the restaurant’s financial performance so that you can make sure you’re putting more money into your pocket than you’re taking out of it.
This involves monitoring and recording metrics like revenue and expenses for accounting reports, which allow management to address inefficiencies and improve operations.
Rent, equipment, utilities, marketing? You might see these expenses in your scarier dreams, but keeping count of them during the daily bustle of restaurant life can prove more difficult.
A bookkeeping service will stay on top of your obligations to help you avoid missing your payments and keep your costs in perspective.
While software can track orders and receipts nowadays, double-checking these results is important.
A bookkeeper will review order history to ensure that all customers have been appropriately charged so that you don’t lose out on revenue.
By Analyzing figures like sales volume and item popularity, a bookkeeper can help to advise on food and supplies orders so that neither too much nor too little is ordered.
They can also reconcile vendor invoices with shipments to ensure all materials received have been properly charged and logged.
Bookkeepers can review timecards to ensure that labor payments are accurate. As part of this responsibility, they’ll monitor restaurant payroll and income taxes so that you have proper records during the most wonderful time of year – tax season.
On the topic of taxes, a restaurant bookkeeper will also tally the sales tax owed by your business so that you don’t accidentally overlook those requirements either.
Having sufficient cash on hand is critical for providing change and employee tip-outs, but you’ll also want to keep reserves in the bank for credit or debit expenses.
By employing the help of a bookkeeper, you’ll have someone who can maintain a proper balance of funds so that you always have your money exactly where you need it.
Restaurant bookkeeping services are an investment in your business’s financial well-being and yourself as an owner or manager.
With help on bookkeeping duties, you’ll have more time for the things you need to do, like de-escalating a Yelp war with a demanding customer, as well as the things you love to do, like curating an unforgettable dining experience.
We get it, you’re probably thinking the thought of bookkeeping sounds boring but honestly, understanding what it is and, more importantly, appreciating its value can have a huge role in the success of your restaurant. Put simply, however big or small your restaurant is, bookkeeping is essential, not just for now but to help you prepare for the future too. And remember, if you start to neglect bookkeeping, then it’s difficult to catch up.
Every hospitality business is a little different. Some businesses have catering, retail, multiple locations, maybe even some skeletons in the closets. That’s fine! We’ve seen it all, but we need to know all this before we’re ready to give you a quote. We promise, it won’t take long, so:
