3 Reasons Why Restaurants Need To Use Hospitality Specific Accountants To Improve Their Financial Results

hospitality-specific accountants

The harsh financial impact caused by the global pandemic has created the immediate need for financial accounting for restaurants. More specifically, it’s needed from professionals who aren’t simply knowledgeable in a general accountancy field, but knowledgeable about restaurant operations and the restaurant industry as a whole. Having restaurant backgrounds enables hospitality-specific accountants to educate operators […]

Beyond The Basics Of Restaurant Cash Management

HOW TO EFFECTIVELY MANAGE AN INITIAL INVESTMENT Whether you’re seeking an investment to start a new restaurant or working capital for an existing one, it is absolutely essential that you know the impact that the payment of that debt will have on the business’s cash position. Simply put, you need to see if you can put […]

Restaurant Cash Flow Tips To Ensure Financial Stability

During this episode of The Tip Share, RASI Director of Client Advisory Services, Brian McCaig, and Education & Training Manager, Brittany Ward dive into the Cash Flow Statement and discuss why and how, if used properly, it can be an incredibly valuable tool for your business. Restaurant owners and operators have become so accustomed to […]

Top Restaurant Accounting Tips: Closing Out Gift Cards & Catering Deposits For Period End

Successfully closing out a period can start the domino effect for proactively operating a restaurant versus missed opportunities for the following periods. The purpose of the Period End Financial Close is to verify accuracy so you can understand where your money is going in order to make quicker, more educated business decisions. When Closing out the period, […]

How to Start a Restaurant: Ultimate Financial Plan

HOW TO START A RESTAURANT? PLAN. You want to start a restaurant and you create the ideal concept in your head. That concept begins with the idea at its inception; however, for your idea to survive, or even better to thrive, it must operate on a consistently executed financial plan for a restaurant. There’s a […]

Understanding The Function Of Your Restaurant’s Cash Flow Statement

Podcast Video The Cash Flow Statement represents how the Balance Sheet and P&L work together to have an impact on your cash and operating accounts. It is designed to show you where your cash is coming from, and where it is going within a specific time period. Because restaurants don’t operate entirely on a cash […]

6 Ways To Build Better Budgeting Strategies For Summertime Success

You’ve made your budget for 2021, but Q1 is over and now it’s time to adjust and tweak as you’ve seen your results. Summer is nearing and encouraging news is hitting the nation with Covid vaccines in arms, re-openings, and there’s so much positivity to draw on moving forward. With the ice slowly melting and patios regaining the spotlight, restaurants know that the extra square footage means extra sales.

This week on The Tip Share, RASI New Business Strategist, Dave Downs, sits down with RASI Squad Lead, Sondra Monaco, and RASI Client Advisor, Adam Walsh to chat about what they’ve seen when working with clients across the nation as they work down the P&L to adjust budgeting and forecasting to meet the new demands that come with summertime!

Best Practices To Close Out Tips & House Bank For A Favorable Period End

Successfully closing out a period can start the domino effect for proactively operating a restaurant versus missed opportunities for the following periods. The purpose of the Period End Financial Close is to verify accuracy so you can understand where your money is going in order to make quicker, more educated business decisions. When Closing out the period, it should start with a review of the financial statements; The Profit & Loss Statement, The Balance Sheet, and The Cash Flow Statement. Within each statement, there are even more defined areas of focus that should pop out to an operator as a must-watch for success. In this episode of The Tip Share, RASI Director of Education, Brittany Ward discusses two key accounts to concentrate on when conducting a Period End Financial Close: Credit Card Tips Payable and House Bank.

This week on The Tip Share, RASI New Business Strategist, Dave Downs, sits down with RASI Squad Lead, Sondra Monaco, and RASI Client Advisor, Adam Walsh to chat about what they’ve seen when working with clients across the nation as they work down the P&L to adjust budgeting and forecasting to meet the new demands that come with summertime!

Sustainability & The Restaurant Industry – What Can You Do To Help?

Restaurant owners can have a major world impact and start the snowball effect of others going green – for the future of our planet, our kids, and ultimately our corporate social responsibility as an industry, and here’s what that looks like.

This week on The Tip Share, RASI New Business Strategist, Dave Downs, sits down with RASI Squad Lead, Sondra Monaco, and RASI Client Advisor, Adam Walsh to chat about what they’ve seen when working with clients across the nation as they work down the P&L to adjust budgeting and forecasting to meet the new demands that come with summertime!