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 […]

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!

Is Your Restaurant Missing Out On Beneficial Tax Credits?

Over the last year, we’ve seen a number of government programs designed to assist the restaurant industry with grants and loans. For many years prior, however, there’s been an offering of tax credits for hiring and employing certain groups of individuals that has been extremely underutilized. Learn how the Work Opportunity Tax Credit (WOTC) may benefit your restaurant!

Why Your Restaurant Should Market Valuable Business Meal Write-Offs

The IRS has recently provided guidance covering The Tax Payer Certainty And Disaster Tax Relief Act of 2020. The new legislation allows for a temporary 100% tax deduction for business meal expenses for food and beverages that are purchased from a restaurant. Normally, a business meal expense is 50% tax-deductible, so the 100% deduction is provisional for expenses that are incurred from January 1st, 2021 through December 31st, 2022. Tune in to this week’s podcast and learn why restaurants should be marketing to all businesses around them about this valuable write-off!

Easy Tips: How To Read A Restaurant Profit and Loss Statement (P&L)

It’s critical for the financial health of all restaurants that those who are making scheduling decisions, buying decisions, etc. fully comprehend how to read an income statement and can utilize the knowledge behind what actually goes into the P&L. Learn how to unravel the mystery and gain maximum profitability with a weekly P&L!

Top Tips For Restaurants To Hire The Best Candidates

Determining the keys to success for attracting and hiring top talent for restaurants is paramount to building a sustainable brand that can grow. We all know turnover runs rampant in the hospitality industry; Learn how to implement a successful hiring process and how can you effectively measure if what you’re doing is working!

Make Both Your FOH + BOH Happy With Removing The Tip

We’ve finally made it! In our last few posts, we’ve shown you two different strategies for team compensation when adding a surcharge and removing the tip from your restaurant. Today we’re going to discuss our third and final strategy which we personally think is the clear front-runner in methods of compensation. Yes folks, we’ve saved […]

Top 5 Tools for Financial Success in Your Restaurant

I feel like I should start this off by saying that anyone can start a restaurant, but not everyone can start a successful one; however it just isn’t true. Not simply anyone can start a restaurant because spoiler alert: it’s EXTREMELY difficult. Not only do you have to find the capital to start your own operation, but […]