PPP Changes & The Definition Of Non-Payroll Expenses

The Economic Aid Act, which was part of the Consolidated Appropriations Act, expanded the definition of non-payroll expenses that are eligible for PPP forgiveness to include operations expenditures. These newly added categories are set to help restaurants in a large way. Learn about the legal amendments and see how your restaurant could be positively affected by the updates!

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!

Restaurant Accounting Tips: How To Audit Due To/From Accounts

On this episode of The Tip Share we discuss a key account to audit when conducting your Period End Close, Due to/from Accounts. 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 smart business decisions. Learn how to properly track your Due to/from accounts and why this is so crucial to successfully closing out a Period.

4 Simple Steps for Effective Restaurant Accounting

While detailed specifics are a must-have in your accounting arsenal, it’s equally as important to look back and rely on the basic fundamentals to double check that your foundation is solid. In this episode of The Tip Share RASI New Business Strategist, Dave Downs, and RASI Client Advisor, Lynn Smith get back to the basics of restaurant accounting and break it down into 4 simple, yet effective steps that will set your restaurant on the path for financial and accounting success! 

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!

How Your Restaurant’s Website Can Drive More Revenue

The future of the restaurant industry in a COVID-safe world heavily relies upon technology and finding both creative and functional means to connect diners to restaurants. Learn how your restaurant’s website can turn views into paying customers!