When Should You Hire a Bookkeeper?

Restaurant owner working on bookkeeping in the dining room.

Running a restaurant is a lot of work! You may spend your days training staff, reviewing your menus, meeting with vendors, and working on marketing campaigns. There’s only so much time in the day, and it’s easy to overlook your books. However, if you don’t keep track of your accounts, you may find your invoices […]

The Key Difference Between Bookkeepers and Accountants

Binder, calculator, laptop, and workbook on a desktop.

Many restaurant owners start out by doing their own books, but as your business and responsibilities grow, you may find yourself too overwhelmed to handle the finances. You need to hire someone but should you bring on an accountant or a bookkeeper? Though these terms are often used interchangeably, they are two separate positions with […]

How to Outsource Your Bookkeeping: A Comprehensive Guide

Calculator, pen, general ledger, credit card, and coins.

How to Outsource Your Bookkeeping Your restaurant won’t survive for long if you don’t pay your bills, track your receipts, or ensure your employees receive their paychecks. Yet, all these little back-office responsibilities can easily fall through the cracks if you’re busy running other aspects of your business. A bookkeeper can be a valuable addition […]

How to Do Bookkeeping for Small Business: Everything You Need To Know

Bookkeeping spelled out with wooden blocks

How to Do Bookkeeping for a Small Business If you own a restaurant or any type of business, you will have to perform bookkeeping to track all your income and expenses. A well-designed bookkeeping program can ensure that your bills are paid, you receive money for your invoices, and you have money set aside for […]

A Comprehensive Guide to Retained Earnings on a Balance Sheet

Exterior of a restaurant, looking into an empty dining room on a dark night.

Retained earnings are the lifeblood of a company’s financial growth and sustainability. They reflect the net income that has been reinvested in the business rather than distributed as dividends. This post will illuminate what retained earnings on a balance sheet are and the steps to calculate them. What Are Retained Earnings on a Balance Sheet […]

A Comprehensive Guide to Net Income on a Balance Sheet

Net Income on a balance sheet definition.

One of the most critical figures on a company’s financial statement is the net income. It’s a true representation of a company’s financial performance over a period. This comprehensive guide will shed light on net income on a balance sheet and explain how to calculate it. What is Net Income on a Balance Sheet Net […]

How to Create a Balance Sheet for Small Business

Restaurant FOH employees on tablet.

A balance sheet is fundamental to understanding your business’s fiscal standing. It’s a financial snapshot showing what your company owns, owes, and the equity invested. This vital tool plays a pivotal role in financial planning and profitability analysis. Every small business owner must learn how to create a balance sheet. WATCH THE FULL VIDEO BELOW! […]

Profit Margin Calculator: Understanding and Improving Restaurant Profit Margins

Restaurant manager wearing an apron working on laptop at cafe bar.

Profit margin is a guidepost to the overall health of your business. If you have a solid profit margin, that means you earn substantially more than the cost of production on each sale. It’s common to target a certain profit margin in operational decisions. Profit margin can be used as a tool for pricing, and […]

Tip Pooling Calculator: Streamlining Fair Distribution of Tips

Restaurant manager working at table on clipboard.

What is Tip Pooling Tip pooling is the practice of collecting all tips for the day and dividing them among working employees according to a formula. The formula can be as simple as an even division among all workers. Another popular formula is to weigh the tips by position in the restaurant according to a […]