Restaurant Revitalization Fund (RRF) Updates

Restaurants were extremely hard-hit by government-imposed shutdowns and other restrictions related to the COVID-19 pandemic. Congress created the Restaurant Revitalization Fund to provide relief to restaurants, but the demand for the funds was far greater than the supply. According to the SBA, they received more than 278,000 applications by June 30th, seeking more than $72.2 […]

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 […]

Top Restaurant Accounting Tips: Closing Out A/R & House Account Balances

Successfully closing out a period starts the domino effect for proactively operating a restaurant versus missed opportunities in the following periods. The purpose of the Period End Financial Close is accuracy verification to highlight where your money is going. This enables you to make quicker, more educated business decisions. To close out a period, begin with a […]

How To Accurately Calculate Liquor Cost in Your Restaurant or Bar

Restaurant Bar - How To - Liquor Cost

Understanding your restaurant’s COGS (cost of goods or cost of sales – the cost of the goods you purchase and utilize to create revenue), is the key to success for every well-run restaurant. As every operator knows, industry margins are paper-thin. To become profitable, it’s imperative that you gain a true handle on how to […]