Top Restaurant Accounting Tips: Closing Out Notes Payables
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 […]
Top Restaurant Accounting Tips: Closing Out Vendor Payables & Credit Card Liabilities
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 […]
Top Restaurant Accounting Tips: Closing Out Capital Expenditures & Preopening Expenses
Successfully closing out a period starts the domino effect for proactively operating a restaurant versus missed opportunities in the following periods. The Period End Financial Close purpose is accuracy verification to highlight where your money is going. This review enables you to make quicker, more educated business decisions. To close out a period, begin with a review […]
How To Choose The Best Accounting Service For Your Restaurant or Bar
While there are numerous considerations when choosing the right accounting service for your restaurant or bar, these four guidelines will help ensure you’re on the right path to begin your search. 1.  Determine your specific business needs and goals There are various options a restaurant operator can review when it comes to choosing an accounting […]
Restaurant Revitalization Fund (RRF) Updates
In the wake of the COVID-19 pandemic, restrictions on gathering and other crowd control measures had a huge impact on restaurant owners. As a result, the U.S. Congress introduced legislation called the Restaurant Revitalization Fund (RRF) to help restaurants get back on their feet. The unfortunate outcome however was that the demand for the funds […]
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 […]
Restaurant Budgeting: How to Create a Restaurant Budget
Your restaurant may have a great menu, loyal customers, and an unbeatable location, but without effective restaurant budgeting, none of those factors matter. A strategic and accurate restaurant budget plan is your establishment’s roadmap to success; In other words, it’s the most trustworthy guide to your profit. Too often, managers and entrepreneurs don’t know how […]
How To Accurately Calculate Liquor Cost in Your Restaurant or Bar
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, you must gain an accurate handle on how to control COGS in […]
Year-End Restaurant Treasury Focus: CARES Act Changes & NOL Carrybacks
Many businesses struggled to turn out a profit or even mitigate losses throughout 2020. Fortunately, the government passed various articles of legislation within the last year in order to help businesses start on the path of financial recovery. During this episode of The Tip Share, RASI Compliance Director, Brian Smith, walks RASI New Business Strategist, […]