How To Read Your Restaurant Balance Sheet
A restaurant Balance Sheet is the most important financial statement an operator has. If the Balance Sheet is not in line and accurate, then there is no question that the Profit and Loss Statement is also inaccurate. Therefore, there is no precise picture of where actual Net Profit lies. This statement is essential for loan applications, business […]
PPP Changes & The Definition Of Non-Payroll Expenses
Podcast Video 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. RASI Compliance Director, Brian Smith, has compiled the top questions about the […]
5 Ways To Build Better Budgeting Strategies For Summertime Success
You’ve made your budget for 2023, but Q1 is over, we’re deep into Q2, and now it’s time to adjust and adapt as you’ve seen your fiscal results. Summer is nearly here, and as every restaurant knows, the extra outdoor patio square footage means additional sales. So now it’s time to plan accordingly! Throughout this […]
Top Restaurant Accounting Tips: Closing Out Tips & House Bank
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. This enables you to make quicker, more educated business decisions. When Closing […]
Sustainability & The Restaurant Industry – What Can You Do To Help?
As we recently passed another trip around the sun to celebrate the 51st Anniversary of Earth Day, it got us thinking: What can we do in the restaurant industry to help the efforts now, and in the future, considering this year’s theme, “Restore Our Earth.” Pre-Covid, sustainability efforts were beginning to creep up onto every […]
The Restaurant Revitalization Fund – What You Need To Know
What is The Restaurant Revitalization Fund? The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 […]
Top Restaurant Accounting Tips: Closing Out Due To/From Accounts
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. This enables you to make quicker, more educated business decisions. When Closing […]
3 Simple Steps to Achieve Operational Efficiency
Considering the uncertainty of the past year and the unprecedented changes that the hospitality industry has undergone due to the pandemic, we’ve continuously focused on the detailed specifics of restaurant accounting best practices to ensure financial success, even during trying times. While detailed specifics are a must-have in your accounting arsenal, it’s equally as important […]
Is Your Restaurant Missing Out On Beneficial Tax Credits?
Over the last year, we’ve seen several government programs designed to assist the restaurant industry with grants and loans. For many years prior, however, there’s been a highly underutilized offering of tax credits for hiring and employing certain groups of individuals. In the post, learn more about the Work Opportunity Tax Credit, most commonly referred to […]