Restaurant Accounting: A Complete Guide
The Ultimate Guide To Restaurant Accounting Getting a restaurant up and running is a challenge. Keeping a single establishment or franchise profitable over months and years is even more so. What separates the restaurants that quickly fail from those that have been established for an extended period? Sales & Expenses Point-of-sale (POS) Transactions Financial Reporting […]
The Importance of Franchise Accounting
A franchise is all about authorization. For entrepreneurs and small business owners, owning a franchise offers them the ability and support to carry out the larger corporation’s core company offerings and commercial activities. Suppose your restaurant is part of a franchise, or you own a group of individual restaurants that comprise a franchise. There are […]
Why You Need to Integrate your POS System and Accounting Software
The Importance of Integrating Your POS System & Accounting Software Think of the multitude of processes your restaurant performs on a daily or weekly basis – Payroll. Payment processing. Vendor Payments. General accounting – and those are merely the tip of the proverbial iceberg. Now, think about how seamless all these tasks would be with […]
What to Consider When Setting Up Payroll For a Restaurant
What is payroll for a restaurant? You may be asking, how does payroll work? That is, what should payroll look like for a restaurant? We’ll start with the basics. What is payroll? Payroll is the business process of regularly paying out all your wage, payroll tax, and benefit liabilities to employees. We’ll spell those out: […]
How Do You Categorize Restaurant Expenses?
Opening a restaurant is a costly endeavor, and successfully running a restaurant requires strict attention to your restaurant expenses to control costs and increase efficiencies. Few restaurants can get by with paper, pencil, and a stack of excel sheets for manual data entry. Such restaurants miss out on the opportunity to reduce expenses and increase […]
The Best Way to Maximize Restaurant Operations Management
What is restaurant operations management? Running a restaurant only yields successful results when a clear and actionable playbook is in place to guide your team. These data-based guidelines for managing your kitchen, front of house, finances, and day-to-day functions are the keys to proficient restaurant operations management. They enable you to consistently review and execute […]
How Do Small Business Restaurants Make a Profit?
What is restaurant profit margin? One of the most critical metrics to understand and track as a restaurant operator is your restaurant profit margin. Simply put, to remain in business, you need to understand your margins and everything that goes into them. This seemingly simple metric contains a fair bit of complexity under the hood. […]
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 […]
Restaurant Cash Flow Tips To Ensure Financial Stability
Every restaurant operator should review the Cash Flow Statement on a regular basis. It can be an incredibly valuable tool for your business if used properly. Restaurant owners and operators have become accustomed to reviewing the Balance Sheet and P&L, but in the grid of focusing on all the aspects of the restaurant that need […]