How To Use A Declining Budget – Top Restaurant Food Cost Management Tips
One of the most essential tools in restaurant accounting to effectively manage food cost is a Declining Budget. When used properly, a Declining Budget can be one of the best tools for stabilizing your costs as well as increasing your cash flow. What is a Declining Budget? A Declining Budget is used in the restaurant industry to […]
How to Start a Restaurant: The Ultimate Financial Plan
You’d like to know how to start a restaurant business but are not exactly sure where to begin. You want to start a restaurant and you create the ideal concept in your head. That concept begins with the idea at its inception. However, for your idea to survive, or even better to thrive, it must […]
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 […]
How Restaurant Purchasing Behavior Is Changing
Podcast Video Coronavirus has affected the entire world; it has completely altered the landscape of both consumer and vendor behaviors, and perhaps the most harshly impacted industry has been hospitality. Restaurants have had to pivot their business models catering to mainly delivery and takeout options which directly affects their menu offerings and spending habits in […]
How To Read A Restaurant Profit and Loss Statement (P&L)
Many operators don’t fully understand how to read a restaurant P&L. In fact, many don’t even have a basic understanding of where the data is coming from or how to derive actionable insights from the data. Understanding how to read a restaurant’s income statement is essential for the financial success of restaurants. The people responsible for […]
Top 5 Tools for Financial Success in Your Restaurant
Although there are many, we’ve picked out our Top 5 Tools for Financial Success in Your Restaurant: 1) Restaurant Budget vs Actual A Budget vs Actual enables you to see week over week how you’re performing against your goals. Since the budget is your roadmap to success, you need to understand where you’re hitting the […]