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 […]
The Best Tips for Strategic Vendor Management
If you’re new to the restaurant business, you’ve probably heard about strategic vendor management but aren’t exactly sure what it entails. Well-experienced business owners in the field know it’s absolutely critical for maximizing not just ROI but also the relationships and connections that make every day in a restaurant run smoothly. What is vendor management, […]
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. […]
How to Calculate Your Restaurant Prime Costs
Now is an excellent time of year for operators to look back at their prime costs and determine where they can increase efficiencies and decrease costs. Industry supply/transportation issues and labor shortages control much of the conversation these days. Having proper tools to keep tight control of your prime costs is essential to operational efficiency and profitability. […]
3 Reasons Why Restaurants Need To Use Hospitality Specific Accountants To Improve Their Financial Results
The restaurant industry’s margins are slim, so success strongly hinges on sound financial management. The demand for specialized accounting services has never been more pronounced than where we see it today. Restaurant owners have recognized the necessity of partnering with accountants proficient in both general financial practices and the intricacies of restaurant operations. These specialized accountants aren’t […]
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 […]