Understanding Your Restaurant’s Cash Flow Statement
Experienced restaurant operators closely manage the inflows and outflows of cash through their business. Sound management of available cash is critical to the ability to pay wages, keep the lights on, stock the walk-in, and make distributions to owners. The financial document that summarizes these transactions is known as the restaurant cash flow statement. An […]
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 […]
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 […]
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 […]
Top 3 Reasons Outsourcing Accounting & Payroll Will Help A QSR Brand Find Success
Quick-service restaurants (QSR) have complex accounting and payroll needs. Traditionally, expensive salaried employees have fulfilled these needs, but in the last 5+ years, technological advancements have opened the door to more cost-effective alternatives that increase operational efficiencies! Today, the QSR industry can benefit from software-based outsourced accounting teams, which offer all in-house accounting expertise at […]
Balancing PPP Second Draw & ERTC to Maximize Forgiveness & Tax Credits
Podcast Video Many questions continue to arise about the legislation and stimulus provided by congress surrounding the pandemic. The major players, PPP & ERTC, serve some much-needed relief for small businesses, but the million-dollar question remains: How can you utilize the aid while maximizing your forgiveness and tax credits? RASI Director of Compliance, Brian Smith, sits […]
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 […]