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 […]
Top Restaurant Accounting Tips: Closing Out Gift Cards & Catering Deposits
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 in order to make quicker, more educated business decisions. When Closing out the period, […]
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 […]
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 […]