Tip Pooling Calculator: Streamlining Fair Distribution of Tips
What is Tip Pooling Tip pooling is the practice of collecting all tips for the day and dividing them among working employees according to a formula. The formula can be as simple as an even division among all workers. Another popular formula is to weigh the tips by position in the restaurant according to a […]
What Restaurant Owners/Managers Should Know About Tips
Restaurant Tip Withholding Requirements, Importance of Proper Reporting & More Restaurant tips have their share of mystery surrounding them – but they don’t have to! Since tips are an extra type of payment to servers, bartenders, and other restaurant staff, they’re often regarded as under-the-table income. But that’s the first mistake usually made when calculating […]
5 Important Restaurant Management Skills
Restaurant Management Skills Every well run organization starts at the top. Sometimes, managers are brought in from another restaurant. And more often than you think, regular employees are promoted to manager. But which restaurant management skills separate the good leaders from the great ones? What’s more critical – organization or people skills? And what tools […]
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 […]
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 […]
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. […]
Why You Shouldn’t Ignore Payroll Compliance & How To Make It Painless!
Payroll is one of the most critical aspects of any business. Properly paying your team creates trust, employment longevity, and helps operators avoid costly payroll compliance issues. This post reviews the current industry landscape regarding labor and payroll compliance. Continue reading to learn why it’s crucial that operators work with integrated point solutions to ensure […]
Use These 5 Tools to Increase Restaurant Revenue in 2022 and Beyond
Restaurant revenue, or sales, describes the total amount of money your operation generates during any given period of time. Most restaurants have multiple revenue centers, including food, beverage, merchandise, gift cards, third-party delivery, online ordering, and more. Consequently, revenue can fluctuate tremendously dependent upon various extraneous factors such as seasonality, weather, holidays, etc. Because of this, […]
Top Ways Banking & Payroll Have Changed In Today’s Digital World
Digital payroll for restaurants is critical in attracting and retaining top talent. In the on-demand world we live in, getting money in employees’ hands as quickly as possible is crucial for standing out amongst the competition. It’s also now possible through a new form of banking. Continue reading to learn about the various ways in […]