Business partnerships are a lot like relationships. You get into one thinking it’s for the long haul but along the way your needs stop getting met. It’s easy to settle for substandard service, and it’s hard to know when it’s time to cut your losses and move on. But there are red flags you can …
It’s rough out there for restaurants right now. What COVID-19 didn’t kill, problems left in the pandemic’s wake are threatening to. Restaurants weathered the last few years with flexibility and creative problem-solving. You turned your parking lots into dining rooms, offered take-out Margaritas, introduced QR code menus and accessed federal assistance funding to fill in …
Your days as a mom and pop shop are behind you. You threw your life savings into your restaurant, asked your friends and family for additional funding, and you’re ready to grow your concept. Now what? Here are some tips on finding restaurant financing. Get your accounting process in order. As a small restaurant business …
As restaurants continue to reopen and struggle to find new employees, they may be leaving an untapped employee pool and lucrative tax planning opportunities on the table. The Work Opportunity Tax Credit is a federal tax credit for hiring individuals from a few targeted groups designated by the IRS. In general, employers can receive a …
The number of restaurant industry software programs can be over-whelming but deciding on which ones to use can also be a crucial part of your success. We’ve summarized a hand full of software programs below that we’re seeing in the industry to provide you with a brief summary all in one place of what they …
As third party delivery options have grown over the last few years, restaurant owners and operators may be contemplating the pros and cons between using in-house delivery and third party platforms. Here are key distinctions between the two as well as the largest pros and cons of each. Don’t miss: Don’t forget about the Employee …
It probably seems like we have been talking about the new lease standard for a decade, which would be accurate. It is finally time to implement the Financial Accounting Standards Board’s (FASB) ASU 2016-02 Leases (Topic 842). Fair warning: The changes outlined in the new standard will be time consuming for many companies to conform …
Running a restaurant is complex and there are many different regulations that must be followed; including federal, state and local laws. When it comes to how to account for hours worked and pay to employees, it’s important to keep in mind wage and hour laws. Here are some of the more common wage and hour …
Sometimes, before your advisor will list your restaurant for sale, they require a financial due diligence in the manner of a quality of earnings (“QofE”) report. You might be saying, what is a QofE report? A QofE report analyzes the earnings power of a business to determine how sustainable and accurate the business’ earnings are. …
Tucked into the American Rescue Plan Act signed into law March 11, 2021 is a $25 billion Restaurant Revitalization Fund (RRF) administered by the U.S. Small Business Administration (SBA). The RRF establishes tax free pandemic grants for eligible businesses suffering from COVID-19 related revenue loss. Don’t miss: Food delivery businesses and sales tax issues To …