Five issues facing franchisors

Whether you have established franchise locations for your restaurant brand or are relatively new to franchises, there are various issues facing your relationship with your franchisees that you’ll need to address. Don’t miss: Should you outsource accounting? The answer is YES! Here are five key areas that you should always keep in mind: Site Selection …

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Should you outsource accounting? The answer is YES!

I have always said to business owners, “If you wanted to be an accountant, you’d be an accountant.”  But more likely, you’re an entrepreneur. You’re a restaurant owner. Sure, you understand the bills need to be paid and the taxes need to get handled…but coordinating all of that may not be part of your core …

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Impact of the SECURE Act’s long term part-time 401(k) rules for restaurants

Offering a retirement plan program to your employee’s is essential to your overall benefits program. For restaurants there are some unique issues that you face due to typical high turnover, younger age demographic, lower wages and part-time status. It was pretty standard to be able to exclude these employee’s if they worked less than one …

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Are you violating wage and hour laws?

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 …

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401k audit reminders and common errors for restaurants to avoid

In order to stay competitive in the restaurant industry, many companies offer 401(k)s to their employees as an incentive. Due to the nature of the industry, there are some important factors to consider in order to avoid errors or issues with the Department of Labor (DOL). Below are necessary considerations to help restaurants administer more …

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New restaurant businesses and the importance of operating agreements

When starting or expanding a restaurant in the form of a partnership, one of the most important first steps to take is to consult with a business attorney to draft operating agreements everyone involved in the venture agrees to. Unfortunately, this very important step is often overlooked by new business owners, as they are busy …

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Preparing to sell your restaurant – Financial due diligence

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. …

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Three tips to increase restaurant valuation

When it comes time to sell your restaurant, there are many things that you need to consider. This is the first part of a two-part series in preparing to sell. Here, we’ll talk about tips to increase restaurant valuation. The two parts consist of the following: Part I – Three Tips to Increase Your Valuation …

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Restaurant 401(k) compliance

It is that time of year again, 401(k) Plan audits are just around the corner. Although this can be a stressful time of year, there are things that you can do to help your Restaurant 401(k) compliance audit and your plan run smoother. The items noted below are particularly important for restaurants for a number …

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Tips to prepare for an IRS audit

Every tax return filed with the Internal Revenue Service has the potential to be audited by the IRS. Normally, returns are selected randomly through computer screening or related examinations. This IRS audit is intended to determine whether your income, deductions and any payments or refunds are correct. Don’t miss: Software solutions for your restaurant Here …

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