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 …
When thinking about your year end restaurant audits there are some key areas that could be cleaned up in order to help the audit process go smoother. Don’t stress, we have put together a list of some common areas that generally result in financial statement adjustments and ways to help prevent this. Don’t miss: Understanding …
A restaurant’s chart of accounts is the foundation for all financial recordkeeping. It’s a coded list of all of the assets, liabilities, income and expenses that flow in and out of your business. Have you ever looked at your P&L and wondered what made up each line item? Having a solid chart of accounts will …
The U.S. House of Representatives voted today to add $42 billion to the Restaurant Revitalization Fund for food industry businesses that originally applied for a grant. Restaurants that applied previously will not need to reapply. The Restaurant Revitalization Fund was passed in 2021 with $28.6 billion, providing desperately needed assistance to over 100,000 restaurants. But …
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 …
By now I am sure you have heard of and likely taken advantage of the PPP loan program that was rolled out in early 2020 as one of the many programs the government used to help keep the economy running and businesses open and operating. But did you also know of a lesser-known program called …