Resources for restaurants during COVID-19 crisis

Struggling to keep your restaurant and employees from becoming another victim of COVID-19? Here are some resources to help keep everyone’s head above water. Another Round, Another Rally provides grants along with emergency funding for companies and individuals in the hospitality industry. The company is providing $500 grants to applicants through Visa gift cards, Venmo, …

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COVID-19 Tips for Restaurants

Struggling to think of ways to keep your restaurant business going during the coronavirus (COVID-19) crisis? Here are some ideas we hope will help. Check with your state and local governments to see if they have any disaster loans or grants. Offer discounted gift cards. Pare down your menu to favorites and easy to reheat …

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How does the Families First Coronavirus Emergency Response Act affect your restaurant business?

By now you’ve heard the Families First Coronavirus Emergency Response Act mandates sick time pay, and you’re probably wondering how that affects restaurant owners. You’ve been dealt multiple blows in the coronavirus pandemic. First, your business was affected by social distancing. Then state and local governments started asking (and in some places mandating) you stop …

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Dine-in closed during coronavirus outbreak

It’s official. Governments across the country are closing bars and moving restaurants to take out, delivery and drive-thru only. Colorado and California restaurants closed their dining rooms earlier this week and certain parts of Arizona (Phoenix and Tucson) are also shifting down as of March 17. Don’t miss: handling reviews As restaurant owners, you must …

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When you need a financial audit and what to expect

There are many reasons why business owners might consider having a financial audit performed. Financial audits enhance the perceived quality of the information communicated in your financial statements, which enables you to use your financial statements as a tool for running your business and to provide reliable financial information to outside parties. Although financial audits …

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Deterring restaurant turnover

Employers incur costs to recruit, hire and train new employees. Typically, these turnover costs in the restaurant industry can range anywhere from $3,000-5,000 or more, depending on the level of employee. So high turnover can be detrimental to any restaurant and business. There are some things that can be done that might help reduce turnover. …

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Handling reviews

Written reviews on restaurants are everywhere now. Not only do people hear good & bad experiences just through word of mouth, but looking up reviews is just a click away thanks to companies like Yelp and Google. Unfortunately, that means people can write a scathing review and the whole world can see. It happens to …

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New VIE guidance impacting private companies

Over the past seven years, the guidance for variable interest entities (VIEs) has evolved due to collaboration between the Financial Accounting Standards Board (FASB) and the Private Company Council (PCC). The list below depicts the evolution through FASB ASU No. 2014-07 and most recently FASB ASU No. 2018-17. Prior to FASB ASU No. 2014-07 Required …

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Top 5 restaurant audit preparation tips and how they will improve your audit

With technology today, it’s simple enough to find out what items you might need to prepare for an audit of your restaurant. But it’s not as common to find ways that you can improve your preparation tools. In this blog, we’ll look at five preparation tips/tools, and ways that enhancing these areas can improve your …

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Year-end tax planning for your restaurant – Part 1

Year 2020 is fast approaching (and still no flying cars), but there’s still time to get some year-end tax planning done. In this two-part blog series, we’re going to discuss a variety of tax planning strategies. The first part of which needs to be implemented prior to the end of the year, followed by a …

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