Finance to Table Education for Operating Your Restaurant

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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Software solutions for your restaurant

Society as a whole continues to become more reliant on technology and that can also be said for the restaurant industry. Whether you are just starting your restaurant business or you are several years in, it is never too late to look at the benefits of automation and what software solutions may work best for …

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Franchising means audited financial statements

There may come a time when franchising your restaurant concept is attractive in growing the brand without having to take on additional debt or managing the entire restaurant operations yourself. This can help you grow more rapidly in new markets and turn your concept into a successful franchise brand. One requirement that comes with franchising …

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Restaurants eligible for tax free pandemic loss grants

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 …

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Food delivery businesses and sales tax issues

Not long after the decision in Wayfair gave states the ability to enact “economic nexus” laws, marketplace facilitator laws started to rise. Generally, a “marketplace facilitator” is a business that has a marketplace and contracts with third-party sellers to promote the sale of certain tangible property, digital goods and services through the marketplace. The well-known …

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