Category Archives: General

The Ideal Restaurant Management Incentive Plan in 3 Steps

The rise in operating costs and shortage of restaurant labor has forced restaurant owners to incentivize key employees with performance bonuses and equity by building the ideal restaurant management incentive plan. The ideal incentive or bonus plan should: Incentivize and reward key employees for increasing profitability and improving the hospitality experience; Provide an ROI to

Understanding, Calculating, and Reducing Your Restaurant Labor Cost Percentage

Calculating your restaurant labor cost percentage is essential to running a successful restaurant. The labor cost percentage is the amount of money you spend on employee wages and benefits as it compares to your total sales. This number is significant because it tells you how much profit you’re making on each dollar that comes through

Accounting for Restaurant Gift Cards

You already know the benefits of offering gift cards for your restaurant: bringing in new customers, encouraging customer loyalty, and providing a “guarantee” of revenue for your eatery. Accounting for those gift cards correctly is an important part of maintaining accurate financials. In collaboration with Toast, the Fork CPAs team members Raffi Yousefian, CPA and

Restaurant Inventory that Actually Counts

A chef prepares raw ingredients.

You may not like it, but taking consistent and correct inventory counts is essential to having actionable information. When restaurant operators skip inventory counts, they run the risk of running out of necessary ingredients, cramping cash flow with too much or the wrong inventory, and making poor menu pricing decisions. In collaboration with Toast, our

Using MarginEdge for Restaurant AP

Using MarginEdge for restaurant AP

The AP process (“Accounts Payable”) is accounting jargon for processing and paying invoices as they come due. Restaurants engage many suppliers to obtain the resources and services their establishments need, from the food and beverage items served, to linens and serviceware used, to cleaning and kitchen supplies and appliances, to support services such as legal,

MarginEdge EDI and Reconciliation Tool: Accuracy and Efficiency in AP for Restaurants

MarginEdge creates a seamless invoice to inventory and bill pay process.

We’re going to share some restaurant accounting industry secret sauce: the MarginEdge EDI and Reconciliation tool. The MarginEdge EDI and Reconciliation tool helps restaurant managers and accountants process invoices and bill pay much faster than doing everything by hand by implementing AI and automation, so that all the legwork happens in the background – instead

Service Charges vs Tips: Changing Restaurant Wage Models

couple seated at restaurant table discussing the bill

Service charges are in the headlines more than ever. Many restaurant owners are rethinking their wage model to maintain a competitive advantage during a labor revolution. In this article, I will discuss: Changing wage models The differences between a tip and a service charge Sales tax on service charges Payroll taxes for tips and services