Category Archives: General

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

What You Need to Know About Services Charges vs Tips

Animation of a personified service charge chasing a man

On January 1, 2014, the IRS enforced Revenue Ruling 2012-18 which defined tips vs service charges (aka Autograt) and clarified the tax implications of each. Almost 5 years later, it seems there is still some confusion among restaurant owners, employees, and customers. Service charges are usually implemented to ensure the certainty of tips for tipped

The 7 Impacts and Benefits of AP Automation with XtraCHEF by Toast

Processing invoices, developing pricing strategy, managing inventory costs, and keeping the right inventory levels are all challenging functions of managing a restaurant. You can quickly and easily do all of these things by using xtraCHEF, integrated into your management processes and accounting systems! Check out “7 Impacts and Benefits of Accounts Payable Automation with xtraCHEF

Key Due Dates & Deadlines

June 15, 2022 2022 Q2 Federal Estimated Income Taxes due for Corporations 2022 Q2 Federal Estimated income Taxes due for Individuals 2022 Q2 State Estimated Income Taxes due for Corporations 2022 Q2 State Estimated Income Taxes due for Individuals September 15, 2022 Extended S-Corporation Income Taxes (Federal Form 1120S) Extended Partnership Income Taxes (Federal Form

FAQs

You've got questions; we've got answers. Where do you draw the line with unlimited access? What are support hours? If a team member leaves a meeting with additional work as a result of the meeting, this additional work is considered out of scope and is subject to billable support hours. The exception to this rule

How to Reconcile Food Delivery Service Fees and Taxes

food delivery service

Written in partnership with: Restaurants are doing more carry-out and delivery than ever, and maximizing revenue per square foot by using two, three, or more different delivery services to reach the most hungry customers as possible. Unfortunately, each additional delivery service means more taxes, fees, and commissions that must be reconciled in the accounting system.