Category Archives: General

Services Charges vs Tips Article by: Raffi Yousefian, CPA, Principal at RY CPAs 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

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

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

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

Published 05/20/2022 | Guest article originally published 04/25/2022. 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

Published 05/20/2022 | Guest article originally published 04/25/2022. Written in partnership with: At the very minimum, restaurant operators need a weekly overview of cash flow and labor costs to stay current on how the restaurant is doing, and prevent financial surprises. If the bookkeeping for a restaurant is treated the same as any other business,

What should prime cost be in a restaurant? By Marisa Parker, CPA | Published on 10/3/2021 The restaurant industry is known for having very slim profit margins. According to Restaurantowner.com, the pre-tax average net profit for independent fast-casual (quick service) restaurants is 6-7% and 4-5% for full-service restaurants. When working with such small margins, it is

The Cost of Restaurant Accounting How much does restaurant accounting cost? How much should you be paying? The short answer is, it depends. In this article, I will explain the dependencies that significantly influence the cost of accounting for restaurants. Before we dive in, let’s understand the purpose of restaurant accounting and the options that

In partnership with: Check out this article and interview from MarginEdge with our Founder, Raffi Yousefian. This article highlights the benefits and win/win for restaurants and accountants that use software like MarginEdge to streamline their restaurant accounting operations and increase profitability by gaining visibility and oversight on a real-time basis.