Restaurant equipment costs add up quickly. Learn what to budget for refrigeration, cooking equipment, prep stations, installation, and more.
You shouldn't run personal expenses through your restaurant for multiple reasons, but here are the top 5:
Category Archives: Restaurant Growth and Profitability
Restaurant Accounting Automation, Restaurant Growth and Profitability
The Important Differences Between Restaurant Inventory Systems
21
Jul
Jul
Understanding the infrastructure behind your inventory system today can save countless hours of corrections—and significantly improve the quality of your reporting—later. Learn how restaurant inventory systems build your inventory database and why it impacts inventory accuracy and reporting.
Restaurant Accounting, Restaurant Growth and Profitability
How Effective Beverage Inventory Can Lower Your Liquor Cost by 3%
06
Nov
Nov
What’s everyone’s favorite type of drink? A free one! Most bars and restaurants conduct beverage inventory to some degree, but few do so in a way that is truly effective for their bottom line. An effective beverage inventory system will cover the basics of ordering weekly and periodic financial reporting, and it will provide insights
Restaurant Accounting, Restaurant Growth and Profitability, Restaurant Taxes
Sales Tax on Gratuities, Service Charges & Cover Charges
01
Jul
Jul
Sales Tax on Gratuities, Service Charges & Cover Charges In the world of restaurant sales tax compliance, some of the most significant audit risks come from everyday practices, like tipping, service charges, and cover charges. You may think it’s just a matter of what you call it on the guest check, but auditors are looking
Restaurant Accounting, Restaurant Growth and Profitability, Restaurant Taxes
Why Restaurants Get Audited for Sales Tax (And How to Avoid It)
01
Jul
Jul
Why Restaurants Get Audited If you’ve ever wondered why one restaurant gets slammed with a sales tax audit and another doesn’t, this is for you. In this candid interview, CPA Raffi Yousefian sits down with CPA Mark Stone, founder of Sales Tax Defense, former New York State tax auditor, and one of the most trusted
Restaurant Accounting, Restaurant Bonuses and Incentive Plans, Restaurant Growth and Profitability, Restaurant Loans & Financing
The Ideal Inventory for Restaurants and Bars: How to Reduce Restaurant COGS and Increase Profit
04
Jun
Jun
The most effective way to reduce and control your cost of goods sold (COGS) is to monitor your prime costs every week, take inventory every week, and track actual versus theoretical cost of goods sold. Tracking prime costs weekly enables you to identify waste, theft, spoilage, and other cost of goods sold (COGS) mismanagement before
Payroll & Labor, Restaurant Accounting, Restaurant Accounting Automation, Restaurant Growth and Profitability, Restaurant Loans & Financing
FICA Tip Credit and Service Charges: The Essential Guide for Restaurants
27
Mar
Mar
The FICA tip credit for restaurants may be the industry's most simple, ubiquitous, and impactful tax incentive. Therefore, it's essential to understand how the FICA tip credit and service charges work together, especially when considering different wage models. In this article, we'll walk you through the history and fundamentals of the FICA tip credit calculation,
Restaurant Accounting Automation, Restaurant Growth and Profitability, Restaurant Loans & Financing
How to Deduct Pre-opening and Expansion Costs
06
Feb
Feb
Pre-opening expenses for a new restaurant can be a trap for the unwary because they’re generally required to be capitalized as intangible assets for tax purposes and amortized over 15 years starting in the month the restaurant opens instead of fully deductible in the year incurred. However, if you add a location, your pre-opening expenses
13
Nov
Nov
Where do you go for money if you have reached store-level profitability at your existing restaurants and want to expand? As our Restaurant Financial Success Guide mentions, expansion should only be considered once you have ideal unit economics and a profitable business model. If you're producing 15-30% store-level pre-tax profit margins, you can probably bootstrap
Restaurant Accounting, Restaurant Growth and Profitability
Managing Card Spend and Controls in a Restaurant Group
12
Sep
Sep
As a growing restaurant group, you want to systemize your operations so that you can scale and grow quickly. Yet, you still need agility in purchasing because you're in a fast-paced industry, and anything can come up last minute. As a result, you have most likely issued corporate cards to your key employees. Corporate credit
