Category Archives: Restaurant Accounting Automation

Restaurant Accounting, Restaurant Accounting Automation, Restaurant Growth and Profitability

Restaurant Internal Controls: Systems for Scaling Successfully

Posted on by Raffi Yousefian
Chef's in a busy kitchen
27
Aug

Growing restaurant groups that struggle to implement effective restaurant internal controls will have trouble scaling their operations. Systems and internal controls allow you to delegate management and operations securely to spend time on your highest-value activities without worrying about fraud and cost mismanagement. We explain essential internal finance controls you can implement in your restaurant

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Restaurant Accounting Automation, Restaurant Growth and Profitability

The Important Differences Between Restaurant Inventory Systems

Posted on by Raffi Yousefian
Restaurateurs using pos restaurant inventory systems
21
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.

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Restaurant Accounting, Restaurant Accounting Automation, Restaurant Taxes

Restaurant Payroll Compliance: How to Avoid Common Payroll Mistakes

Posted on by Raffi Yousefian
Restaurant staff happily working in a busy kitchen.
17
Sep

Running payroll for a restaurant isn’t easy. Between managing inventory, keeping customers happy, and staying compliant with health and labor laws, payroll can feel like one more complicated system on your plate. But payroll mistakes in restaurants can quickly turn into compliance issues, unhappy employees, and even financial penalties. Fortunately, with the right systems (POS,

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Restaurant Accounting, Restaurant Accounting Automation, Restaurant Taxes

Use Tax, Myths & Legal Landmines for Restaurants

Posted on by Raffi Yousefian
01
Jul
Use Tax, Myths & Legal Landmines for Restaurants  If Sales Tax is the one you see coming, Use Tax is the one that hits you from behind. It doesn’t show up on receipts, your POS isn’t tracking it, and most restaurant owners don’t even know they owe it until an auditor does. But if you’re
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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

Posted on by Raffi Yousefian
Busy restaurant calculating fica tip credit
27
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,
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Restaurant Accounting Automation, Restaurant Growth and Profitability, Restaurant Loans & Financing

How to Deduct Pre-opening and Expansion Costs

Posted on by Raffi Yousefian
Deduct Pre-opening and Expansion Costs
06
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
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Restaurant Accounting, Restaurant Accounting Automation

Track Daily Prime Costs in Marginedge in 2 Steps

Posted on by Raffi Yousefian
Prime Costs in Marginedge
13
Aug

Prime costs as a percentage of sales is the most controllable and impactful key performance indicator (KPI) in any restaurant or bar. COGS and labor alone are not good profitability indicators because low COGS is often offset by high labor and vice versa. In, What Should Prime Cost be in a Restaurant?, we outlined the

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General, Restaurant Accounting, Restaurant Accounting Automation

Financial Document Retention for Restaurants & Bars

Posted on by Raffi Yousefian
10
May
The number of documents that restaurants and bars need to handle is overwhelming. You are constantly hammered with invoices, receipts, statements, operating agreements, leases, licenses, liquor board reports, purchase orders, tax returns, K-1s, etc.  Luckily, digitization and cloud migration have alleviated some of this burden. Well, has it? We frequently talk to operators storing the
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Restaurant Accounting Automation

How to Set Up Bar Consumables in MarginEdge

Posted on by Raffi Yousefian
27
Mar
You’ve set up Marginedge and have begun uploading invoices. Maybe you have even set up recipes and are tracking actual vs theoretical usage. In doing these things, you have modernized your bookkeeping and have real-time access to your cost of goods sold (COGS). However, you don’t have confidence in your COGS because each time you
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