The Unintended Consequences of the Family First Act Illustrated in One Simple Example

Congress passed the Family First Act and president Trump signed it into law on Wednesday, March 18th with good intentions of providing emergency relief to those negatively impacted the most by the COVID-19 pandemic.  Unfortunately, however, there is one fatal flaw in this relief measure that may result in the exact opposite outcomes than [...]

Restaurant Income Statements: A Complete Guide

When it comes to bookkeeping, every restaurateur wants to know just one thing: are we making money? A restaurant income statement will tell you exactly that. Also known as a Profit/Loss Statement, the income statement provides an at-a-glance view of your income, outgoings, and overall profitability. Income statements can cover a long period, such as [...]

By |2019-07-11T15:41:46+00:00July 8th, 2019|Food and Beverage Accounting|0 Comments

Restaurant Daily Sales Report: Everything You Need to Know

You’ve heard that knowing your numbers is a bigger part of running a profitable restaurant, but what does that really mean? One of the biggest parts of knowing your numbers is knowing what you sell and when. Your restaurant daily sales report is what lets you do that. What is a Daily Sales Report? [...]

By |2020-11-16T20:54:02+00:00July 2nd, 2019|Food and Beverage Accounting|0 Comments

Restaurant Chart of Accounts: Everything You Need to Know

If you currently own and operate a restaurant, you know that it’s not easy — especially when it comes to cash flow management. Although a restaurant needs to offer great food and service, there’s nothing more vital to the establishment’s long-term success than effective bookkeeping. This is where a chart of accounts comes into play [...]

By |2020-01-15T02:50:19+00:00June 12th, 2019|Food and Beverage Accounting|0 Comments

Form 8027: Everything You Need to Know

It’s not easy to navigate the world of tax compliance alone. Throw the complications of the food and beverage industry on top of that and it only gets worse! If you’re struggling with whether you need to file IRS Form 8027, this article is for you. What is Form 8027? IRS Form 8027, or the [...]

By |2019-06-06T15:53:25+00:00May 31st, 2019|Food and Beverage Accounting|0 Comments

Restaurant Bookkeeping: 5 Steps to Optimize Bookkeeping for your Restaurant

Trying to balance the myriad of complicated jobs involved in restaurant bookkeeping isn't an easy task. Unfortunately, success in the restaurant world means knowing your way around the books — not just the kitchen — and there's little time for that. If you're looking for the ultimate guide to restaurant bookkeeping, you're in the right [...]

By |2019-08-13T15:01:47+00:00May 23rd, 2019|Food and Beverage Accounting|0 Comments

Food Cost Calculator: Five Tips that Restaurant Owners Need to Know

If you’re planning to open a restaurant, or if you’ve already opened one and you’re worried about your current return on investment (ROI), then the first thing you need to look at is how your food costs tally up to your sales. In the food service industry, food cost is everything when it comes to [...]

By |2019-05-24T16:25:12+00:00May 22nd, 2019|Food and Beverage Accounting|0 Comments

Restaurant Accounting Basics

The corner cafe, upscale bistro, and fine dining restaurant serve different dishes, but all face at least a few common issues when it comes to accounting. Restaurant accounting includes items unique to the foodservice industry. Whether you outsource your accounting function or not, you would benefit from learning at least the basics. Payroll Payroll probably [...]

By |2019-05-18T00:01:29+00:00May 8th, 2019|Food and Beverage Accounting|0 Comments
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