How to Cut Overhead Costs And Save The Planet

Reducing Your Overhead Costs by Using A Paperless Payroll System Overhead is an expense that is generated by anything other than those derived from direct labor and direct materials. In other words, overhead is the materials used to support the production of what you are selling. For a clothing retailer, overhead can consist of stockrooms, rent, human resources personnel, shopping bags for customers, and such. For a consulting business, overhead can consist of office desks, chairs, printers, rent, and utilities. Any business, regardless of what they are selling, is likely to have overhead costs. So whether it’s a product or service…

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Don’t Fall Behind: How To Simplify The Accounting Process

How To Simplify the P&L Process And Manage Your Money Small business owners don’t often get excited about spending hours on accounting. Having the right tools to simplify profit and loss reporting for your business is essential to spending time on more important tasks. If you’re doing a lot of this work on your own, we’re here to break down the steps so you can streamline this process and never get behind again. A quick Google search will reveal numerous apps and software packages available. To make your accounting processes easier, we need to understand which features are important. Then, you’ll…

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Breaking Down the Balance Sheet

Using Your Balance Sheet to Empower Decision Making Many business owners are pretty savvy when it comes to their income and expenses, but completely in the dark with the ever-mysterious balance sheet. When set up properly and updated timely, your balance sheet provides a plethora of valuable information to help make critical business decisions. How To Read Your Balance Sheet Let’s take a look at the information your balance sheet has to offer. The basic balance sheet is divided into three sections — assets, liabilities, and equity.   Assets Assets are listed on the balance sheet first.  Assets include your cash,…

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Budget vs. Actual: Are You Going to Hit Your Targets?

Will You Reach Your Budget Goals? Much like a business plan, a budget needs consistent review and updating. Without comparison to actual performance, it will do nothing for your restaurant. By building a cadence of accountability and review, you’ll be able to see how good your estimates were and stay on track with improvements as needed.   The Importance of Good Budgeting In an ideal world, your budget is a perfect reflection of reality, but the restaurant business is a fast-paced world of constant change and uncertainty. You can’t predict when your dishwasher will give out or when tour buses of…

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All About The Importance of Your Cash Flow

How To Understand Your Business’s Cash Flow Money is coming in, but where is it going?  You may be hitting the ground running with new revenue opportunities and increased sales. But, when you review the financials, you are scratching your head trying to understand where all that money went.   To figure out just what is happening with that revenue, you’ll need to take a good look at your cash flows. What Does Cash Flow Mean? Cash flows demonstrate when money is coming in and when it is going out. If you were able to conduct your entire business with actual…

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A Complete Guide to Gross Profit Margins

Everything You Need to Know About Gross Profit Margins Before you dive into your bookkeeping software and get to work tracking overhead costs, it’s important to know just what exactly you’re tracking and why. The gross profit margin is important for businesses to track because it explains how well your costs are generating revenue. In simpler terms, the gross profit margin helps you understand how efficiently your business is managing its money. How To Calculate Gross Profit Margins Your bookkeeping system should give you all the information you need to calculate your company’s gross profit margin. All you need to do…

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Business Plans Are Alive?!

Tech Like LivePlan Makes Business Plans a Living Document Do you know where your business plan is right now?   Maybe it’s printed out and kept in a binder in your restaurant office. Maybe it’s a collection of disorganized spreadsheets and Word documents in a folder on the Back of House computer desktop.  Worst of all, it might not be formally documented! However you keep it, it’s likely that your business plan may be gathering dust. It was probably relevant when you wrote it. It likely laid out your mission, your vision, your goals, especially the ones around turning a profit.…

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