Are You Keeping Track of Your Restaurant Budget Details?

How to Track The Details of Your Restaurant Budget When you are running a restaurant there are plenty of opportunities for things to slip between the cracks. Accounting Services and POS This is an important question! Your Point of Service (POS) system should be able to offer you at least payroll/timesheet integration, as well as offer you an extremely accurate breakdown of your sales. You should also be able to easily assess how much your wait staff are making in tips. If your POS system doesn’t allow for back-end accounting (and many of them don’t) then you should consider finding someone…

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Are You Losing Money By Not Claiming Depreciation?

See Where Claiming Depreciation Can Help You Save Many business owners just don’t want to deal with depreciation: it seems so complicated, and hiring someone to calculate it for you seems more expensive than what you could save. Keep in mind, though: if you don’t claim depreciation now you are choosing to forgo that deduction later. But does that mean it’s right for you? Eligibility According to IRS Publication 946, the official go-to for all things depreciation, these qualify for depreciation claims: Property you own (for example: a van you only use for your business, or a rental property whose mortgage…

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Are You Losing Money in Accounts Payable?

Manage Your Accounts Payable and Cut Loss Whether you are a small-business CFO who handles accounts payable yourself or you have an entire team dedicated to your billing and finances, it’s always worth it to make sure that you are employing the best approaches available. Make sure you have a system that actually works for you and don’t make these mistakes! Paying Early Isn’t Always a Good Idea Having a clearly defined pay schedule is almost always better than paying your expenses right off the bat each month. Why? It decreases the amount of liquid cash you have to deal with…

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How to Budget for Restaurant Upgrades

Manage Your Restaurant’s Upgrade Budget Your wait staff is good. Your bar is great. Your food? Amazing. You’ve painstakingly cobbled together every detail of your dream restaurant and now you’re assessing your budget and GASP! How much money will it cost to create that ambiance, that je ne sais quoi that keeps customers coming back again and again? Don’t worry. It’s totally possible to continually upgrade your restaurant without blowing up your business credit cards or destroying your business budget. Create a Gradual Upgrade Plan Whatever upgrades and wild visions you have for your establishment can be made possible. They are…

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