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How to Build your Small Business with Real-Time Results

Real-Time Data: The Trend of Today & The Future If you are currently building a small business in America, you might have what we like to call brain pain. But there is a solution, one that initiates growth, ensures your stability, holds customer retention, and helps you act upon your results in real-time. Real-time is the now, and AI is easing the headaches of bookkeeping on a massive scale. Let’s jump into the facts and figures behind how cloud bookkeeping can keep your business afloat. The Massive Monitor We get it. The volume of transactions on a daily basis in your…

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Best Bookkeeping Tips for Small Businesses
Accountant working at her desk checking figures on an adding machine, toned retro effect.

Best Bookkeeping Tips for Small Businesses

Love it or hate it, bookkeeping is a necessity for all businesses, large and small. Having the right bookkeeping tools is important to make this job as painless as possible. From bookkeeping apps to cloud bookkeeping services, it can be hard to know what the best practices are for today's business needs. We have compiled a list of important and timeless bookkeeping tips. No matter if you do cloud bookkeeping services or use some other tool, these principles will help keep your business finances straight. Choose a Method and Stick with it There are two main types of accounting methods: cash…

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Small Business, Big World

The Possibilities of Cloud Accounting Creating a business is exciting whatever your business may be, it is the child’s play of your mind come to life and that is exhilarating. It is good to play hard at your dreams, give yourself a pat on the back because not many people have the confidence and innovation to do so. It’s understandable that when bookkeeping comes in the picture some small business owners can become overwhelmed or frustrated, maybe even held back at times. But the fun does not have to be taken out of the very creation you love: your business. Cloud…

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How Technology Can Benefit Your Business By Cost Cutting

Integration Can Cut Labor Costs Across America If your business is having to swallow huge labor costs- you are not alone. The U.S. Department of Labor recently reported that labor costs are among the largest expenses a company might absorb. The average labor cost for businesses in the retail industry is around the ballpark of 10%- 20% of total revenue. In most cases, this number exceeds the cost of inventory on hand, making it difficult for your average mom and pop vintage store to stay afloat. Small Business Labor Costs Picture this: you walk into a vintage clothing store downtown in…

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The Fall of the Bookkeeper

Evolving in a Digital Era Everyone is wondering: Will AI replace jobs in the future? The hard evident answer is yes. It already is, and one of the first jobs to go was the bookkeeper. Tracking data has become so easy. If you own a restaurant, your register is connected to a platform which sends data to another platform with all of your payroll, inventory, taxes, inputs, outputs. One computer can now analyze the entire cost it takes to run your business day in and day out. It can tell you what your busiest days are, and who you clientele is.…

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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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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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The Ultimate Guide to Budgeting for Labor Expenses

The Ultimate Guide to Budgeting Labor Expenses Through Bookkeeping While labor is an important aspect of any restaurant (we can’t have food without our cooks), it’s also the cause for large expenses to your small business. Manage your labor budget with a few simple tricks. Cross Train Your Employees One major way of cutting back labor costs is to cross train your employees. Cross-training is teaching your employees to do more than one job. This could mean that instead of being just a server, an employee could jump in and work as a hostess as well. Keep in mind that cross-training…

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Why Controlling Labor Costs Is Critical for Success

Controlling Labor Costs Is Critical for Success Why Your Restaurant Needs to Control Labor Costs There’s no such thing as a one-size-fits-all formula for restaurant success.  What works for the taco truck slinging two-dollar tacos doesn’t necessarily fly in a 20-seat, Michelin-starred fine-dining restaurant. “However, what all restaurants do have in common is that at some point, they will have to pay people, and that means incurring labor costs.” In all but the smallest concepts, you’re going to need a team. Depending on your establishment, these could be waiters, cooks, dishwashers, bussers, baristas, bartenders, managers; and if you’re big enough, administrative…

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Restaurant Benchmarking: Where Your Business Stacks Up

KPI’s and Benchmarks: How Can KPI’s Help Your Restaurant Live Up To Its Potential? Your business seems to be thriving. The doors are open, guests are enjoying your food and drinks, and you’ve got a great ambiance. Servers are bustling about, carrying trays and taking orders. Your cooks are leaning over stoves, stirring, plating, and sending out the perfectly arranged dishes your restaurant has quickly become known for… But are you meeting your goals? Do you have measurable benchmarks for success or ways to define whether or not your restaurant is profitable and efficient? Are your stakeholders happy with your restaurant’s…

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Bookkeeping 101: How SRM Helps Your Budget

The Key to Managing Supplier Relationships to Cut Waste and Boost Your Bookkeeping Strategy Supply chain management is a huge way of saving money for your business. What you might not realize, is that improving your supplier relationships, inventory management systems, and inventory management techniques can seriously reduce your budget waste. As a business owner, there are a few simple steps you can take to implement solid SRM strategies and practice good inventory management. Selecting a Supplier for Outstanding Bookkeeping So, you’ve successfully established your company/brand, hired and managed multiple employees, and started making sales. Great job! Unfortunately, these aren’t the…

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