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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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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 You Need an Annual Budget NOW

What Makes an Annual Budget Critical for The Success of Your Business It’s already 2019…Have you prepared your annual budget? If not, perhaps it is time you considered why having one could help your business. And, more importantly, why not having one could put you at risk for unexpected dips in profitability. There are many reports business owners use each day to run their business, however, the annual budget is one that is often overlooked. Preparing a company budget each year is an effective tool that helps with decision making and evaluating the success of your business. Revenue Tracking Annual budgets…

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