Operating A Profitable Restaurant

While creative marketing strategies and honing in on profitable menu items may support revenue growth, there are outside-of-the-box tactics that can help facilitate a steady increase in restaurant revenue. Strategic partnerships aren’t typically thought of as revenue generators. However, they create scale and provide expertise in areas beyond an operator’s bandwidth or knowledgeable scope in most cases. While RASI provides unmatched financial management within accounting and payroll, through our unique network of partners we’ve created strategic programs with premium industry leaders to provide a full-circle approach for restaurants to increase their revenues. Tune in to hear our top 5 tools to increase revenue!  Watch the full Video: https://youtu.be/UGNv8o7TYwM Read the full Blog Post: https://rasiusa.com/blog/use-these-5-tools-to-increase-restaurant-revenue-in-2021-and-beyond/ Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Face

One of the most important tools in restaurant accounting to effectively manage food cost is a Declining Budget. When used properly, a Declining Budget can be one of the best tools for stabilizing your costs as well as increasing your cash flow. Learn more about how this particular budget will support management in monitoring variable spending and fluctuating sales (revenue). Watch the full Video: https://youtu.be/fAdBDluDBCc Read the full Blog Post: https://rasiusa.com/blog/how-to-use-a-declining-budget-restaurant-food-cost-management/ Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

Successfully closing out a period starts the domino effect for proactively operating a restaurant versus missed opportunities in the following periods. The purpose of the Period End Financial Close is accuracy verification to highlight where your money is going. This enables you to make quicker, more educated business decisions. To close out a period, begin with a review of the financial statements; The Profit & Loss Statement, The Balance Sheet, and The Cash Flow Statement. Within each statement, defined areas of focus should pop out to an operator as a must-watch for success. In this episode of The Tip Share, RASI Training & Education Manager, Brittany Ward focuses on two critical accounts to review for accuracy prior to closing out the period: Vendor Payables, and Credit Card Liabilities. Watch the full Video: https://www.youtube.com/watch?v=iwB0F_Fk668 Read the full Blog Post: https://rasiusa.com/blog/top-restaurant-accounting-tips-closing-out-vendor-payables-and-credit-card-liabilities Soc

During this week's episode of The Tip Share, RASI Compliance Director, Brian Smith, breaks down available pandemic relief into bite-sized bits so operators can easily understand what's available to them! Tune in to learn more about The PPP, EPSL, ERTC, RRF, and the SVOG! Watch the full Video: https://www.youtube.com/watch?v=8_V2XtwaFV8 Read the full Blog Post: https://rasiusa.com/blog/pandemic-relief-resources-for-the-restaurant-operator Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

A consistent Period End Review process is an essential component to a restaurant's financial success. Period End Reviews allow operators to review metrics and identify areas of opportunity with audits and benchmarks. Operators who have a true understanding of their fiscal health enable themselves the ability to make proactive business decisions and improve their operational efficiency and ultimately, their profitability.    In this episode of The Tip Share, RASI New Business Strategist, Dave Downs takes a moment to sit down with RASI Squad Leads and tenured accountants, Dave Holzer and Jesse Brown, to provide insight and expertise on the top 5 areas of focus to keep the upcoming period goal-oriented, based on current results! Watch the full Video: https://youtu.be/bS5eB6S8OVs Read the full Blog Post: https://rasiusa.com/blog/how-period-end-reviews-can-set-your-restaurant-up-for-financial-success/ Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://tw

Successfully closing out a period starts the domino effect for proactively operating a restaurant versus missed opportunities in the following periods. The purpose of the Period End Financial Close is accuracy verification to highlight where your money is going. This enables you to make quicker, more educated business decisions. To close out a period, begin with a review of the financial statements; The Profit & Loss Statement, The Balance Sheet, and The Cash Flow Statement. Within each statement, defined areas of focus should pop out to an operator as a must-watch for success. In this episode of The Tip Share, RASI Client Advisor, Orrin Snyder discusses a few key items to concentrate on when conducting a Period End Financial Close: Capital Expenditures & Preopening Expenses. Watch the full Video: https://youtu.be/HgSPlgGxjrI Read the full Blog Post: https://rasiusa.com/blog/restaurant-accounting-tips-capital-expenditures-and-preopening-expenses Social Handles: RASI Ins

During this episode of The Tip Share, the RASI Education Team helps hospitality owners and operators discover the top 4 guidelines that will help ensure they're on the right path to finding the best accounting service for their restaurant or bar! Watch the full Video: https://www.youtube.com/watch?v=Los6_7X2YP0 Read the full Blog Post: https://rasiusa.com/blog/how-to-choose-the-best-accounting-service-for-your-restaurant-or-bar Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

While Congress created the Restaurant Revitalization Fund to provide relief to restaurants, a business sector extremely hard-hit by government-imposed shutdowns and other restrictions related to the COVID-19 pandemic, everyone knew the demand for the funds would be far greater than the supply. According to the SBA, more than 278,000 applications were received by June 30th, seeking more than $72.2 billion in funding.  The SBA closed the program and stopped accepting applications on July 2nd, but less than 10 days after the SBA launched the RRF Portal on May 3rd, the applications submitted equated to more than twice the amount of funds available.  During this week’s episode of The Tip Share, RASI Director of Compliance, Brian Smith, sits down with RASI New Business Development Strategist, Dave Downs to discuss the latest updates within the RRF and the need-to-know details for those who received funding. Watch the full Video: https://www.youtube.com/watch?v=IGu4jPesJEs Read the full Blog Post:&nbs

Understanding your restaurant's COGS (cost of goods or cost of sales - the cost of the goods you purchase and utilize to create revenue), is the key to success for every well-run restaurant. As every operator knows, industry margins are paper-thin. To become profitable, it's imperative that you gain a true handle on how to control COGS in your restaurant. There are very distinct nuances related to the management of food and beverage costs. Throughout this podcast episode, we will focus our attention more specifically on how to calculate and control liquor cost, why understanding liquor cost is so important, and how to properly manage liquor in restaurants. Watch the full Video: https://www.youtube.com/watch?v=l_j8iz7FGi4 Read the full Blog Post: https://rasiusa.com/blog/how-to-accurately-calculate-liquor-cost-in-your-restaurant-or-bar Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccoun

Covid has changed the restaurant industry for the long haul. The harsh financial impact caused by the global pandemic has created the immediate need for financial accounting from professionals who aren’t simply knowledgeable in a general accounting field, but knowledgeable about restaurant operations and the restaurant industry as a whole. Having restaurant backgrounds enable hospitality-specific accountants to educate operators on best practices as well as train restaurateurs how to become powerful using industry-specific reporting and financial analysis, ultimately assisting operators in reaching their financial goals. For any operator who wants to improve their financial health, here are the top 3 reasons why using hospitality-specific accountants is a must. Watch the full Video: https://www.youtube.com/watch?v=NMriO11YPVw Read the full Blog Post: https://rasiusa.com/blog/3-reasons-why-restaurants-need-to-use-hospitality-specific-accountants Social Handles: RASI Instagram: https://www.instagram

Successfully closing out a period starts the domino effect for proactively operating a restaurant versus missed opportunities in the following periods. The purpose of the Period End Financial Close is accuracy verification to highlight where your money is going. This enables you to make quicker, more educated business decisions. To close out a period, begin with a review of the financial statements; The Profit & Loss Statement, The Balance Sheet, and The Cash Flow Statement. Within each statement, defined areas of focus should pop out to an operator as a must-watch for success. In this episode of The Tip Share, RASI Director of Education, Brittany Ward discusses a few key items to concentrate on when conducting a Period End Financial Close: Accounts Receivable and House Accounts. Watch the full Video: https://www.youtube.com/watch?v=P21jgZlgNhI Read the full Blog Post: https://rasiusa.com/blog/top-restaurant-accounting-tips-closing-out-accounts-receivable-and-house-accounts-for-period-end Soci

Many businesses struggled to turn out a profit or even mitigate losses throughout 2020. Fortunately, there were various articles of legislation passed within the last year that can help businesses start on the path of financial recovery. During this episode of The Tip Share, RASI Compliance Director, Brian Smith, walks RASI New Business Strategist, Dave Downs, through the most beneficial legislative updates within the last year that all restaurant operators should know about, including NOL Carrybacks provisioned under the CARES Act. Watch the full Video: https://www.youtube.com/watch?v=8O2I4R_e8IY Read the full Blog Post: https://rasiusa.com/blog/year-end-restaurant-treasury-focus-cares-act-legislative-updates Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

The Cash Flow Statement is one of the most important indicators of the health of your business, yet it's often overshadowed by its counterparts, the P&L, and the Balance Sheet. During this episode of The Tip Share, RASI Director of Client Advisory Services, Brian McCaig, and Education & Training Manager, Brittany Ward discuss the top reasons why reviewing your Cash Flow Statement is critical for your restaurant's success! Social Handles: RASI Instagram: https://www.instagram.com/rasinc__ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

Successfully closing out a period can start the domino effect for proactively operating a restaurant versus missed opportunities for the following periods. The purpose of the Period End Financial Close is to verify accuracy so you can understand where your money is going in order to make quicker, more educated business decisions. When Closing out the period, it should start with a review of the financial statements; The Profit & Loss Statement, The Balance Sheet, and The Cash Flow Statement. Within each statement, there are even more defined areas of focus that should pop out to an operator as a must-watch for success. In this episode of The Tip Share, RASI Director of Education, Brittany Ward discusses a few key items to concentrate on when conducting a Period End Financial Close: Gift Cards and Catering Deposits. Watch the full Video: https://www.youtube.com/watch?v=8O2I4R_e8IY Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook:

The Cash Flow Statement represents how the Balance Sheet and P&L work together to have an impact on your cash and operating accounts. It is designed to show you where your cash is coming from, and where it is going within a specific time period. Because restaurants don't operate entirely on a cash basis, it's often difficult to find your cash position from the Income and Expense Statement and the Balance Sheet alone. In this episode of The Tip Share, RASI Education and Training Manager, Brittany Ward, breaks down the function of the Cash Flow Statement and why it's possibly the most important statement to review on a regular basis. Read the full Blog Post: https://restaurantaccountingservices.com/blog_posts/understanding-the-function-of-your-restaurants-cash-flow-statement Watch the full Video: https://www.youtube.com/watch?v=KLkx1bC7354 Social Handles: RASI Instagram: https://www.instagram.com/rasinc__ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAcco

The IRS has recently provided guidance covering The Taxpayer Certainty And Disaster Tax Relief Act of 2020. The new legislation allows for a temporary 100% tax deduction for business meal expenses for food and beverages that are purchased from a restaurant. Normally, a business meal expense is 50% tax-deductible, so the 100% deduction is provisional for expenses that are incurred from January 1st, 2021 through December 31st, 2022. Tune in to this week’s podcast and learn why restaurants should be marketing to all businesses around them about this valuable write-off! Read the full Blog Post: https://restaurantaccountingservices.com/blog_posts/why-your-restaurant-should-market-valuable-business-meal-write-offs Watch the full Video: https://youtu.be/h2N5RG3l_3I  Social Handles: RASI Instagram: https://www.instagram.com/rasinc__ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-ac

Over the last year, we've seen a number of government programs designed to assist the restaurant industry with grants and loans. For many years prior, however, there's been an offering of tax credits for hiring and employing certain groups of individuals that has been extremely underutilized. During this episode of The Tip Share, RASI Partner Efficient Hire’s Chris Woltz, Chief Operations Officer, and Amber Ankele, Director of Services Operations, join RASI Director of Partnerships, Brad Bertram to discuss the Work Opportunity Tax Credit, or WOTC as it is most commonly referred to. Read the full Blog Post: https://restaurantaccountingservices.com/blog_posts/is-your-restaurant-missing-out-on-beneficial-tax-credits Watch the full Video: https://youtu.be/LnCm1gQO87g Social Handles:   RASI Instagram: https://www.instagram.com/rasinc__ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-a

With the craziness of the past year and the unprecedented changes the industry has undergone due to the pandemic, we typically have focused on the detailed specifics of restaurant accounting Best Practices for some of the more seasoned vets, but we appreciate that sometimes you need to go back to the basics to get the full picture. This week on The Tip Share, RASI New Business Strategist, Dave Downs, sits down with RASI Client Advisor, Lynn Smith. Tune in to check out their conversation about bringing it back to the basics: 4 Steps for Effective Restaurant Accounting...do these 4 things and your restaurant will be much more timely, accurate, and able to make real-time financial business decisions. Read the full Blog Post: https://restaurantaccountingservices.com/blog_posts/4-simple-steps-for-effective-restaurant-accounting/  Watch the full Video: https://youtu.be/DyaxSdTkkeo Social Handles:   RASI Instagram: https://www.instagram.com/rasinc__ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook

Successfully closing out a period can start the domino effect for proactively operating a restaurant versus missed opportunities for the following periods. The purpose of the Period End Financial Close is to verify accuracy so you can understand where your money is going in order to make quicker, more educated business decisions. When Closing out the period, it should start with a review of the financial statements; The Profit & Loss Statement, The Balance Sheet, and The Cash Flow Statement. Within each statement, there are even more defined areas of focus that should pop out to an operator as a must-watch for success. In this episode of The Tip Share, RASI Director of Education, Brittany Ward discusses a key account to concentrate on when conducting a Period End Financial Close: Due To/From Accounts.

The American Rescue Plan Act of 2021 (ARPA) is an Emergency Legislative Package to Fund Vaccinations, Provide Immediate, Direct Relief to Families Bearing the Brunt of the COVID-19 Crisis, and Support Struggling Communities. ARPA was signed into law by President Joe Biden on March 11, 2021. It builds upon the directives of the CARES Act from March of 2020, and the Consolidated Appropriations Act from December of 2020. During this episode of The Tip Share, RASI Compliance Director, Brian Smith, and RASI Director of Client Advisory Services, Sydney Lynn, highlight the various Tax Credits behind ARPA, which could be beneficial for restaurant owners across the nation.