Operating A Profitable Restaurant

Informações:

Synopsis

Focus on Food, Not Finances

Episodes

  • Restaurant Revitalization Fund (RRF) Updates

    26/07/2021 Duration: 12min

    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

  • How To Accurately Calculate Liquor Cost in Your Restaurant or Bar

    19/07/2021 Duration: 06min

    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

  • 3 Reasons Why Restaurants Need To Use Hospitality Accountants To Improve Their Financial Results

    12/07/2021 Duration: 16min

    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

  • Top Restaurant Accounting Tips: Closing Out A/R & House Account Balances

    06/07/2021 Duration: 05min

    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

  • Year-End Restaurant Treasury Focus: CARES Act Changes & NOL Carrybacks

    28/06/2021 Duration: 10min

    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

  • Restaurant Cash Flow Tips To Ensure Financial Stability

    21/06/2021 Duration: 41min

    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

  • Top Restaurant Accounting Tips: Closing Out Gift Cards & Catering Deposits For Period End

    16/06/2021 Duration: 08min

    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:

  • Understanding The Function Of Your Restaurant's Cash Flow Statement

    07/06/2021 Duration: 08min

    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

  • Why Your Restaurant Should Market Valuable Business Meal Write-Offs

    28/05/2021 Duration: 08min

    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

  • Is Your Restaurant Missing Out On Beneficial Tax Credits?

    24/05/2021 Duration: 25min

    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

  • 4 Easy Steps To Effective Restaurant Accounting

    17/05/2021 Duration: 26min

    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

  • Restaurant Accounting Tips: How To Audit Due To/From Accounts

    05/05/2021 Duration: 04min

    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.

  • Restaurant Tax Credits In The American Rescue Plan Act

    03/05/2021 Duration: 06min

    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.

  • Sustainability & The Restaurant Industry - What Can You Do To Help?

    26/04/2021 Duration: 24min

    As we recently passed another trip around the sun to celebrate the 51st Anniversary of Earth Day, it got us thinking: What can we do in the restaurant industry to help the efforts now, and in the future, considering this years’ theme of “Restore Our Earth.” Pre-Covid, sustainability efforts were beginning to creep up onto every restaurant owner’s radar as a major consideration; however, when owners were forced to shut down and let go of countless staff members, that spot on the radar faded into the distance and everything became strictly about survival.  During this week’s Tip Share, RASI New Business Strategist, Dave Downs, sits down with the RASI Purchasing Department, and honored guests, Jake Handy with P&R Paper, and long-time RASI Client, Shawn Walchef, and Eric Olafsen of Cali Comfort BBQ out in San Diego. Tune in to listen to the conversation about how restaurant owners can have a major world impact and start the snowball effect of others going green - for the future of our planet, our kids, a

  • Best Practices To Close Out Tips & House Bank For A Favorable Period End

    19/04/2021 Duration: 06min

    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 two key accounts to concentrate on when conducting a Period End Financial Close: Credit Card Tips Payable and House Bank.

  • 6 Ways To Build Better Budgeting Strategies For Summertime Success

    12/04/2021 Duration: 22min

    You’ve made your budget for 2021, but Q1 is over and now it’s time to adjust and tweak as you’ve seen your results. Summer is nearing and encouraging news is hitting the nation with Covid vaccines in arms, re-openings, and there's so much positivity to draw on moving forward. With the ice slowly melting and patios regaining the spotlight, restaurants know that the extra square footage means extra sales. This week on The Tip Share, RASI New Business Strategist, Dave Downs, sits down with RASI Squad Lead, Sondra Monaco, and RASI Client Advisor, Adam Walsh to chat about what they’ve seen when working with clients across the nation as they work down the P&L to adjust budgeting and forecasting to meet the new demands that come with summertime!

  • PPP Changes & The Definition Of Non-Payroll Expenses

    05/04/2021 Duration: 06min

    The Economic Aid Act, which was part of the Consolidated Appropriations Act, expanded the definition of non-payroll expenses that are eligible for PPP forgiveness to include operations expenditures. These newly added categories are set to help restaurants in a large way. Learn about the legal amendments and see how your restaurant could be positively affected by the updates!

  • Easy Tips To Understand How To Properly Read Your Balance Sheet

    29/03/2021 Duration: 24min

    While there may not be a more boring financial statement to discuss, the reality is that the Balance Sheet is the most important financial statement an operator has. If the Balance Sheet is not in-line and accurate, then there is no question that the Profit and Loss Statement is inaccurate as well; and therefore, there is no true clear picture of where your actual Net Profit lies. This statement is also extremely important for loan applications, business valuations etc., so while the Balance Sheet may bore an operator straight to sleep, it is certainly meaningful and impactful that the value of this statement is regularly reviewed. RASI Director of Client Advisory Services, Sydney Lynn, and RASI Assistant Director of Client Advisory Services, Brian McCaig, host an educational webinar on the basics in understanding how an operator should read their balance sheet and utilize that knowledge into making profitable decisions in order to catapult their organization into growth and success.  -   Balan

  • Top Ways Banking & Payroll Have Changed In Today's Digital World

    22/03/2021 Duration: 27min

    RASI Director of Partnerships, Brad Bertram sits down with RASI Partner, Branch, to discuss the various ways that digital banking can aid restaurant operations in becoming more efficient, and how making payroll a digital affair also benefits employees. In the on-demand world that we live in, getting money in employees' hands as quickly as possible is crucial to retaining top talent, and it's also now possible through a new form of banking. Learn how in this episode of The Tip Share!

  • How the New SBA Changes Better Accommodate Small Business Restaurants For PPP Loans

    15/03/2021 Duration: 06min

    As the Small Business Administration (SBA) continues to make changes within the requirements and restrictions for PPP Loans, RASI Compliance Director, Brian Smith, ensures small business owners are up to date on the latest amendments. Check out the newest modifications that the SBA has made to the PPP Loans in order to better accommodate small businesses!

page 1 from 4