The Tip Share

Discover the power of a Tip Pooling Calculator, designed to streamline fair distribution of tips among restaurant employees.  

Using a Tip Pooling Calculator ensures consistency and fairness in dividing tips, reducing manual efforts and potential errors. Customize the calculator's formula to match your specific needs, whether it's using a point-based system or even distribution. Managers can save time and foster transparency by easily explaining the tipping process to employees.

Benefits of using a Tip Pooling Calculator:

• Save time with automated calculations.
• Enhance accuracy and consistency in tip distribution.
• Improve transparency and employee satisfaction.

Learn how to effectively manage tip pooling, emphasizing clear communication with staff about the process and its benefits. Encourage employee buy-in by fostering trust through transparency. Regularly evaluate and refine your tip pooling procedure to ensure it aligns with your intended outcomes.

Watch the full Video: https://youtu.be/dfo56sG8gMw

Discover the Power of Balance Sheets for Restaurant Success!

Learn how to create a balance sheet for your restaurant business. This essential financial tool provides insights into your fiscal standing, guiding your path to stability and growth. In this episode we cover everything you need to know about creating a balance sheet, key components like assets, liabilities, equity, and more!

Follow our step-by-step guide:

• Choose a balance sheet date (quarterly or monthly).
• List assets by liquidity - from cash to long-term investments.
• Verify totals against your general ledger.
• Determine current and long-term liabilities.
• Calculate owner's equity - value after debts.
• Validate your balance sheet.

Master the art of balance sheets for your restaurant's prosperity. Watch now and unleash financial potential!

Read the full Blog Post: https://rasiusa.com/blog/how-to-create-a-balance-sheet-for-small-business/

Watch the full Video: https://youtu.be/A83IGWQeymk

Social Handles:

Profit margin is a key indicator of restaurant financial health. It's a measure of how much money your restaurant makes above its costs, expressed as a percentage. In this episode, we'll show you how to calculate profit margin for your restaurant using a simple formula. As a bonus, we'll also share some proven tips for improving your profit margin.

Read the full Blog Post: https://rasiusa.com/blog/profit-margin-calculator-for-restaurants/

Watch the full Video: https://youtu.be/PuYmsrtVlUs

Social Handles:

Are you tired of wasting money on produce that goes bad before you can use it? Do you spend hours every week ordering produce from different suppliers? 

In this episode, we'll show you how to create a restaurant produce ordering guide that will save you time and money. We'll cover everything from how to assess your needs to how to find reliable suppliers. Keep watching to learn about all the tools you need to create a produce ordering guide that works for your restaurant.

Watch the full Video: https://youtu.be/XCLhPV55SjI

Read the full Blog Post: https://rasiusa.com/blog/restaurant-produce-ordering-guide/

Social Handles:

Ready to elevate your restaurant's summer events and promotions? Uncover expert strategies to captivate your target audience, leverage social media, and implement budget-friendly ideas. From collaborating with neighboring establishments to crafting mouthwatering seasonal menus and refreshing cocktails. Learn how to track results, set measurable goals, and utilize customer feedback for optimal success!

In this episode, we discuss the importance of proper produce storage in a restaurant. We cover factors that affect freshness, specific produce storage tips, and best practices for produce storage. Plus, we learn how to select high-quality produce. Listen to learn all the tips and tricks of freshness!

Read the full Blog Post: https://rasiusa.com/blog/restaurant-produce-storage-guide/

Watch the full Video: https://youtu.be/DfRwbAKsYnc

Social Handles:

Keeping up with State and Local taxation laws and compliance can feel overwhelming and confusing.  As a restaurant owner, ensuring accurate and timely tax payments is critical to avoiding unnecessary penalties and maintaining licensing.  Understanding tax types, what they mean to your business and how investing in tax professionals to assist with calculation, remittance and payment can help reduce your audit risk and maximize your deductions.  In this video, we'll explore the different tax types, how to handle taxes on restaurant specific activities such as tips and service charges, and strategies for tax planning.   Don't let the stress of tax management get in your way.  Listen in on this episode to understand tax risks and minimize the tax burden for your restaurant.

Read the full Blog Post: https://rasiusa.com/blog/complete-guide-on-restaurant-taxes-for-managers-owners/

Watch the full Video: https://youtu.be/BMnfa3DhI8c

Social Handles:

Do you have questions about how to handle tips for your restaurant staff, tip reporting, and compliance? In this episode, we will discuss everything you need to know about tips in a restaurant. From withholding requirements to the importance of proper reporting, we'll cover it all. Tips are often regarded as under-the-table income, but they are actually considered taxable income to the recipient and must be accounted for accordingly.

Whether you're a seasoned restaurant owner or just starting out, this video is a must-watch - take the first step towards properly handling tips for your staff and ensuring compliance with IRS regulations.

Read the full Blog Post: https://rasiusa.com/blog/what-restaurant-owners-managers-should-know-about-tips/

Watch the full Video: https://youtu.be/DqCDsjwt_rs

Social Handles:

Are you ready to fulfill your dream of owning a restaurant? It's an exciting venture, but before you dive in, there are critical financial factors you need to consider. In this episode, we're going to show you everything you need to know before buying a restaurant and how to assess its financial health. We'll be going through essential financial documents like the Profit and Loss Statement, Balance Sheet, and Cash Flow Statements to help you understand how to evaluate a restaurant's financial standing. Listen to this episode and get the education you need to make the right purchase decision and start your restaurant's success story.

Read the full Blog Post: https://rasiusa.com/blog/how-to-buy-a-restaurant-everything-you-need-to-know-financially/

Watch the full Video: https://youtu.be/xtY1OPxqf-U

Social Handles:

If you're running a restaurant, managing payroll can be time-consuming and challenging. But with payroll management technology, you can streamline the entire process, saving time and reducing errors. In this episode, we'll explore the benefits of using payroll management technology in your restaurant, including improved payroll compliance, flexible paydays and cycles, and online employee access. Don't let payroll management slow you down.

Listen on to learn how to leverage technology for more efficient financial management in your restaurant.

Read the full Blog Post: https://rasiusa.com/blog/8-benefits-of-restaurants-using-payroll-management-technology-rasi/

Watch the full Video: https://youtu.be/4DXdx2PJo88

Social Handles:

Discover the basics of calculating your restaurant payroll percentage and why it's crucial for the health of your operation. In this episode, we'll discuss how modern technology and sound management practices can improve it over time. Listen to the episode to learn all things payroll percentage including:

• How to identify areas of improvement
• How to reduce payroll costs with best practices like using restaurant-specific payroll software & offering employee incentives
• Implement flexible scheduling to support customer demand while minimizing labor costs

Take control of your restaurant's finances with data-driven decision making!

Read the full Blog Post: https://spotifyanchor-web.app.link/e/YjBkY1mckyb

Watch the full Video: https://youtu.be/4DXdx2PJo88

Social Handles:

Running a restaurant requires adhering to best practices and guidelines for various processes, including supply chain optimization, kitchen procedures, and payroll. While most restaurateurs are not payroll experts, it is essential to ensure compliance and accurate tax reporting to avoid penalties and legal issues. In this podcast we dive into the essential restaurant payroll checklist items and lay the groundwork for accurate and timely payroll practices.

Read the full Blog Post: https://rasiusa.com/blog/comprehensive-checklist-for-running-payroll/

Watch the full Video: https://youtu.be/BlO8XeRMPCo

Social Handles:

Restaurant owners and operators often approach payroll with apprehension. In this post, we'll show you that payroll does not have to be difficult. With the right, hospitality-specific, payroll processor, simplifying the payroll process while paying your team members timely and accurately is, in fact, a realistic goal for every restaurant. Don't let your restaurant payroll stress you out – with the right tools and strategies, you can streamline the process and keep your team happy and motivated.

Looking for a guide on when and how to switch your restaurant payroll software? Look no further! Your restaurant payroll software is a crucial investment for your business, and outdated technology or a rapidly changing workforce can make it necessary to switch to a new solution. But how do you navigate this process? In this podcast, we'll cover the reasons why you might need to switch your software, and provide key attributes to look for in a new platform, including effortless onboarding, the ability to accommodate growth, on-point integration, and tax compliance. Follow these tips to ensure a smooth transition and keep your payroll process streamlined and efficient. Watch now to learn more!

Discover the essential guide to securing a loan for your restaurant business or startup! In this episode of The Tip Share, we'll explore the different types of restaurant loans available, including small business loans, business lines of credit, traditional commercial loans, and business credit cards. You'll learn about the prerequisites to consider before applying for a loan, including your credit worthiness to identifying your collateral. We'll also delve into specific financing needs for restaurants, including equipment loans, inventory financing, and working capital. Finally, we'll take a closer look at all the major types of Capital Lenders and how to choose the best option for your loan needs. Tune in to have a strong foundation for securing the best loan for your restaurant's success!

When it comes to restaurant data, most operators record and track basic sales data, such as tickets, ticket size, tips, and nightly totals for food and beverage. They may be doing this manually, or directly through their point of sale (POS) system.   Your average restaurant then takes this basic sales data, copies it into spreadsheets, and hands it over to their accountant to calculate critical financial performance metrics. The accountant then issues periodic reports that allow the restaurant owner to retrospectively know how he did for the past period. Sound familiar? Clearly, this is a state of affairs ripe for positive disruption by next-generation technology.   

Read the full Blog Post: https://rasiusa.com/blog/how-do-restaurants-use-data-analytics

Watch the full Video: https://youtu.be/4oXXHyf6PL4

Social Handles:

Like many business trends, technology for restaurants is largely driven by demand. And this demand originates with how, when, and where your customers eat. Technology is an important and integral part of every restaurant - it can assist you achieve your goals, improve your business operations, and be more successful. Learn which types of technology in restaurants are here to stay!

What’s the one key ingredient – figuratively speaking – of your restaurant’s ultimate success? Some restaurant or bar owners think it’s all about location, location, location. Others may lean toward a loyal customer base. And don’t forget about seasonal swings and capitalizing on the “perfect timing” aspect of sales.

All valid “ingredients,” for sure. But have you considered the importance of menu pricing as a key driver of revenue and profit? Think about it this way: whatever type of eatery you run (restaurant, bar, catering service, food truck, etc.), day in, day out purchases off your menu are the most consistent source of income. And finding the right balance to offer customer value and optimal profit is critical to a profitable enterprise.

Inventory management enables restaurants to track existing product levels (food, supplies, etc.), and also know when to reorder. And it’s certainly one of the more “tricky” aspects of day-to-day restaurant management. Managing restaurant inventory is the ultimate balancing act; your business requires a base level of ingredients and supplies to account for regular operations, but not too much.

If you own a restaurant, you’re aware of how hectic it was just getting up and running. And if you’ve already acquired food & beverage licenses and permits, you know how daunting the process can be.

Getting all of your restaurant permits and licenses in order is no easy task. Plus, it’s rarely a one-and-done scenario; thanks to ever-changing regulations, renewals (or, many times, entirely new licenses) which are required to keep your restaurant running at full capacity.

To assist your process in getting the licenses and permits needed to open and run a restaurant  we put together this fact-filled guide to help your restaurant navigate the often tricky waters in acquiring them.

Every restaurant operator has a multitude of responsibilities. From profit optimization to menu engineering, there’s never a shortage of factors to contend with.  

Thanks to recent spikes in inflation and rising costs, food cost percentage is suddenly back as a hot topic — and for good reason. By even the most conservative estimates, food costs have spiked around 20% for some restaurants – even more in big cities, resort towns, and other high-demand establishments. 

If your restaurant is struggling with keeping operations afloat while keeping pace with ever-increasing menu ingredients expenses, understanding how to calculate food costs is critical. In this podcast, we will take a look at the importance of food cost percentage, different variables that impact your overall cost structure, how to calculate food costs, and more.

If you manage a restaurant, you already know how important shift scheduling is. But are your shift schedules working in the best interest of your staff and entire restaurant? Given the unique demands of scheduling shifts – after all, less than half of U.S. restaurant workers are full-time employees – it helps to understand how this underrated aspect of managing your restaurant can make or break your operation.

The recipe for a great restaurant manager starts with this foundation: managing restaurant staff. Whether you're thinking about accepting a promotion to a management position, or if you're already a manager and would like to learn innovative ways on how to manage restaurant staff, the following restaurant management tips can help anyone lead, inspire, and ensure the entire operation runs efficiently.

While some restaurant employee management skills come with experience, others are a bit more nuanced. Take restaurant staff management support, for instance. Even the best managers can't do it alone; they require an intuitive, forward-thinking structure around them, especially with issues related to accounting, compliance, and the rest.

Every well run organization starts at the top. Sometimes, managers are brought in from another restaurant. And more often than you think, regular employees are promoted to manager.

But which restaurant management skills separate the good leaders from the great ones? What’s more important – organization or people skills? And what tools or resources can help enhance the most important restaurant manager skills?

The SBA is set to award an added $180 million in unspent funds allocated for the Restaurant Revitalization Fund (RRF) back in 2021. This is not an infusion of funds into the RRF currently; in fact, a new law was introduced and passed by the House of Representatives to replenish the RRF with more than $40 billion, but it did not pass the Senate (See June 2022 update below).

It is not clear how, when, or to whom these RRF grants will be issued, so do not throw away any correspondence from the SBA because you may be one of the lucky stores to receive an extremely late RRF grant!

As we learn more from the SBA about the Restaurant Revitalization Fund (RRF) and any updates surrounding it, we will continue to make updates on the blog post and right here on The Tip Share!

Do you know everything about your restaurant assets? Not just what they are, but how your restaurant's assets interact with other critical elements of that indispensable, indisputably important financial report, the balance sheet? Throughout this episode, we’ll dive into our all-in-one resource on restaurant assets – we'll cover:

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).

You’d like to know how to start a restaurant business but are not exactly sure where to begin. You want to start a restaurant and you create the ideal concept in your head. That concept begins with the idea at its inception. However, for your idea to survive, or even better to thrive, it must operate on a consistently executed financial plan and a sound restaurant business proposal.

50% of the restaurant concepts we see are largely “inspired” by existing operations. Beyond this, 85% of your food and supply purchases will be delivered from the same major distribution companies. So then what is it that makes your new restaurant stand out? What makes the experience like nothing we’ve ever seen? Unfortunately, the reality here is that without a sound and detailed financial plan and a commitment to following it, 75% of restaurant startups will be bankrupt within the first 24 months. So let’s take a look at what makes up a great business plan for a restaurant.

Read the full Blog Post: https://rasiusa.com/blog/how-to-start-a-restaurant-ultimate-financial-plan/ 

Watch the full Video: https://youtu.be/RzqPbsZZ9Hg

Social Handles:

The restaurant industry has, by and large, low-profit margins constrained by high capital, labor, and operational expenses. Yet there is a wide range of profitability within the industry, from white tablecloth establishments with low single digits profits to quick-service restaurants clearing over ten percent (if they’re really on top of their game). Despite this variability, restaurant profit margins most commonly fall within three to five percent of annual revenue.

An adequate profit margin is critical for the sustainability of a restaurant business, as it’s from the profits, however slim that owners get paid, and restaurants grow. If a restaurant business cannot maintain a sufficient profit level, it may not be worth the time and money the owners put into it, therefore shutting down completely. Conversely, a healthy and growing profit margin for a restaurant will safeguard the future of the business and provide funds for improvements or even expansion to multiple locations.

Read the full Blog Post: https://rasiusa.com/blog/what-is-the-average-profit-margin-for-a-restaurant 

Watch the full Video: https://youtu.be/lLut4inroQU 

Social Handles:

Quick service restaurants (QSR) have complex accounting and payroll needs. Traditionally, expensive salaried employees have fulfilled these needs, but in the last 5+ years, technological advancements have opened the door to more cost-effective alternatives that increase operational efficiencies!

Today, the QSR industry can benefit from software-based outsourced accounting teams, which offer all in-house accounting expertise at a fraction of the price. Tune in to learn how Quick Service Restaurants can benefit from updating their software with RASI!

Read the full Blog Post: https://rasiusa.com/blog/top-3-reasons-outsourcing-accounting-payroll-will-help-a-qsr-brand-find-success/

Watch the full Video: https://youtu.be/6yhI2YMzdP8

Social Handles:

When restaurant staff receives tips, both employee and employer incur legal obligations to the IRS to correctly record the tip amounts, comply with reporting requirements, and pay income and payroll taxes. For the restaurant operator, it’s critical to get these details correct from the start to avoid unnecessary penalties. This article will cover how to record tips in accounting and what the tax responsibilities look like from the employer and employee sides.

Read the full Blog Post: https://rasiusa.com/blog/how-to-record-tips-in-accounting

Watch the full Video: https://youtu.be/o0XmOorroGM 

Social Handles:

Experienced restaurant operators closely manage the inflows and outflows of cash through their business. Sound management of available cash is critical to the ability to pay wages, keep the lights on, stock the walk-in, and make distributions to owners. The financial document that summarizes these transactions is known as the restaurant cash flow statement. An understanding of this document is important not just for your accountant, but for owners and managers as well. Once you can interpret your cash flow statement, you’re in a position to more accurately project the future financial health of the restaurant.

Read the full Blog Post: https://rasiusa.com/blog/understanding-the-function-of-your-restaurants-cash-flow-statement/

Watch the full Video: https://youtu.be/wJjLsvmbSeg

Social Handles:

Today, innovative restaurants are using business intelligence to drive operational efficiencies, improve profitability, and reduce managerial burdens. How do they do it?   The clearest way to understand restaurant business intelligence is to run through example metrics used by experienced operators. Note that in order to use business intelligence in your restaurant, you need to be running modern restaurant management software that collects, tracks, and reports on relevant metrics.

Read the full Blog Post: https://rasiusa.com/blog/turn-your-restaurant-analytics-into-profitable-business-intelligence

Watch the full Video: https://youtu.be/2a863iE-it0

Social Handles:

As a restaurant operator, you know that a modern point of sale (POS) solution generates tons of data. The question is, how do you use that data to materially improve restaurant operations? One of the best applications for POS data is as a tool to make more accurate restaurant sales forecasts. Data-based sales forecasts can give you a degree of precision that was previously out of reach, as well as set you up to better allocate staff shifts, improve your COGS control, and instill a culture of financial responsibility in your management team.  The above benefits are earned from having access to properly contextualized POS data in a place that you consistently check. The ideal solution is not to try to manage your restaurant directly through your POS; but rather to integrate your POS data into a comprehensive system like a restaurant management software suite. RASI offers easy data integration of leading POS systems transferring your POS data into the same unified software you utilize for payroll, accounting, financial goal setting, and tracking.

Read the full Blog Post: https://rasiusa.com/blog/restaurant-sales-forecast-with-pos-data

Watch the full Video: https://youtu.be/Pjstif1X0JM

Social Handles:

As a restaurant operator, it’s critical that you understand your sources of revenue, your expenses, and the balance between the two. The chart of accounts is a comprehensive method of reviewing these critical performance indicators. Having a solid grasp of your chart of accounts gives you the information to make operational decisions that are fully informed by financial data. Watch here to learn the unique aspects of a restaurant's COA!

Read the full Blog Post: https://rasiusa.com/blog/what-is-a-chart-of-accounts-for-a-restaurant

Watch the full Video: https://youtu.be/2UD8yrnMChE

Social Handles:

Think of the multitude of processes your restaurant performs on a daily or weekly basis - Payroll. Payment processing. Vendor Payments. General accounting - and those are merely the tip of the proverbial iceberg. Now, think about how seamless all these tasks would be with a streamlined, automated accounting system that integrates directly with your point of sale (POS) system. This connection would provide a centralized source of data to eliminate manual processes and significantly reduce or outright eliminate human errors. Moreover, it would increase your restaurant’s profitability through timely and accurate reporting and provide insights into greater areas of opportunity.

Read the full Blog Post: https://rasiusa.com/blog/why-you-need-to-integrate-your-pos-system-and-accounting-software

Watch the full Video: https://youtu.be/vgMlNHUrBUc

Social Handles:

If you’re new to the restaurant business, you’ve probably heard about strategic vendor management but aren’t exactly sure what it entails. Well-experienced business owners in the field know it’s absolutely critical for maximizing not just ROI but also the relationships and connections that make every day in a restaurant run smoothly.

What is vendor management, and which issues pose significant challenges if vendors aren’t properly managed? We've created this page to answer all your questions and provide guidance for optimal vendor management best practices.

Read the full Blog Post: https://rasiusa.com/blog/the-best-tips-for-strategic-vendor-management

Watch the full Video: https://youtu.be/WK29vCRqYyw

Social Handles:

You may be asking, how does payroll work? That is, what should payroll look like for a restaurant? We’ll start with the basics. What is payroll? Payroll is the business process of regularly paying out all your wage, payroll tax, and benefit liabilities to employees. We’ll spell those out: wages are employee earnings, payroll taxes are the percent of earnings dedicated to taxes, particularly FICA (social security) and MEDFICA (medicare). Benefits are any payments you make on behalf of your employees in a manner specified by their employment contract, such as a contribution to a health savings account (HSA).

So far, so good. But how should operators process payroll in the context of a restaurant? That’s up next. Here’s how to perform restaurant payroll.

Read the full Blog Post: https://rasiusa.com/blog/what-to-consider-when-setting-up-payroll-for-a-restaurant 

Watch the full Video: https://youtu.be/YrbDgdwZtbk

Social Handles:

Opening a restaurant is a costly endeavor, and successfully running a restaurant requires strict attention to your restaurant expenses to control costs and increase efficiencies. Few restaurants can get by with paper, pencil, and a stack of excel sheets for manual data entry. Such restaurants miss out on the opportunity to reduce expenses and increase profits by gathering needed insights for operational changes. These insights stem directly from a modern accounting system that systematically labels restaurant expenses, highlights pricing and spending trends, offers comparative industry data, and empowers proactive operations management through continued education.