The Tip Share

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

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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

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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

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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

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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:

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

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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

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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

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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

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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 

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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

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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 

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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

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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

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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

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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

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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

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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

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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

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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.

One of the most critical metrics to understand and track as a restaurant operator is your restaurant profit margin. Simply put, to remain in business, you need to understand your margins and everything that goes into them. This seemingly simple metric contains a fair bit of complexity under the hood. Tune in to find out the top two ways to make your restaurant more profitable!

Whether you’re opening a new restaurant or trying to streamline your existing eatery’s operations, there’s one thing you must optimize before anything else: your restaurant operating budget.

If you’re new to the restaurant business, you can have everything lined up and ready to go: the perfect menu, ideal location, and a great clientele ready to serve. Yet there’s another ingredient that’s required for realistic, sustained success – a practical, precise budget. Why? Simply put, a budget assists operators in understanding their potential profits and maintaining consistent profitability.

Tune in to learn what items should be accounted for in a proper restaurant operating budget, as well as the best practices behind successful budgeting behaviors!

Read the full Blog Post: https://rasiusa.com/the-most-essential-items-for-any-restaurant-budget 

Modern restaurants depend on various integrated technology for an increasingly large portion of their business processes. From POS systems to digital pay cards and HRIS solutions to data management software, automation is taking a front seat in restaurants' abilities to increase efficiencies, decrease costs, and minimize overhead.

While digital automation continues to spread its wings, portions of the restaurant business remain stuck in paper-based processes. A crucial part of the business that handles supplier invoices and vendor payments, known as Accounts Payable, often falls within this category. This is detrimental to the business, as it's time-consuming and hugely prone to human error. Restaurants working in these manual processes have a tremendous operational opportunity from accounts payable automation.

Since 1967, the Department of Labor's Dual Jobs Regulation has stated that an employee may be employed in both a tipped and a non-tipped occupation simultaneously. Learn about the newest updates to the Dual Jobs Regulation and the 80/20 Guidance, why the rule was changed, and the details of the regulation in our latest episode of The Tip Share.

Now is a great time of year for operators to look back at their prime costs and determine where they can increase efficiencies and decrease costs in 2022.

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!

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.

The Department of Labor has modified the 2020 Tip Final Rule. During this episode of The Tip Share, the RASI Compliance team dives into federal protection for tipped employees. 

Watch the full Video: https://www.youtube.com/watch?v=mMmTVto_g-0

Read the full Blog Post: https://rasiusa.com/blog/dol-final-rule-federal-protection-for-tipped-employees/

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The restaurant industry is facing major impacts from COVID with issues in the supply chain. The issues begin all the way at the top; from the growers/farmers facing labor challenges. It then travels down through the manufacturers. The manufacturers are having trouble with the roller coaster opening and closing of the economy, making it difficult to forecast properly. Next, it reaches the distributors who are dealing with limited truck drivers with new routes. This domino-like effect continues to rip its way through almost every industry, and business owners are having to pivot and adapt to make sure they can satisfy their clientele. With proper and strategic planning there are ways to mitigate the impacts of the supply chain issues. During this week's episode of The Tip Share, we break down 5 simple strategies in which restaurateurs can overcome the industry's latest obstacle.

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, the RASI Education Team focuses on reviewing the Notes Payables account for accuracy prior to closing out the period.

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.

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!

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!

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.

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: https://rasiusa.com/blog/restaurant-revitalization-fund-updates

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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

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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

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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.

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!

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!

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.

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.

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, and ultimately our corporate social responsibility as an industry.

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.

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!

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!

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!

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!

In this episode of The Tip Share, we dive into the second segment of our 3-Part mini-series for QSR growth strategies. In Part One, we spoke about how leveraging technology can help operators actually reduce costs and improve efficiencies in today's current industry climate, and what types of tech operators are utilizing to grow their businesses. Our top takeaways from the session? Streamlined Data, Automation, and Integration (de-fragmenting systems) all help to create operational efficiencies by getting rid of manual processes, and provides greater accuracy and visibility into the business, enabling operators to make better business decisions, ultimately increasing profitability. During this session, RASI Director of Partnerships, Brad Bertram, sits down with Don Kreye and Don Bye from Delaget, to discuss how technology can help increase efficiencies with specific regards to labor management.

Restaurants are well attuned to making it work on thin margins, and the operators who find the most success are those who have a true understanding of their fiscal health and keep their finger on the financial pulse of their business at all times. In this episode of The Tip Share, RASI New Business Strategist, Dave Downs takes a moment to chat with RASI Squad Leads, Dave Holzer and Jesse Brown, both tenured accountants, to provide insight and expertise on the top 5 areas that restaurants should be focused on in order to keep the upcoming period purely goal-oriented based on current results. Tune in to hear what the acronym CLEAR stands for, and why those 5 areas provide a crystal clear picture of your financial health each period!

As the industry is keenly aware, not only did health and safety guidelines vastly change for restaurants across the nation in 2020, but unavoidable adjusted consumer trends also meant that many brands scrambled to make heavy technology investments that would support operators in making the right decisions for their businesses to survive in the new normal. In this episode of The Tip Share, we dive into the first segment of our 3-Part mini-series for QSR growth strategies. During this segment, RASI Director of Partnerships, Brad Bertram, chats with Don Kreye, Delaget Director of Partnerships and Don Bye, Delaget Client Success Manager to discuss technology and automation within the QSR industry and how it’s continuing to impact operations.

Many questions continue to arise about the legislation and stimulus provided by congress surrounding the pandemic. The major players, PPP & ERTC, serve some much-needed relief for small businesses, but the million-dollar question remains: How can you utilize the aid while maximizing your forgiveness and tax credits? RASI Director of Compliance, Brian Smith, sits down with RASI Client Advisor, Sydney Lynn to discuss the top strategies in which to balance both the PPP and the ERTC together. Finding the fine line within the balancing act will enable businesses to position themselves much stronger in order to maximize their forgiveness, and have more stability to survive the effects that the pandemic has caused on the industry.

The impact of the pandemic on restaurants has been severe. Many states have unfortunately experienced a roller coaster with restrictions and shutdowns changing constantly, and restaurants were continuously forced to change the way that they've always done business. They sought survival through curbside and delivery orders instead of dine-in services, and some businesses like Old Thousand, a neighborhood Chinese-inspired restaurant located in Austin, TX, fully embraced the pivot to delivery and to-go and capitalized on this new era of dining. Fortunately, serving Chinese food they already had the structure in place to dive headfirst into to-go. Prior to the pandemic, Old Thousand typically received about 15%-20% of their weekly sales through to-go orders, once restrictions hit, they were able to transition their structure to pivot almost immediately into 100% to-go.

Andrew Sutton, RASI Client Advisor, is joined with Brett Bettin, GM of Old Thousand, to discuss how they have adapted their restaurant to curbside and delivery, and how the concept has changed since Coronavirus started nearly a year ago.

When COVID first hit, dining rooms closed, and businesses dropped 60-70% below where they would normally sit, and operators panicked. They were forced to pick up the pieces of their operations and determine their next moves to stay open, yet still remain in compliance with restrictions. While the independent restaurants have been faced with massive hurdles, there’s been spectacular growth in creativity and grit as they continue to find new ways to build revenue. On the quick-service side, while not out of the woods entirely, franchisees have found some breathing room being able to heavily operate through their drive-throughs. RASI Director of Partnerships, Brad Bertram, sat down with long-time partner Delaget, and Don Kreye, Director Of Partnerships, and Don Bye, Client Success Manager to discuss the ways in which QSR’s have been able to find success during the pandemic.

This year's tax season has the ability to get ugly if you're not sure where to look for answers. With the constant changes throughout the last year within the PPP, the FFCRA, and the CARES Act, questions are starting to swirl about the accounting for loan forgiveness, and what's involved with the possible tax credits or deferrals.

RASI Director of Compliance, Brian Smith, and Sydney Lynn, Director of Client Advisory Services, take a deep dive into Tax Season 2021 to untangle the web of stimulus legislation and outline everything you need to know to ensure your books are in tip-top shape.

With the passage of the Consolidated Appropriations Act of 2021, which contained another round of COVID stimulus for businesses, PPP loan recipients are now eligible to claim the Employee Retention Tax Credit (ERTC) retroactively for eligible wages paid in 2020, even if the PPP loan has been or will be 100% forgiven. Tune in to hear how.

The trickle-down effect that COVID-19 has had on restaurants has been astronomical. From to-go programs becoming the new front line of restaurants causing disposables to go through roof; to sustainability desires; inventory needs, and more; the world of paper and packaging is at the top of every operator’s radar. And if it’s not, you’re missing the mark. We know that delivery and to-go isn’t going to die down any time soon, and we know that the need for sterile gloves and items of the like are here to stay. So in a world where everyone has the same ultimate game plan, how can you stay a step ahead of the game and make sure you’re playing your cards right?   RSI New Business Development Strategist, Dave Downs, sits down with Director of Partnerships, Max Strycker; Purchasing Analyst, Catherine Reeves; and Drew Frank, Sales Manager at Western Paper, to discuss the current landscape and the future outlook on the world of purchasing in the eyes of a restaurant operator.

Payroll for Restaurants is no longer just about cutting checks for hours worked. It’s evolved into understanding and maintaining compliancy with both Federal & State mandates. Law changes and enactments regarding PPP, Loan Forgiveness, Safe and Sick time, Overtime, Paid Time Off, etc. have created a world of litigation and increased labor costs. It’s imperative to remain up to date with the upcoming changes to make sure your restaurant is set up for success in 2021!

It’s no secret that the global pandemic has created a fundamental shift within the restaurant industry. Having an online presence in the last 5+ years has been important; in 2020 and moving forward, that commanding digital presence is not just important, it’s now critical for survival. The future of the industry in a COVID-safe world heavily relies upon technology and finding both creative and functional means to connect diners to restaurants. This is the most efficient and effective way for patrons to continue to support their local eateries, and for restaurants to begin to thrive again in this highly focused digital era.   

RSI Director of Partnerships, Brad Bertram, sat down with Tina Glickman, Head of Partnerships, and Haley Russman, VP of Marketing at BentoBox to discuss the best practices behind restaurants owning their digital presence, profits, and relationships with diners directly from their websites. RSI Partner, BentoBox, is a hospitality platform founded in 2013, that builds hospitality-specific websites with Search Engine Optimization (SEO) and ADA Compliance at the forefront; enables profitable online ordering options; and helps restaurants drive high margin revenue directly through their own websites. BentoBox has worked with over 6,000 restaurants, hospitality groups, and hotels in all 50 states and across 20 countries.

This year the restaurant industry has been turned on its head and every operator has had to make major adjustments just to ensure their businesses survive. RSI Director of Partnerships, Brad Bertram is joined by RSI Partner, Amber Van Moessner, Senior Director of Communications at Upserve as she delves into the top trends of the restaurant industry in 2020 as well as what to expect for 2021; plus, some bonus tips from 10 restaurants who were able to grow their Year-Over-Year Sales by 188% this year. Check out what the Upserve Data Science Team learned from their 10,000+ restaurant customers!

When faced with a perceived threat the brain instinctively triggers an acute fight-or-flight response. As COIVID made its invasion into the U.S. early this year and restaurant owners were faced with shutdowns and dining restrictions (the likes of which have yet to slow down), every operator had to make a choice: stay; fight like hell for their businesses or, shut their doors for good.

Many restaurant managers don't actually have a full understanding of how to read a Profit and Loss Statement (P&L), or even have a basic understanding of where the data is coming from, let alone how to interpret the data. It’s critical for the financial health of all restaurants that those who are making scheduling decisions, buying decisions, etc. fully comprehend how to read an income statement and can utilize the knowledge behind what actually goes into the P&L.

In this episode we will take you through an example, top to bottom, of a P&L Statement, as well as discuss the best practices on how to utilize your weekly profit and loss statements to maximize your profitability and find actionable items to improve upon. Finally, we take you through the steps on how to get your management team to take ownership and accountability to financial results so they can report those results back to you versus you having to ask questions!

The landscape of the Paycheck Protection Program (PPP) has continued to change shape from the day that it passed and it doesn’t seem to be settling down any time soon. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was the first to hit the floor at the end of March; then came The PPP Flexibility Act a few months later at the beginning of June, and along the way, there have been 24 Interim Final Rules issued by the Treasury; and 77 SBA FAQs. As we all wait with bated breath for the second round of stimulus to push through congress, questions continue to arise about all the gaps left by legislation. Tune in to find out what we now know.

Determining the keys to success for attracting and hiring top talent for restaurants is paramount to building a sustainable brand that can grow. We all know turnover runs rampant in the hospitality industry, so how is it possible, especially in a time like now when we’re smack dab in the middle of a global pandemic, to even begin with the hiring process and how can you effectively measure if what you’re doing is remotely successful?  RSI Director of Partnerships, Brad Bertram, took a moment to sit down with Jake Nolte, GM for the Efficient Hire Applicant Tracking Solution, to discuss common hiring mistakes and best practices to ensure you’re building a team for longevity.

When the global pandemic hit the US in March and our world shut down, businesses were left wondering how to survive. As restrictions have been lifted in some regions and re-enforced in others, the resiliency of the hospitality industry has proven a force to be reckoned with. Chefs, Owners, and Restaurant Operators have taken to a careful mix of creativity and industry expertise in order to find the perfect blend of ingredients for success throughout this roller-coaster crisis we’re finding ourselves in. During this week’s episode of The Tip Share, RSI Senior Client Advisor, Brian McCaig sits down with Paul Sullivan, Owner, and Robbie Hyre, Executive Chef, of Esters Neighborhood Pub, to discuss how the pandemic has affected their restaurant and how they’ve been able to stay true to their brand while pivoting their business model to remain successful.

With already narrow restaurant margins becoming even slimmer during a pandemic, every penny counts; and Cost Of Goods (or to some, Cost Of Sales) take up a significant amount of a restaurant’s overall expense. Unfortunately, many owners/operators fail to see how, if mismanaged and handled inconsistently, Restaurant COGS can have major a negative impact on profitability and cash flow. Point-blank: It’s critical to the health and survival of all restaurants that you understand your COGS and how to manage them accurately, here's how.

Coronavirus has affected the entire world; it has completely altered the landscape of both consumer and vendor behaviors, and perhaps the most harshly impacted industry has been hospitality. Restaurants have had to pivot their business models catering to mainly delivery and takeout options which directly affects their menu offerings and spending habits in order to preserve as much margin as they can during a time when point-blank, sales are down.

As a small Independent Restaurant owner who’s plunged headfirst into content marketing and worked with huge media organizations, digital marketers and SEO professionals, Shawn Walchef of Cali Comfort BBQ has honed in on his craft and built his entire culinary brand on digital hospitality; and he’s done it all in-house with his longtime friend, former newspaper editor, and current Content Publisher & Digital Strategist for Cali BBQ Media, Stover E. Harger III.  

Check out the full interview and our top 4 takeaways on:

How To Become Your Own Media Company

The Paycheck Protection Program (PPP) continues to change form on what seems like a daily basis. The landscape has changed greatly since The CARES Act was initially passed and the covered period has now been extended which enables borrowers more time to use their PPP funds; but the million-dollar question remains: What does PPP Forgiveness look like right now and how do I ensure my loan is forgiven?

RSI Director of Compliance, Brian Smith, and RSI Director of Client Advisory Services, Sydney Lynn, sit down to share their tips on what they’ve seen come through the IRS Notices and the US Treasury Guidance so you can feel prepared as you’re getting ready to start the forgiveness application process. Tune in and learn about the following:

In our 27th episode of Operating a Profitable Restaurant, recurring panel hosts Michele O'Neill and Dave Downs had a great opportunity to speak with Michelle Heller and Eddie Velazquez to discuss how our strategic partnerships with Efficient Hire and BentoBox can assist owners and operators in getting the most bang for their bucks by driving more top-line revenue and saving dollars through streamlining HR & compliance.

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In our 25th episode, learn pro tips and best practices from seasoned restaurant veterans, Chef and Owner Fred Neuville of the Fat Hen Restaurant in South Carolina, and Zoe Schor, Chef and Owner of the Split-Rail in Chicago.

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In our 24th episode of Operating a Profitable Restaurant, host Dave Downs, RASI Client Advisor, sits down with Ryan Rose, Executive Chef of Zocalo Restaurants, and David Miller, Owner of Kickin Chicken Restaurants to dive deep into best practices behind budgeting and incentive planning for your restaurant.

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In our 23rd episode of Operating a Profitable Restaurant, host Dave Downs, RASI Client Advisor, sits down to chat with other RASI Industry Experts, Julie Schligman, Assistant Director of Operations Specialists, and Leon McMullan and Steve Rennau, New Business Development Reps, on the questions they’re getting from operators in regards to wrapping up 2018, and what they’re seeing for the future of the restaurant industry in 2019.

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Remaining competitive in today’s restaurant industry landscape means bringing on partners and services that will not only help you enhance the guest experience but aid in your team retention, all while staying true to your brand.

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Have you battled with remaining compliant with ACA regulations? Are you lost in the legal jargon and don’t know what your options are?

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Have you battled back and forth about whether adding a Delivery Service to your restaurant would help or hinder your operation?

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Remaining compliant in today’s restaurant industry landscape is no task for the faint of heart. With state and federal regulations constantly changing, it’s easy to see how so many independent restaurants are getting fined for compliance issues.

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Have you dreamed of opening a restaurant? How about your 2nd, 3rd, 4th or even 10th? In this episode of Operating a Profitable Restaurant, hear from restaurant vets Attila Szabo of Wildfin & Stack 571 Burger Groups who has a total of 5 restaurants soon to be 10, and Rob Coburn & Paige Crandall from El Camino.

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Do responsibility and privilege go hand-in-hand for your management team? In this episode of Operating a Profitable Restaurant, seasoned Independent Restaurant Owners, Dan Skvarca from Mercantile, and Josh Fay with Rio Grande sit down alongside RASI Industry Experts Michele O’Neill and Dave Downs as they discuss the evolution of leadership roles within the modern day restaurant environment.

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Managing your house bank is critical to keep track of your operating cash and ensuring that the balance in your House Bank is in line with the amount of cash that you have on hand. Proper management will assist you in verifying that all house bank transactions are being recorded properly.

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Two things to think about each time you come across a compliance matter: One - Simply being in compliance, and Two - Managing your business so that your compliancy doesn't damage the experience with your guest, your team and your profit. Tune in to listen to Brian and Matt dive deeper into the subject that's got everyone scratching their heads in search for the answers!

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In this episode of Operating a Profitable Restaurant, RASI Partner and Strategic Development Officer, Matt Vannini, sits down with our RASI Operational Specialists to speak in-depth about the imperative year-end accounting tasks that every operator should be doing in order to start the new year with a bang!

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In this episode of Operating a Profitable Restaurant, RASI Partner and Strategic Development Officer, Matt Vannini, takes a moment to sit down with Secret Sauce's CFO, Emily Biederman to discuss the implications of the new OT ruling which becomes effective on December 1, 2016. Tune in to hear Matt and Emily run the gamut of all things overtime - from salary strategy and compliance, to tracking OT, to bonuses and wages; they've got you covered.

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During today's Podcast, RASI Partner and Strategic Development Officer, Matt Vannini dives into the vast world of branding and ties it in to none other than what we do best: restaurant accounting. Tune in to hear Matt's take on how to measure your brand's effectiveness and the actual dollar cost it can have on your restaurant if deemed ineffective.

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This month we’re circling back to the polarizing topic we covered back in November that has morphed into its own breed of beast. The boundless discussion of tip removal has evoked frustrations across the board with the government rearing its head smack dab into the center of the game. The discussion is more heated than ever. Restaurateurs are not only faced with the implications of ACA but they’re also dealing with payroll compliancy issues; and the cherry on their sundae, the elimination of tip pooling by the 9th circuit court.

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During this afternoon's Podcast, Matt and Dr. Kahle sit down for a little lesson in the Affordable Care Act. ACA is difficult to understand with the ever-changing rules and regulations but Dr. Kahle breaks down the bill in ways you can simply understand. Listen to this episode and hear our dynamic duo cover Commonality and Ownership, Full-Time Equivalent vs Variable Hour Employees and their roles in ACA, reporting requirements, compliance-based plans, operational best practices, and more.

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Starting a restaurant takes guts, gusto, tenacity, and a whole 'lotta heart. In this episode of Operating a Profitable Restaurant, RASI Strategic Development Officer, Matt Vannini had the pleasure of speaking with Owen and Marie Jobson from Blue Rock BBQ about their personal stories of struggle in opening their restaurant and what steps they took to become so successful today.

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In this episode of Operating a Profitable Restaurant, RASI Partner and Strategic Development Officer Matt Vannini takes a moment to round table with industry experts on the restaurant accounting best practices that will set our clients and their businesses up for a prosperous year.

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