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The Tip Share

The Tip Share

By RASI - Restaurant Accounting Services Inc.
A Restaurant Industry Podcast
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What is a Chart of Accounts for a Restaurant?

The Tip Share

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Everything You Need to Know About the Colorado Retail Delivery Fee
Effective July 1, 2022, the state of Colorado will impose a retail delivery fee on all deliveries by motor vehicle to a location in Colorado, even if the delivery originates in a different state. Here's what you should know. Read the full Blog Post: https://rasiusa.com/blog/everything-you-need-to-know-about-the-colorado-retail-delivery-fee  Watch the Quick Snippet Video: https://youtu.be/JA8tanVnJVk Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
07:37
June 20, 2022
Quick Snippet: The Importance of Franchise Accounting
A franchise is all about authorization. For entrepreneurs and small business owners, owning a franchise offers them the ability and support to carry out the larger corporation’s core company offerings and commercial activities. During this quick snippet, we'll review some core principles and applications of franchise accounting basics, franchise accounting system benefits, and other insights surrounding franchise accounting.   Read the full Blog Post: https://rasiusa.com/blog/the-importance-of-franchise-accounting  Watch the Quick Snippet Video: https://youtu.be/tSP1m-JhFb0    Social Handles:   RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_RASI  Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
04:27
June 13, 2022
Top Restaurant Food Cost Management Tips: How To Use A Declining Budget
One of the most important tools in restaurant accounting to effectively manage food cost is a Declining Budget. When used properly, a Declining Budget can be one of the best tools for stabilizing your costs as well as increasing your cash flow. Learn more about how this particular budget will support management in monitoring variable spending and fluctuating sales (revenue). Watch the full Video: https://youtu.be/fAdBDluDBCc Read the full Blog Post: https://rasiusa.com/blog/how-to-use-a-declining-budget-restaurant-food-cost-management/ Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
08:45
May 30, 2022
Why You Shouldn't Ignore Payroll Compliance And How To Make It Painless!
Payroll is one of the most critical aspects of any business. Properly paying your team creates trust, longevity of employment, and assists in avoiding costly payroll compliance issues. During this episode of The Tip Share, RASI Director of Compliance, Brian Smith, sits down with Brent Beatty, 7shifts Senior Director of Product to discuss the current industry landscape when it comes to labor and payroll compliance, and the array of solutions that the RASI + 7shifts partnership provides to address the current climate. Read the full Blog Post: https://rasiusa.com/blog/why-you-shouldnt-ignore-payroll-compliance-and-how-to-make-it-painless/ Watch the full Video: https://www.youtube.com/watch?v=vDQ9Rp8MjX8 Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
23:20
May 23, 2022
How to Start a Restaurant - The Ultimate Financial Plan
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: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
13:25
May 09, 2022
What is the Average Profit Margin for a Restaurant?
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: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
10:12
May 02, 2022
Top 3 Reasons Outsourcing Accounting & Payroll Will Benefit a QSR
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: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
06:29
April 25, 2022
How to Record Tips in Accounting
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: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
07:53
April 18, 2022
Understanding the Function of Your Restaurant's Cash Flow Statement
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: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
16:22
April 11, 2022
How Do Restaurants Use Data Analytics?
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: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
09:07
April 04, 2022
How to Turn Your Restaurant Analytics into Profitable Business Intelligence
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: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
07:49
March 28, 2022
Restaurant Sales Forecast with POS Data
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: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
12:22
March 21, 2022
What is a Chart of Accounts for a Restaurant?
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: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
09:43
March 14, 2022
Why Your POS System and Accounting Software Need to Be Integrated
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: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
08:57
March 07, 2022
The Best Tips for Strategic Vendor Management
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: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
08:03
February 28, 2022
What to Consider When Setting Up Payroll for Your Restaurant
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: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
09:52
February 21, 2022
How Do You Categorize Restaurant Expenses
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. Read the full Blog Post: https://rasiusa.com/blog/how-do-you-categorize-restaurant-expenses/ Watch the full Video: https://www.youtube.com/watch?v=uqBqblWFzbE Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
10:11
February 14, 2022
How Do Small Business Restaurants Make a Profit?
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! Read the full Blog Post: https://rasiusa.com/blog/how-do-small-business-restaurants-make-a-profit/ Watch the full Video: https://www.youtube.com/watch?v=v8Or1wQFx9o Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
12:08
January 31, 2022
Smart Budgeting: The Key Ingredient to Any Restaurant’s Success
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  Watch the full Video: https://www.youtube.com/watch?v=o6gTzuE7CYU Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
08:20
January 24, 2022
How To Automate Your Accounts Payable Process
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. Accounts payable automation software saves your staff time by replacing tedious manual processes with invoice scanning and automatic data entry, speeds up the approval and payment processes, and increases error detection and fraud protection. Read the full Blog Post: https://rasiusa.com/blog/how-to-automate-your-accounts-payable-process Watch the full Video: https://www.youtube.com/watch?v=BZKSm1jL1B0 Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
08:27
December 13, 2021
The 2020 Tip Final Rule: 80/20 Guidance & Dual Jobs
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. Read the full Blog Post: https://rasiusa.com/blog/the-2020-tip-final-rule-dual-jobs-80-20-guidance/ Watch the full Video: https://www.youtube.com/watch?v=20qVAjH3qeE Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
15:54
November 29, 2021
Easy Tips To Understand How To Properly Read Your Balance Sheet
A restaurant Balance Sheet is the most important financial statement an operator has. If the Balance Sheet is not in line and accurate, then there is no question that the Profit and Loss Statement is inaccurate as well. Therefore, there is no true clear picture of where actual Net Profit lies. Additionally, this statement is extremely important for loan applications, business valuations, etc. In this post, we cover the basics of understanding how to read a Balance Sheet. Furthermore, how to utilize that knowledge into making profitable decisions in order to facilitate growth and success. Read the full Blog Post: https://rasiusa.com/blog/easy-tips-to-understand-how-to-properly-read-your-balance-sheet/ Watch the full Video: https://youtu.be/93LGJsJ89Q8 Social Handles:   RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
24:42
November 22, 2021
Unbeatable Prime Cost Control Strategies To Increase Your Profits in 2022
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. Industry supply/transportation issues and labor shortages control much of the conversation these days. Operators have been inhibited by the lasting impacts of the pandemic and are looking for ways to strategically move forward. Having the proper tools in place to keep a tight control on your prime costs is essential to both operational efficiency and profitability. Furthermore, by understanding what your prime costs are as a percentage of sales, as well as strategies to control prime costs, you can look to 2022 with the direct intention to utilize prime cost controls as an additional method to increase profits. Watch the full Video: https://www.youtube.com/watch?v=OAonzIRMoQQ  Read the full Blog Post: https://rasiusa.com/blog/unbeatable-prime-cost-control-strategies-to-increase-your-profits-in-2022 Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
08:59
November 15, 2021
How To Choose The Best Accounting Service For Your Restaurant or Bar
During this episode of The Tip Share, the RASI Education Team helps hospitality owners and operators discover the top 4 guidelines that will help ensure they're on the right path to finding the best accounting service for their restaurant or bar! Watch the full Video: https://www.youtube.com/watch?v=Los6_7X2YP0 Read the full Blog Post: https://rasiusa.com/blog/how-to-choose-the-best-accounting-service-for-your-restaurant-or-bar Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
07:32
November 08, 2021
Understanding The Function Of Your Restaurant's Cash Flow Statement
The Cash Flow Statement represents how the Balance Sheet and P&L work together to have an impact on your cash and operating accounts. It is designed to show you where your cash is coming from, and where it is going within a specific time period. Because restaurants don't operate entirely on a cash basis, it's often difficult to find your cash position from the Income and Expense Statement and the Balance Sheet alone. In this episode of The Tip Share, RASI Education and Training Manager, Brittany Ward, breaks down the function of the Cash Flow Statement and why it's possibly the most important statement to review on a regular basis. Read the full Blog Post: https://rasiusa.com/blog/understanding-the-function-of-your-restaurants-cash-flow-statement/ Watch the full Video: https://www.youtube.com/watch?v=KLkx1bC7354 Social Handles: RASI Instagram: https://www.instagram.com/rasinc__ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
08:39
November 01, 2021
DOL Final Rule - Federal Protection for Tipped Employees
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/ Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
14:06
October 25, 2021
Top 9 Restaurant Accounting Terms You Need To Know
Restaurant accounting terminology to busy restaurant owners is akin to a Doctor’s vocabulary to the average Joe. Not everyone speaks the language. However, understanding it is paramount to manage your money when it comes to your business lifeline – your accountant. How are operators supposed to know which are the most important, and where they apply? Unless you’re an accounting or finance major, you most likely know only a few, if any of these terms. As hospitality-specific accounting experts, we’ve rounded up the 9 most important terms that all restaurant operators should know. Watch the full Video: https://www.youtube.com/watch?v=8tHflcBzsHs Read the full Blog Post: https://rasiusa.com/blog/top-9-restaurant-accounting-terms-you-need-to-know/ Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
09:35
October 18, 2021
Top 5 Strategies Restaurant Owners Should Use To Reduce Impacts of Supply Chain Issues
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. Watch the full Video: https://www.youtube.com/watch?v=IdN789irIMM Read the full Blog Post: https://rasiusa.com/blog/top-strategies-restaurants-should-use-to-reduce-supply-chain-impacts/ Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
09:00
October 11, 2021
Top Restaurant Accounting Tips: Closing Out Notes Payable
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. Watch the full Video: https://youtu.be/dYWQK8DpE_4 Read the full Blog Post: https://rasiusa.com/blog/top-restaurant-accounting-tips-closing-out-notes-payables/ Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
05:47
October 04, 2021
Everything You Need To Know About The EIDL Program Updates
On September 8th, the SBA announced massive changes to the COVID-19 Economic Injury Disaster Loans (EIDL) Program. The major changes include: Increasing the COVID-19 EIDL cap from $500,000 to $2 million A borrower can request more funding, up to $2million, even if they have already received COVID-19 EIDL The maximum amount of $2 million includes any funds that the borrower has already received Implementation of a 2-year deferred payment period (The original deferred payment period was 18 months) Without any action on the part of the borrower, the SBA will extend the deferment period of all existing COVID EIDL loans to 24 months The first 30 days after the SBA announced changes are exclusively for processing loans of $500,000 or less The SBA will begin to approve loans greater than $500,000 on October 8, 2021 The simplification of affiliation requirements to mimic those of the Restaurant Revitalization Fund Watch the full Video: https://www.youtube.com/watch?v=tlohjDdFokg Read the full Blog Post: https://rasiusa.com/blog/everything-you-need-to-know-about-the-eidl-program-updates Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
13:36
September 27, 2021
Use These 5 Tools to Increase Restaurant Revenue in 2022 and Beyond
While creative marketing strategies and honing in on profitable menu items may support revenue growth, there are outside-of-the-box tactics that can help facilitate a steady increase in restaurant revenue. Strategic partnerships aren’t typically thought of as revenue generators. However, they create scale and provide expertise in areas beyond an operator’s bandwidth or knowledgeable scope in most cases. While RASI provides unmatched financial management within accounting and payroll, through our unique network of partners we’ve created strategic programs with premium industry leaders to provide a full-circle approach for restaurants to increase their revenues. Tune in to hear our top 5 tools to increase revenue!  Watch the full Video: https://youtu.be/UGNv8o7TYwM Read the full Blog Post: https://rasiusa.com/blog/use-these-5-tools-to-increase-restaurant-revenue-in-2021-and-beyond/ Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
06:35
September 20, 2021
Top Restaurant Accounting Tips: Closing Out Vendor Payables & Credit Card Liabilities
Successfully closing out a period starts the domino effect for proactively operating a restaurant versus missed opportunities in the following periods. The purpose of the Period End Financial Close is accuracy verification to highlight where your money is going. This enables you to make quicker, more educated business decisions. To close out a period, begin with a review of the financial statements; The Profit & Loss Statement, The Balance Sheet, and The Cash Flow Statement. Within each statement, defined areas of focus should pop out to an operator as a must-watch for success. In this episode of The Tip Share, RASI Training & Education Manager, Brittany Ward focuses on two critical accounts to review for accuracy prior to closing out the period: Vendor Payables, and Credit Card Liabilities. Watch the full Video: https://www.youtube.com/watch?v=iwB0F_Fk668 Read the full Blog Post: https://rasiusa.com/blog/top-restaurant-accounting-tips-closing-out-vendor-payables-and-credit-card-liabilities Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
07:37
September 06, 2021
Pandemic Relief Resources for The Restaurant Operator
During this week's episode of The Tip Share, RASI Compliance Director, Brian Smith, breaks down available pandemic relief into bite-sized bits so operators can easily understand what's available to them! Tune in to learn more about The PPP, EPSL, ERTC, RRF, and the SVOG! Watch the full Video: https://www.youtube.com/watch?v=8_V2XtwaFV8 Read the full Blog Post: https://rasiusa.com/blog/pandemic-relief-resources-for-the-restaurant-operator Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
18:40
August 30, 2021
Restaurant Hiring: Navigating the Labor Shortage featuring RASI Partner, 7shifts
If you’re having trouble finding great people to work in your restaurant, you’re not alone. There’s a labor shortage impacting the restaurant industry, made tougher by the pandemic. But there is no shortage of jobs: there are more than 9 million open jobs in the United States. Early on in 2020, we were scrambling to figure out ways to get food to customers and how to give staff enough hours and keep them on the payroll. Now as we enter a recovery stage, the biggest challenge that’s emerged has become finding enough staff to fit the demand. According to 7shifts’ restaurant industry data, shifts scheduled are recovering at a slower rate than sales. Many feel it’s too soon to come back: according to a survey by Poached, 24% of surveyed restaurant workers said that uncertainty about restrictions on indoor dining was preventing them from coming back. 26% cited concerns of getting themselves or loved ones sick—despite vaccination. There is a bright side—of all respondents, close to 75% are either actively applying or searching for work. Tune in to hear RASI partner, 7shifts' seven best practices to make sure that you can find great workers and give them a reason to stick with you—shortage or not. Watch the full Video: https://www.youtube.com/watch?v=moe7h9AqVI8 Read the full Blog Post: https://rasiusa.com/blog/restaurant-hiring-navigating-the-labor-shortage Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
06:57
August 23, 2021
How Accounting Period End Reviews Can Set Your Restaurant Up For Financial Success
A consistent Period End Review process is an essential component to a restaurant's financial success. Period End Reviews allow operators to review metrics and identify areas of opportunity with audits and benchmarks. Operators who have a true understanding of their fiscal health enable themselves the ability to make proactive business decisions and improve their operational efficiency and ultimately, their profitability.    In this episode of The Tip Share, RASI New Business Strategist, Dave Downs takes a moment to sit down with RASI Squad Leads and tenured accountants, Dave Holzer and Jesse Brown, to provide insight and expertise on the top 5 areas of focus to keep the upcoming period goal-oriented, based on current results! Watch the full Video: https://youtu.be/bS5eB6S8OVs Read the full Blog Post: https://rasiusa.com/blog/how-period-end-reviews-can-set-your-restaurant-up-for-financial-success/ Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
16:57
August 16, 2021
Top Restaurant Accounting Tips: Closing Out Capital Expenditures & Preopening Expenses
Successfully closing out a period starts the domino effect for proactively operating a restaurant versus missed opportunities in the following periods. The purpose of the Period End Financial Close is accuracy verification to highlight where your money is going. This enables you to make quicker, more educated business decisions. To close out a period, begin with a review of the financial statements; The Profit & Loss Statement, The Balance Sheet, and The Cash Flow Statement. Within each statement, defined areas of focus should pop out to an operator as a must-watch for success. In this episode of The Tip Share, RASI Client Advisor, Orrin Snyder discusses a few key items to concentrate on when conducting a Period End Financial Close: Capital Expenditures & Preopening Expenses. Watch the full Video: https://youtu.be/HgSPlgGxjrI Read the full Blog Post: https://rasiusa.com/blog/restaurant-accounting-tips-capital-expenditures-and-preopening-expenses Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
07:59
August 09, 2021
Restaurant Revitalization Fund (RRF) Updates
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 Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
12:57
July 26, 2021
How To Accurately Calculate Liquor Cost in Your Restaurant or Bar
Understanding your restaurant's COGS (cost of goods or cost of sales - the cost of the goods you purchase and utilize to create revenue), is the key to success for every well-run restaurant. As every operator knows, industry margins are paper-thin. To become profitable, it's imperative that you gain a true handle on how to control COGS in your restaurant. There are very distinct nuances related to the management of food and beverage costs. Throughout this podcast episode, we will focus our attention more specifically on how to calculate and control liquor cost, why understanding liquor cost is so important, and how to properly manage liquor in restaurants. Watch the full Video: https://www.youtube.com/watch?v=l_j8iz7FGi4 Read the full Blog Post: https://rasiusa.com/blog/how-to-accurately-calculate-liquor-cost-in-your-restaurant-or-bar Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
06:27
July 19, 2021
3 Reasons Why Restaurants Need To Use Hospitality Accountants To Improve Their Financial Results
Covid has changed the restaurant industry for the long haul. The harsh financial impact caused by the global pandemic has created the immediate need for financial accounting from professionals who aren’t simply knowledgeable in a general accounting field, but knowledgeable about restaurant operations and the restaurant industry as a whole. Having restaurant backgrounds enable hospitality-specific accountants to educate operators on best practices as well as train restaurateurs how to become powerful using industry-specific reporting and financial analysis, ultimately assisting operators in reaching their financial goals. For any operator who wants to improve their financial health, here are the top 3 reasons why using hospitality-specific accountants is a must. Watch the full Video: https://www.youtube.com/watch?v=NMriO11YPVw Read the full Blog Post: https://rasiusa.com/blog/3-reasons-why-restaurants-need-to-use-hospitality-specific-accountants Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
16:47
July 12, 2021
Top Restaurant Accounting Tips: Closing Out A/R & House Account Balances
Successfully closing out a period starts the domino effect for proactively operating a restaurant versus missed opportunities in the following periods. The purpose of the Period End Financial Close is accuracy verification to highlight where your money is going. This enables you to make quicker, more educated business decisions. To close out a period, begin with a review of the financial statements; The Profit & Loss Statement, The Balance Sheet, and The Cash Flow Statement. Within each statement, defined areas of focus should pop out to an operator as a must-watch for success. In this episode of The Tip Share, RASI Director of Education, Brittany Ward discusses a few key items to concentrate on when conducting a Period End Financial Close: Accounts Receivable and House Accounts. Watch the full Video: https://www.youtube.com/watch?v=P21jgZlgNhI Read the full Blog Post: https://rasiusa.com/blog/top-restaurant-accounting-tips-closing-out-accounts-receivable-and-house-accounts-for-period-end Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
05:52
July 06, 2021
Year-End Restaurant Treasury Focus: CARES Act Changes & NOL Carrybacks
Many businesses struggled to turn out a profit or even mitigate losses throughout 2020. Fortunately, there were various articles of legislation passed within the last year that can help businesses start on the path of financial recovery. During this episode of The Tip Share, RASI Compliance Director, Brian Smith, walks RASI New Business Strategist, Dave Downs, through the most beneficial legislative updates within the last year that all restaurant operators should know about, including NOL Carrybacks provisioned under the CARES Act. Watch the full Video: https://www.youtube.com/watch?v=8O2I4R_e8IY Read the full Blog Post: https://rasiusa.com/blog/year-end-restaurant-treasury-focus-cares-act-legislative-updates Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
10:53
June 28, 2021
Restaurant Cash Flow Tips To Ensure Financial Stability
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! Watch the full Video: https://youtu.be/KLkx1bC7354 Read the full Blog Post: https://rasiusa.com/blog/understanding-the-function-of-your-restaurants-cash-flow-statement/ Social Handles: RASI Instagram: https://www.instagram.com/rasinc__ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
41:23
June 21, 2021
Top Restaurant Accounting Tips: Closing Out Gift Cards & Catering Deposits For Period End
Successfully closing out a period can start the domino effect for proactively operating a restaurant versus missed opportunities for the following periods. The purpose of the Period End Financial Close is to verify accuracy so you can understand where your money is going in order to make quicker, more educated business decisions. When Closing out the period, it should start with a review of the financial statements; The Profit & Loss Statement, The Balance Sheet, and The Cash Flow Statement. Within each statement, there are even more defined areas of focus that should pop out to an operator as a must-watch for success. In this episode of The Tip Share, RASI Director of Education, Brittany Ward discusses a few key items to concentrate on when conducting a Period End Financial Close: Gift Cards and Catering Deposits. Read the full Blog Post: https://rasiusa.com/blog/top-restaurant-accounting-tips-closing-out-gift-cards-catering-deposits-for-period-end/ Watch the full Video: https://www.youtube.com/watch?v=8O2I4R_e8IY Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
08:51
June 16, 2021
Why Your Restaurant Should Market Valuable Business Meal Write-Offs
The IRS has recently provided guidance covering The Taxpayer Certainty And Disaster Tax Relief Act of 2020. The new legislation allows for a temporary 100% tax deduction for business meal expenses for food and beverages that are purchased from a restaurant. Normally, a business meal expense is 50% tax-deductible, so the 100% deduction is provisional for expenses that are incurred from January 1st, 2021 through December 31st, 2022. Tune in to this week’s podcast and learn why restaurants should be marketing to all businesses around them about this valuable write-off! Read the full Blog Post: https://rasiusa.com/blog/why-your-restaurant-should-market-valuable-business-meal-write-offs/ Watch the full Video: https://youtu.be/h2N5RG3l_3I  Social Handles: RASI Instagram: https://www.instagram.com/rasinc__ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
08:39
May 28, 2021
Is Your Restaurant Missing Out On Beneficial Tax Credits?
Over the last year, we've seen a number of government programs designed to assist the restaurant industry with grants and loans. For many years prior, however, there's been an offering of tax credits for hiring and employing certain groups of individuals that has been extremely underutilized. During this episode of The Tip Share, RASI Partner Efficient Hire’s Chris Woltz, Chief Operations Officer, and Amber Ankele, Director of Services Operations, join RASI Director of Partnerships, Brad Bertram to discuss the Work Opportunity Tax Credit, or WOTC as it is most commonly referred to. Read the full Blog Post: https://rasiusa.com/blog/is-your-restaurant-missing-out-on-beneficial-tax-credits/ Watch the full Video: https://youtu.be/LnCm1gQO87g Social Handles:   RASI Instagram: https://www.instagram.com/rasinc__ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
25:59
May 24, 2021
3 Easy Steps To Achieve Operational Efficiency
Considering the uncertainty of the past year and the unprecedented changes that the hospitality industry has undergone due to the pandemic, we’ve continuously focused on the detailed specifics of restaurant accounting best practices to ensure financial success, even during trying times. While detailed specifics are a must-have in your accounting arsenal, it’s equally as important to look back and rely on the fundamentals to double-check that your foundation is solid. Here’s how to get back to the basics of restaurant accounting with three simple yet effective steps that will set your restaurant on the path to financial success, and help you achieve operational efficiency! Read the full Blog Post: https://rasiusa.com/blog/3-simple-steps-to-achieve-operational-efficiency Watch the full Video: https://youtu.be/DyaxSdTkkeo Social Handles:   RASI Instagram: https://www.instagram.com/rasinc__ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
26:21
May 17, 2021
Restaurant Accounting Tips: How To Audit Due To/From Accounts
Successfully closing out a period can start the domino effect for proactively operating a restaurant versus missed opportunities for the following periods. The purpose of the Period End Financial Close is to verify accuracy so you can understand where your money is going in order to make quicker, more educated business decisions. When Closing out the period, it should start with a review of the financial statements; The Profit & Loss Statement, The Balance Sheet, and The Cash Flow Statement. Within each statement, there are even more defined areas of focus that should pop out to an operator as a must-watch for success. In this episode of The Tip Share, RASI Director of Education, Brittany Ward discusses a key account to concentrate on when conducting a Period End Financial Close: Due To/From Accounts. Read the full Blog Post: https://rasiusa.com/blog/restaurant-accounting-tips-how-to-audit-due-to-from-accounts/ Watch the full Video: https://youtu.be/nJktYzH98B8 Social Handles:   RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
04:22
May 05, 2021
Restaurant Tax Credits In The American Rescue Plan Act
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. Read the full Blog Post: https://rasiusa.com/blog/restaurant-tax-credits-in-the-american-rescue-plan-act/ Watch the full Video: https://youtu.be/MyXWamQbcgQ Social Handles:   RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
06:12
May 03, 2021
Sustainability & The Restaurant Industry - What Can You Do To Help?
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. Read the full Blog Post: https://rasiusa.com/blog/sustainability-the-restaurant-industry-what-can-you-do-to-help/ Watch the full Video: https://youtu.be/COeq_inzNtU Social Handles:   RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
24:13
April 26, 2021
Best Practices To Close Out Tips & House Bank For A Favorable Period End
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. Read the full Blog Post: https://rasiusa.com/blog/best-practices-to-close-out-tips-house-bank-for-a-favorable-period-end/ Watch the full Video: https://youtu.be/VcaQS4PArC4 Social Handles:   RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
06:12
April 19, 2021
6 Ways To Build Better Budgeting Strategies For Summertime Success
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! Read the full Blog Post: https://rasiusa.com/blog/6-ways-to-build-better-budgeting-strategies-for-summertime-success/ Watch the full Video: https://youtu.be/mbCPZ9JCTJs Social Handles:   RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
22:02
April 12, 2021
PPP Changes & The Definition Of Non-Payroll Expenses
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! Read the full Blog Post: https://rasiusa.com/blog/ppp-changes-the-definition-of-non-payroll-expenses/ Watch the full Video: https://youtu.be/j2-jZkIm4AQ Social Handles:   RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
06:49
April 05, 2021
Top Ways Banking & Payroll Have Changed In Today's Digital World
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! Read the full Blog Post: https://rasiusa.com/blog/top-ways-banking-payroll-have-changed-in-todays-digital-world/ Watch the full Video: https://youtu.be/neqOvY4JJpI Social Handles:   RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
27:27
March 22, 2021
How the New SBA Changes Better Accommodate Small Business Restaurants For PPP Loans
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! Read the full Blog Post: https://rasiusa.com/blog/how-the-new-sba-changes-better-accommodate-small-business-restaurants-for-ppp-loans/ Watch the full Video: https://youtu.be/8USdgV-73H4 Social Handles:   RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
06:17
March 15, 2021
Top 3 Components Of Growth For QSR Success In 2021
In this episode of The Tip Share, we wrap up the final segment of our 3-Part QSR miniseries on growth strategies. During Part One, we spoke about how leveraging technology can help operators actually reduce costs and improve efficiencies in today’s current industry climate, and covered the various types of tech that operators are utilizing to grow their businesses. Last week, in Part Two, we spoke about labor management and the impact that technology has on labor control at the store- level and also at the home office level. We also discussed how technology has been used to either supplement home office personnel or allow for scalability, and also the capabilities in the market that offer consolidation of technology systems, which have the opportunity to reduce IT costs/management time, decrease human error in data transmission, and streamline reporting. During today’s final miniseries episode, Brad Bertram, RASI Director of Partnerships, and Delaget’s Don Kreye, Director of Partnerships, and Don Bye, Client Success Manager, hone in on the 3 types of future growth within the QSR industry: · Financial Growth · Rooftop/Acquisition Growth · Diversifying Brands Read the full Blog Post: https://rasiusa.com/blog/top-3-components-of-growth-for-qsr-success-in-2021/ Watch the full Video: https://youtu.be/DecntTrCDIU Social Handles:   RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
14:14
March 08, 2021
How Experts Use Technology To Help QSR Labor Management
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. Read the full Blog Post: https://rasiusa.com/blog/how-experts-use-technology-to-help-qsr-labor-management/ Watch the full Video: https://youtu.be/YbIm8MuuaoQ Social Handles:   RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
14:49
March 01, 2021
How Period End Reviews Can Set Your Restaurant Up For Financial Success
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! Read the full Blog Post: https://rasiusa.com/blog/how-period-end-reviews-can-set-your-restaurant-up-for-financial-success/ Watch the full Video: https://youtu.be/Rz0NCYIX3tw Social Handles:   RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
19:16
February 22, 2021
The Tip Share: How Technology Can Actually Decrease Costs And Increase QSR Profits
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. Read the full Blog Post: https://rasiusa.com/blog/how-technology-can-actually-decrease-costs-and-increase-qsr-profits/ Watch the full Video: https://youtu.be/uX1NUpMFlCY Social Handles:   RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
14:18
February 15, 2021
Balancing PPP Second Draw & ERTC to Maximize Forgiveness & Tax Credits
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. Read the full Blog Post: https://rasiusa.com/blog/balancing-ppp-second-draw-ertc-to-maximize-forgiveness-tax-credits/ Watch the full Video: https://youtu.be/wy-qeeKGKOw Social Handles:   RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
07:15
February 08, 2021
How Restaurants Can Adapt To The Needs Of To-Go & Delivery
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. Read the full Blog Post: https://rasiusa.com/blog/how-restaurants-can-adapt-to-the-needs-of-to-go-delivery/ Watch the full Video: https://youtu.be/qutnkYK-_Jg Social Handles:   RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
10:17
February 01, 2021
Top 3 Reasons Outsourcing Accounting & Payroll Can Help A QSR Brand
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. 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/eYMcDr4qsGE Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
11:25
January 25, 2021
Restaurant Accounting for PPP Forgiveness & Tax Credits/Deferrals Under the FFCRA & CARES Act
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. Read the full Blog Post: https://rasiusa.com/blog/ppp-loan-forgiveness-tax-credits-deferrals-under-the-ffcra-cares-act/ Watch the full Video: https://youtu.be/Vme7Cut8L2A Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
08:19
January 18, 2021
Retroactive Employee Retention Tax Credit
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. Read the full Blog Post: https://rasiusa.com/blog/retroactive-employee-retention-tax-credit/ Watch the full Video: https://youtu.be/sWb-6y1GpOM Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
12:34
January 11, 2021
2021 Outlook On Restaurant Purchasing & Disposables
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. Read the full Blog Post: https://rasiusa.com/blog/2021-outlook-on-restaurant-purchasing-disposables/ Watch the full Video: https://youtu.be/3HklWr_KQd0 Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
26:49
December 28, 2020
2021 Payroll Updates That May Affect Your Restaurant
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! Read the full Blog Post: https://rasiusa.com/blog/2021-payroll-updates-that-may-affect-your-restaurant/ Watch the full Video: https://youtu.be/TKr6jlNSOEs Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
14:38
December 21, 2020
How Your Restaurant's Website Can Drive More Revenue
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. Read the full Blog Post: https://rasiusa.com/blog/how-your-restaurants-website-can-drive-more-revenue/ Watch the full Video: https://youtu.be/QBLXdrKc7lg Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
21:33
December 14, 2020
State Of The Restaurant Industry with Upserve
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! Read the full Blog Post: https://rasiusa.com/blog/rasi-partner-upserves-state-of-the-restaurant-industry-2020/ Watch the full Video: https://youtu.be/ksrz1Qg-WpA Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
34:55
December 07, 2020
How Your Restaurant Can Turn Challenge Into Opportunity
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. Joe Frillman, Executive Chef & Owner of Daises, Chicago’s Logan Square, chose the former. He took the challenge and swiftly turned it into an opportunity. Throughout the vast changes that Daisies has undergone the last 9 months, Joe has stayed open-minded, open-spirited, and nimble; The outcome? Roughly 2 weeks ago Joe and his team nearly matched their year-over-year sales from the previous week, the previous year. Don’t get us wrong here; we’re not saying this has been an easy feat for Joe, and that the creativity headache he’s amassed might just be permanent, but because he stayed, and because he fought, his business is fueled for growth beyond the pandemic and his trajectory has been forever changed. Let’s take a look at how he’s done it. Read the full Blog Post: https://rasiusa.com/blog/how-your-restaurant-can-turn-challenge-into-opportunity/ Watch the full Video: https://youtu.be/FYHbMJp0K3M Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
12:24
November 30, 2020
How To Decode Your Profit & Loss Statement (P&L)
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! Read the full Blog Post: https://rasiusa.com/blog/easy-tips-how-to-read-a-restaurant-profit-and-loss-statement-pl/ Watch the full Video: https://youtu.be/0XlZ54JIoZw Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
45:14
November 23, 2020
The Paycheck Protection Program (PPP) Journey - What We Know Now
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. Read the full Blog Post: https://rasiusa.com/blog/paycheck-protection-program-ppp-journey-what-we-know-now/ Watch the full Video: https://youtu.be/BFGbKAkf16g Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
14:28
November 16, 2020
Top Tips For Restaurants To Hire The Best Candidates
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. Read the full Blog Post: https://rasiusa.com/blog/top-tips-for-restaurants-to-hire-the-best-candidates/ Watch the full Video: https://youtu.be/Rn1Bx9Qg2Og Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
24:46
November 09, 2020
How To Pivot Your Restaurant To Find Success During Covid
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. Read the full Blog Post: https://rasiusa.com/blog/how-to-pivot-your-restaurant-to-find-success-during-covid/ Watch the full Video: https://youtu.be/qak8tEuYOtY Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
15:49
November 02, 2020
How To Control Cost of Goods (COGS) In A Restaurant
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. Read the full Blog Post: https://rasiusa.com/blog/how-to-control-cost-of-goods-cogs-in-your-restaurant/ Watch the full Video: https://youtu.be/Lu_095989Wo Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
41:09
October 26, 2020
How Restaurant Purchasing Behavior Is Changing
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. We sat down with Max Stryker and Catherine Reeves from the RSI Restaurant Purchasing Department to discuss the vast amount of changes they, and our vendors, have seen since Covid began in March; where the trends are taking restaurants today; and, what group purchasing programs are in place to help mitigate the damage that Covid has done to the industry. Read the full Blog Post: https://rasiusa.com/blog/how-restaurant-purchasing-behavior-is-changing/ Watch the full Video: https://youtu.be/dBthMuK3_8Q Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
21:12
October 19, 2020
Why Restaurants Should Become Their Own Media Companies (feat. Cali Comfort BBQ)
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 Find a clear focus for your brand and tell the story  Use content to support to others and open up conversations  Content marketing is a long game but you need a plan   Consistency Is Key Read the full Blog Post: https://rasiusa.com/blog/restaurants-should-be-their-own-media-companies/ Watch the full Video: https://youtu.be/NcGUy5n8euY Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
10:02
October 08, 2020
PPP Loan Forgiveness – The Outlook For Restaurants
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: What does the current PPP forgiveness landscape look like? What are some of the items that may come up in future legislation? Why should borrowers wait to file for forgiveness? How can I achieve 100% forgiveness? Are expenses paid with forgiven PPP funds deductible to the business for year-end taxes? What if I file my tax return before I apply for forgiveness? Read the full Blog Post: https://rasiusa.com/blog/paycheck-protection-program-forgiveness-qa-for-restaurants/ Watch the full Video: https://youtu.be/IvN-PU6a-7k Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
14:44
October 06, 2020
What Profits Did You Leave On The Table In 2019?
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. Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
58:23
February 27, 2020
Menu Planning: Costing, Development, Trends, and Seasonality
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. Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
58:23
April 11, 2019
Budgeting & Incentive Planning in your Restaurant: The hows, whens, and most importantly, the whys!
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. Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
58:23
February 28, 2019
Best Practices for a Successful Year-End, and Top Restaurant Trends & Predictions Going into 2019
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. Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
53:50
December 20, 2018
Everything You Need To Know About Professional Level Services In The Restaurant
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. Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
54:38
November 15, 2018
How Can Your Restaurant Remain Compliant With ACA?
Have you battled with remaining compliant with ACA regulations? Are you lost in the legal jargon and don’t know what your options are? Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
36:28
October 16, 2018
Restaurant Delivery Services & Incremental Revenue – Is It Right For You?
Have you battled back and forth about whether adding a Delivery Service to your restaurant would help or hinder your operation? Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
48:44
September 25, 2018
RASI Compliance Team, New Jersey Sick Leave, & Your Restaurant (feat. RASI Director of Compliance, Brian Smith)
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. Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
08:10
September 24, 2018
Opening a Restaurant: Tips & Advice From The Pros Who’ve Done It Successfully (feat. Attila Szabo, Wildfin & Stack 571 Burgers, and Rob Coburn and Paige Crandall, El Camino & South Town Pie)
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. Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
49:45
August 01, 2018
The Shift on Modern Day Restaurant Management (feat. Dan Skvarca, Mercantile & Fruition, and Josh Fay, The Rio Grande Restaurants)
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. Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
01:02:05
May 15, 2018
How To Successfully Manage Your House Bank (feat. RASI Accounting Team)
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. Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
15:56
December 16, 2017
Top 3 Restaurant Compliance Issues (feat. RASI Director of Compliance, Brian Smith)
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! Social Handles: RASI Instagram: https://www.instagram.com/rasinc__ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
22:22
March 23, 2017
Year-End Restaurant Accounting Tasks (feat. RASI Training Team)
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! Social Handles: RASI Instagram: https://www.instagram.com/rasinc__ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
29:45
December 22, 2016
Handling The Challenges of Restaurant Overtime (feat. Emily Biederman, CFO Secret Sauce)
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. Social Handles: RASI Instagram: https://www.instagram.com/rasinc__ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
33:25
November 07, 2016
Strategies To Quantify Your Restaurant’s Brand-Value
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. Social Handles: RASI Instagram: https://www.instagram.com/rasinc__ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
13:36
August 11, 2016
The Restaurant Tipping rEvolution (feat. RASI Ops Specialist Brian McCaig)
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. Social Handles: RASI Instagram: https://www.instagram.com/rasinc__ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
31:27
July 05, 2016
The Affordable Care Act and Your Restaurant
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. Social Handles: RASI Instagram: https://www.instagram.com/rasinc__ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
37:09
February 20, 2016
How To Successfully Open a Restaurant (feat. Owen & Marie Jobson)
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. Social Handles: RASI Instagram: https://www.instagram.com/rasinc__ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
41:59
January 22, 2016
Your Year-End Restaurant Accounting Checklist (feat. RASI Trainers)
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. Social Handles: RASI Instagram: https://www.instagram.com/rasinc__ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi
30:59
December 22, 2015