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Burt Monroe

Burt Monroe

Recent Posts

Spring Cleaning Your Restaurant’s Profitability

Apr 21, 2016 8:32:00 AM / by Burt Monroe posted in restaurants

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It’s good to see outdoor dining spaces opening at local Twin Cities restaurants this spring. Patios are getting swept, tables and chairs are receiving a power wash, and sun umbrellas are popping up along sidewalks.

All of the prep tends to move it’s way inside the building as management and staff are in spring cleaning mode. Don't let the momentum stop there. 

Annual tax hangover or not, now's the time to do some spring cleaning of the financial variety.

Doing so will allow you to trim expenses, identify new opportunities, and carve out more time to work on building profitability for your restaurant rather than being swept up in the day-to-day activities.

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Did Your Small Business File for an Extension This Year?

Apr 19, 2016 8:44:00 AM / by Burt Monroe posted in small business taxes, small business payroll, small business bookkeeping, small business accounting

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Depending on the health of your business, the decision to file for a tax extension this year may have been for good reason. You may have experienced unexpected growth that led to more complex tax obligations, or you realized you’re just too busy working on your business at this point in the season to accurately process the required forms. These are valid reasons to file for an extension and a good indication you’re ready for professional accounting services moving forward.

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Employee Onboarding Checklist for Restaurants

Mar 31, 2016 8:37:00 AM / by Burt Monroe posted in restaurants, small business operations

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Managing employees for your restaurant is a full-time job, especially when you have new hires joining the team. To get you and your new employee focused on the important aspects of training for success, it's great to have a simple onboarding checklist to get crucial paperwork completed for the employee's file.

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5 Tips for Restaurant Payroll Success

Mar 29, 2016 8:34:00 AM / by Burt Monroe posted in restaurants

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One of the largest obligations a business owner has is conducting payroll. Tracking, reporting, and executing payroll for your restaurant involves many tasks to ensure accuracy, timeliness, and compliance. Payroll duties should not be rushed; otherwise, costly errors may occur resulting in upset employees and penalties from government agencies. 

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What Should My Employee Meal Policy Be?

Mar 10, 2016 8:25:00 AM / by Burt Monroe posted in restaurants

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It’s not uncommon for restaurant employees to receive discounted or free meals before, during, or after their shift. In addition to making employees feel appreciated, providing them with opportunities to taste the product (and learn about the various dishes) might give them an edge in selling to customers.

It is important, however, to properly account for employee meals in order to keep inventory and financial statements accurate as well as to document employee benefits for expense and tax purposes.

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To Tip or Not To Tip [Infographic]

Mar 8, 2016 8:19:00 AM / by Burt Monroe posted in restaurants

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A movement to discontinue tipping has been gaining traction among high-end restaurants in large metropolitan areas. Proponents of the shift have defended the move as a way to stabilize wages and benefits for employees, build teamwork among staff, and deliver a more enjoyable dining experience for customers. Other restaurateurs have pushed back citing that servers, bartenders, and other staff members who rely on tips would fail to put forth their best effort. They also argue that subsequent increases in menu prices will deter guests from visiting their establishments.

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Tax Tips for Restaurants

Feb 18, 2016 8:14:04 AM / by Burt Monroe posted in restaurants, small business taxes

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While we strongly advise every small business owner to partner with an accounting firm for tax preparation and filing, we understand that many restaurant owners are simply not aware of certain tax provisions that could save them a lot of money.

Because restaurants have unique costs, you are eligible to claim deductions to reduce taxable income. By maximizing your tax deductions, you lower the reported profit for your restaurant, which helps minimize the taxes you owe.

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Use Restaurant Week to Develop New Regulars

Feb 16, 2016 8:46:49 AM / by Burt Monroe posted in restaurants

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Restaurant Week hits Minneapolis next week, February 21-26. Foodies will be able to take in different bites from participating restaurants throughout the metro area.

Participating restaurants will serve two-course lunches for $10-$25 and three-course dinners for $15-$35 (beverage, tax and gratuity not included) over the course of the week.

For the diner, fixed pricing is a way to experience restaurants that might otherwise seem out of their price range. For the restaurant owner, it’s a way to gain exposure, encourage advance reservations, and begin new relationships with customers.

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