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How to Calculate Restaurant Prime Cost

Dec 22, 2015 9:20:00 AM / by Brian Paulson posted in monthly accounting, restaurant accounting

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Managing food and labor costs is a crucial aspect of running a profitable restaurant or food service business. Combined, these controllable costs are known in the industry as your prime cost, which is reported as a percentage of your sales.

To remain profitable in the restaurant business, your maximum prime cost should generally be lower than 65%. As food and labor costs vary among different types of operations, prime cost ranges may dip as low as 55%. Finding your sweet spot within this range will help you achieve profitability without negatively affecting service and quality of your offerings.

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Year-end Tax Tips for Small Businesses in 2015

Dec 3, 2015 9:30:00 AM / by Brian Paulson posted in monthly accounting

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Odds are you’re a bit busy this holiday season, especially if your small business caters to seasonal products and services. Now, however, is the time to start thinking, and preparing, to save on taxes for 2015 and the coming year. By implementing a few practical strategies for cash-basis entities in December, you can potentially reduce your current tax payment and set the stage for savings in 2016.

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3 Reasons to Perform Monthly Account Reconciliation

Nov 19, 2015 8:32:00 AM / by Brian Paulson posted in monthly accounting

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Reconciling your accounts on a monthly basis is important to keep your business on track. With accurate and timely account reconciliation, you’ll be able to keep tabs on your financial health and make better business decisions in the future.

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Top Three Accounting Best Practices for Restaurants

Nov 12, 2015 9:42:00 AM / by Brian Paulson posted in monthly accounting

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Looking out over a crowded dining room is one way to measure success in the restaurant industry, but it may not be the most effective benchmark to gauge profits. Profitable restaurants are backed by sound accounting practices and consistent reporting.

A recent survey of independent restaurant owners asked its members a series of questions regarding the use and frequency of common accounting best practices. Best practices covered were:

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10 Question Quiz: Should You Switch Accountants?

Nov 5, 2015 8:38:00 AM / by Brian Paulson posted in monthly accounting

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Switching accountants is a big decision, especially if you’ve been with your current firm for a number of years. But if you aren’t getting the kind of financial support you need, then moving on from your current accounting service is the best thing you can do for your business.

So how do you know if it’s time to switch? Here’s a quick ten-question quiz to help you decide.

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