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How to Reduce Your Restaurant's Energy Costs [Infographic]

Apr 5, 2016 8:22:00 AM / by Brian Paulson posted in restaurant accounting

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Did you know that restaurants use 3-5 times more energy per square foot than other commercial buildings? All of that kitchen equipment, from the freezers and ovens to the water heaters and dishwashers, can certainly influence your utility bills.

By identifying energy wasters and best practices for managing your necessary equipment, you can increase profits via lowering your energy costs.

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5 Tips for Restaurant Payroll Success

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

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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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3 Reasons to Pull Bookkeeping, Payroll, & Accounting Under One Roof

Mar 24, 2016 8:34:00 AM / by Bob Warner posted in monthly accounting, restaurant accounting

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You may be keeping the books for your restaurant in-house, which takes a certain number of hours each day, week, and month. You may also have someone on staff or in your immediate family handling the accounting needs. At some point, maybe you decided to outsource your payroll or you installed a new point-of-sale system to track hours. Shortly thereafter, as your business began to grow, you found another service to handle tax preparation and filing.

This type of piecemeal approach for handling your financials can sneak up on you in a hurry. And while you may be making the right decisions in the moment, such an approach is not ideal for long-term profitability and growth.

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How to Calculate Employee Turnover Rate for Your Restaurant

Mar 22, 2016 8:31:00 AM / by Bob Warner posted in restaurant accounting

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The restaurant industry tends to experience high employee turnover rates compared to other labor forces, which puts a strain on owners and managers to recruit, train, and retain top talent within their local labor pool. The latest numbers from a National Restaurant Association report indicate a turnover rate of 66.3% in the restaurants-and-accommodations sector, compared to 44.4% overall in the private sector.

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Managing Employee Tips in Minnesota

Mar 15, 2016 8:32:00 AM / by Brian Paulson posted in restaurant accounting, taxes

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Last month the Minnesota Department of Labor & Industry released it's 2015 Minimum Wage Report. Restaurant owners are acutely aware that the state raised the minimum wage to $9.00 an hour effective August 1, 2015.  The report indicates more than half (57%) of hourly workers employed in eating and drinking establishments earned the minimum wage, by far the highest percentage among industries. Given that tips are a significant aspect of employee compensation and many foodservice employees receive the minimum wage, restaurant owners need to be very familiar with Minnesota laws regarding tip credit, pooling, and sharing.

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