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Tax Tips for Restaurants

Feb 18, 2016 8:14:04 AM / by Burt Monroe posted in restaurant accounting, 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 restaurant accounting

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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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Restaurant Math for the Independent Owner [Infographic]

Feb 11, 2016 8:37:00 AM / by Bob Warner posted in restaurant accounting

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Restaurants are fueled by a passion for sharing food and experience. Passion alone, however, will not keep an establishment in business long-term. Successful independent-restaurant owners start with a well-developed business plan and build a path to profitability by tracking and analyzing key performance indicators.

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Boost Valentine's Day Profits: 5 Last-Minute Ways to Promote Your Restaurant

Feb 9, 2016 8:43:00 AM / by Bob Warner posted in restaurant accounting

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According to the National Restaurant Association, more than 70 million Americans will choose to dine out on Valentine’s Day, which makes it the second most popular holiday to dine out behind Mother’s Day.

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Should I Raise My Menu Prices?

Feb 4, 2016 8:32:00 AM / by Brian Paulson posted in restaurant accounting

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Restaurants are particularly susceptible to profitability issues due to the nature of the business. Menu pricing becomes an increasingly important tool as inventory staples fluctuate in cost. Although raising your menu prices may increase the potential for profitability on paper, asking for more money from an already strapped customer may turn business away, harming your bottom line in the long run.

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