Restaurant-Specific Accounting Challenges

There are unique challenges when running a restaurant business. They are: 1. Accounting for Tips Patrons will include tips in their payments. Is that considered restaurant income? How about paying out those tips to your employees, are those counted as wages? Restaurants can have different methods of tip handling. Whether it’s pooling, mandatory or not, […]

Are you ready for your CPA?

Tax planning season is coming up very soon. It’s critical for you to sit down with a competent CPA and review your business’s numbers for tax planning purposes. You don’t want to get hit with surprises when you file your taxes next year. However, are your numbers in good shape so your CPA can review […]

What is Restaurant Accounting?

Restaurant accounting is defined as the process of recording, analyzing, and interpreting financial data for a restaurant. These include booking financial transactions such as supplier invoices, payroll, POS sales, sales taxes, and accounting for overhead expenses such as rent, insurance, maintenance, and any other cost necessary and as an ordinary part of running your restaurant […]

Navigating the CDTFA

Do you know what the CDTFA is? If you don’t and you sell products in CA, you better learn fast! The CDTFA stand for the California Department of Tax and Fee Administration and they are the tax authority that your report and send sales tax payment to. Registering with the CDTFA is simple but not […]

Oatly: A Shining Example of What an Entrepreneur Can Accomplish

According to one recent study, plant-based foods are now available in about 53% of households in the United States.Roughly 35% of Americans say that they’ve consumed some type of plant-based food in the last year, and of that number, 90% say that would happily do so in the future. All told, searches on engines like […]

Here’s What Happened in the World of Small Business in July 2021

1) The US recession actually lasted only two months. While difficult times for many individuals and small businesses lasted much longer (and for some are still continuing), “the U.S. recession touched off by the coronavirus lasted only two months, ending with a low point reached in April 2020 after the start of a sharp drop […]

Entrepreneur Success Story: How Canva Made Its Young Founders Billionaires

Human beings are visual learners – they always have been, and they always will be. A big part of this has to do with the way that the human brain works. According to one recent study, when people hear information, they generally only remember about 10% of what they’re exposed to. If that information is paired […]

How Long Should You Keep Old Tax Records?

This is a common question: How long must taxpayers keep copies of their income tax returns and supporting documents? Generally, individuals should hold on to their income tax records for at least 3 years after the due date of the return to which those records apply. However, if the original return was filed later than […]

Accounting for Restaurants: A Guide to Setting Your Business up for Success

Accounting for Restaurants: A Guide to Setting Your Business up for Success Operating a restaurant is a dream for many, but there’s a lot more to it than meets the eye. There are far more restaurants and food-related businesses that fail than succeed, and that’s frequently because entrepreneurs spend more time focusing on front of […]

Is Your Business Recovering from Covid?

Some Small Businesses Are Recovering. Is Yours? The COVID-19 pandemic isn’t over, but many small businesses are on the upswing. How QuickBooks Online can help if yours isn’t.Intuit recently did a survey documenting the financial losses that many small businesses had experienced since March 2020. Not surprisingly, the report, Intuit QuickBooks Small Business Recovery, found that […]

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