The Tip Share

One of the most critical metrics to understand and track as a restaurant operator is your restaurant profit margin. Simply put, to remain in business, you need to understand your margins and everything that goes into them. This seemingly simple metric contains a fair bit of complexity under the hood. Tune in to find out the top two ways to make your restaurant more profitable! Read the full Blog P...

Whether you’re opening a new restaurant or trying to streamline your existing eatery’s operations, there’s one thing you must optimize before anything else: your restaurant operating budget. If you’re new to the restaurant business, you can have everything lined up and ready to go: the perfect menu, ideal location, and a great clientele ready to serve. Yet there’s another ingredient that’s require...

Modern restaurants depend on various integrated technology for an increasingly large portion of their business processes. From POS systems to digital pay cards and HRIS solutions to data management software, automation is taking a front seat in restaurants' abilities to increase efficiencies, decrease costs, and minimize overhead. While digital automation continues to spread its wings, portions of...

Payroll is one of the most critical aspects of any business. Properly paying your team creates trust, longevity of employment, and assists in avoiding costly payroll compliance issues. During this episode of The Tip Share, RASI Director of Compliance, Brian Smith, sits down to discuss the current industry landscape when it comes to labor and payroll compliance, and the array of solutions that the...

Since 1967, the Department of Labor's Dual Jobs Regulation has stated that an employee may be employed in both a tipped and a non-tipped occupation simultaneously. Learn about the newest updates to the Dual Jobs Regulation and the 80/20 Guidance, why the rule was changed, and the details of the regulation in our latest episode of The Tip Share. Read the full Blog Post: https://rasiusa.com/blog/the...

A restaurant Balance Sheet is the most important financial statement an operator has. If the Balance Sheet is not in line and accurate, then there is no question that the Profit and Loss Statement is inaccurate as well. Therefore, there is no true clear picture of where actual Net Profit lies. Additionally, this statement is extremely important for loan applications, business valuations, etc. In t...

Now is a great time of year for operators to look back at their prime costs and determine where they can increase efficiencies and decrease costs in 2022. Industry supply/transportation issues and labor shortages control much of the conversation these days. Operators have been inhibited by the lasting impacts of the pandemic and are looking for ways to strategically move forward. Having the proper...

During this episode of The Tip Share, the RASI Education Team helps hospitality owners and operators discover the top 4 guidelines that will help ensure they're on the right path to finding the best accounting service for their restaurant or bar! Watch the full Video:  https://www.youtube.com/watch?v=Los6_7X2YP0 Read the full Blog Post:  https://rasiusa.com/blog/how-to-choose-the-best-ac...

The Cash Flow Statement represents how the Balance Sheet and P&L work together to have an impact on your cash and operating accounts. It is designed to show you where your cash is coming from, and where it is going within a specific time period. Because restaurants don't operate entirely on a cash basis, it's often difficult to find your cash position from the Income and Expense Statement and...

The Department of Labor has modified the 2020 Tip Final Rule. During this episode of The Tip Share, the RASI Compliance team dives into federal protection for tipped employees.  Watch the full Video: https://www.youtube.com/watch?v=mMmTVto_g-0 Read the full Blog Post: https://rasiusa.com/blog/dol-final-rule-federal-protection-for-tipped-employees/ Social Handles: RASI Instagram: htt...

Restaurant accounting terminology to busy restaurant owners is akin to a Doctor’s vocabulary to the average Joe. Not everyone speaks the language. However, understanding it is paramount to manage your money when it comes to your business lifeline – your accountant. How are operators supposed to know which are the most important, and where they apply? Unless you’re an accounting or finance major, y...

The restaurant industry is facing major impacts from COVID with issues in the supply chain. The issues begin all the way at the top; from the growers/farmers facing labor challenges. It then travels down through the manufacturers. The manufacturers are having trouble with the roller coaster opening and closing of the economy, making it difficult to forecast properly. Next, it reaches the distribut...

Successfully closing out a period starts the domino effect for proactively operating a restaurant versus missed opportunities in the following periods. The purpose of the Period End Financial Close is accuracy verification to highlight where your money is going. This enables you to make quicker, more educated business decisions. To close out a period, begin with a review of the financial...

On September 8th, the SBA announced massive changes to the COVID-19 Economic Injury Disaster Loans (EIDL) Program . The major changes include: Increasing the COVID-19 EIDL cap from $500,000 to $2 million A borrower can request more funding, up to $2million, even if they have already received COVID-19 EIDL The maximum amount of $2 million includes any funds that the borrower has already received Im...

While creative marketing strategies and honing in on profitable menu items may support revenue growth, there are outside-of-the-box tactics that can help facilitate a steady increase in restaurant revenue. Strategic partnerships aren’t typically thought of as revenue generators. However, they create scale and provide expertise in areas beyond an operator’s bandwidth or knowledgeable scope in most...

Successfully closing out a period starts the domino effect for proactively operating a restaurant versus missed opportunities in the following periods. The purpose of the Period End Financial Close is accuracy verification to highlight where your money is going. This enables you to make quicker, more educated business decisions. To close out a period, begin with a review of the financial statement...

During this week's episode of The Tip Share, RASI Compliance Director, Brian Smith, breaks down available pandemic relief into bite-sized bits so operators can easily understand what's available to them! Tune in to learn more about The PPP, EPSL, ERTC, RRF, and the SVOG! Watch the full Video: https://www.youtube.com/watch?v=8_V2XtwaFV8 Read the full Blog Post:  https://rasiusa.com/blog/pandem...

A consistent Period End Review process is an essential component to a restaurant's financial success. Period End Reviews allow operators to review metrics and identify areas of opportunity with audits and benchmarks. Operators who have a true understanding of their fiscal health enable themselves the ability to make proactive business decisions and improve their operational efficiency and ultimate...

Successfully closing out a period starts the domino effect for proactively operating a restaurant versus missed opportunities in the following periods. The purpose of the Period End Financial Close is accuracy verification to highlight where your money is going. This enables you to make quicker, more educated business decisions. To close out a period, begin with a review of the financial...

While Congress created the Restaurant Revitalization Fund to provide relief to restaurants, a business sector extremely hard-hit by government-imposed shutdowns and other restrictions related to the COVID-19 pandemic, everyone knew the demand for the funds would be far greater than the supply. According to the SBA, more than 278,000 applications were received by June 30th, seeking more than $72.2...

Understanding your restaurant's COGS (cost of goods or cost of sales - the cost of the goods you purchase and utilize to create revenue), is the key to success for every well-run restaurant. As every operator knows, industry margins are paper-thin. To become profitable, it's imperative that you gain a true handle on how to control COGS in your restaurant. There are very distinct nuances related to...

Covid has changed the restaurant industry for the long haul. The harsh financial impact caused by the global pandemic has created the immediate need for financial accounting from professionals who aren’t simply knowledgeable in a general accounting field, but knowledgeable about restaurant operations and the restaurant industry as a whole. Having restaurant backgrounds enable hospitality-specific...

Successfully closing out a period starts the domino effect for proactively operating a restaurant versus missed opportunities in the following periods. The purpose of the Period End Financial Close is accuracy verification to highlight where your money is going. This enables you to make quicker, more educated business decisions. To close out a period, begin with a review of the financial statement...

Many businesses struggled to turn out a profit or even mitigate losses throughout 2020. Fortunately, there were various articles of legislation passed within the last year that can help businesses start on the path of financial recovery. During this episode of The Tip Share, RASI Compliance Director, Brian Smith, walks RASI New Business Strategist, Dave Downs, through the most beneficial legislati...

The Cash Flow Statement is one of the most important indicators of the health of your business, yet it's often overshadowed by its counterparts, the P&L, and the Balance Sheet. During this episode of The Tip Share, RASI Director of Client Advisory Services, Brian McCaig, and Education & Training Manager, Brittany Ward discuss the top reasons why reviewing your Cash Flow Statement is critic...