The Tip Share

Successfully closing out a period can start the domino effect for proactively operating a restaurant versus missed opportunities for the following periods. The purpose of the Period End Financial Close is to verify accuracy so you can understand where your money is going in order to make quicker, more educated business decisions. When Closing out the period, it should start with a review of the fi...

The IRS has recently provided guidance covering The Taxpayer Certainty And Disaster Tax Relief Act of 2020. The new legislation allows for a temporary 100% tax deduction for business meal expenses for food and beverages that are purchased from a restaurant. Normally, a business meal expense is 50% tax-deductible, so the 100% deduction is provisional for expenses that are incurred from January 1st,...

Over the last year, we've seen a number of government programs designed to assist the restaurant industry with grants and loans. For many years prior, however, there's been an offering of tax credits for hiring and employing certain groups of individuals that has been extremely underutilized. During this episode of The Tip Share, RASI Partner Efficient Hire’s Chris Woltz, Chief Operations Officer,...

Considering the uncertainty of the past year and the unprecedented changes that the hospitality industry has undergone due to the pandemic, we’ve continuously focused on the detailed specifics of restaurant accounting best practices to ensure financial success, even during trying times. While detailed specifics are a must-have in your accounting arsenal, it’s equally as important to look back and...

Successfully closing out a period can start the domino effect for proactively operating a restaurant versus missed opportunities for the following periods. The purpose of the Period End Financial Close is to verify accuracy so you can understand where your money is going in order to make quicker, more educated business decisions. When Closing out the period, it should start with a review of the fi...

The American Rescue Plan Act of 2021 (ARPA) is an Emergency Legislative Package to Fund Vaccinations, Provide Immediate, Direct Relief to Families Bearing the Brunt of the COVID-19 Crisis, and Support Struggling Communities. ARPA was signed into law by President Joe Biden on March 11, 2021. It builds upon the directives of the CARES Act from March of 2020, and the Consolidated Appropriations Act f...

As we recently passed another trip around the sun to celebrate the 51st Anniversary of Earth Day, it got us thinking: What can we do in the restaurant industry to help the efforts now, and in the future, considering this years’ theme of “Restore Our Earth.” Pre-Covid, sustainability efforts were beginning to creep up onto every restaurant owner’s radar as a major consideration; however, when owner...

Successfully closing out a period can start the domino effect for proactively operating a restaurant versus missed opportunities for the following periods. The purpose of the Period End Financial Close is to verify accuracy so you can understand where your money is going in order to make quicker, more educated business decisions. When Closing out the period, it should start with a review of the fi...

You’ve made your budget for 2021, but Q1 is over and now it’s time to adjust and tweak as you’ve seen your results. Summer is nearing and encouraging news is hitting the nation with Covid vaccines in arms, re-openings, and there's so much positivity to draw on moving forward. With the ice slowly melting and patios regaining the spotlight, restaurants know that the extra square footage means extra...

The Economic Aid Act, which was part of the Consolidated Appropriations Act, expanded the definition of non-payroll expenses that are eligible for PPP forgiveness to include operations expenditures . These newly added categories are set to help restaurants in a large way. Learn about the legal amendments and see how your restaurant could be positively affected by the updates! Read the full Blog Po...

RASI Director of Partnerships, Brad Bertram sits down with RASI Partner, Branch, to discuss the various ways that digital banking can aid restaurant operations in becoming more efficient, and how making payroll a digital affair also benefits employees. In the on-demand world that we live in, getting money in employees' hands as quickly as possible is crucial to retaining top talent, and it's also...

As the Small Business Administration (SBA) continues to make changes within the requirements and restrictions for PPP Loans, RASI Compliance Director, Brian Smith, ensures small business owners are up to date on the latest amendments. Check out the newest modifications that the SBA has made to the PPP Loans in order to better accommodate small businesses! Read the full Blog Post: https://rasiusa.c...

In this episode of The Tip Share, we wrap up the final segment of our 3-Part QSR miniseries on growth strategies. During Part One, we spoke about how leveraging technology can help operators actually reduce costs and improve efficiencies in today’s current industry climate, and covered the various types of tech that operators are utilizing to grow their businesses. Last week, in Part Two, we spoke...

In this episode of The Tip Share, we dive into the second segment of our 3-Part mini-series for QSR growth strategies. In Part One, we spoke about how leveraging technology can help operators actually reduce costs and improve efficiencies in today's current industry climate, and what types of tech operators are utilizing to grow their businesses. Our top takeaways from the session? Streamlined Dat...

Restaurants are well attuned to making it work on thin margins, and the operators who find the most success are those who have a true understanding of their fiscal health and keep their finger on the financial pulse of their business at all times. In this episode of The Tip Share, RASI New Business Strategist, Dave Downs takes a moment to chat with RASI Squad Leads, Dave Holzer and Jesse Brown, bo...

As the industry is keenly aware, not only did health and safety guidelines vastly change for restaurants across the nation in 2020, but unavoidable adjusted consumer trends also meant that many brands scrambled to make heavy technology investments that would support operators in making the right decisions for their businesses to survive in the new normal. In this episode of The Tip Share, we dive...

Many questions continue to arise about the legislation and stimulus provided by congress surrounding the pandemic. The major players, PPP & ERTC, serve some much-needed relief for small businesses, but the million-dollar question remains: How can you utilize the aid while maximizing your forgiveness and tax credits? RASI Director of Compliance, Brian Smith, sits down with RASI Client Advisor,...

The impact of the pandemic on restaurants has been severe. Many states have unfortunately experienced a roller coaster with restrictions and shutdowns changing constantly, and restaurants were continuously forced to change the way that they've always done business. They sought survival through curbside and delivery orders instead of dine-in services, and some businesses like Old Thousand, a neighb...

When COVID first hit, dining rooms closed, and businesses dropped 60-70% below where they would normally sit, and operators panicked. They were forced to pick up the pieces of their operations and determine their next moves to stay open, yet still remain in compliance with restrictions. While the independent restaurants have been faced with massive hurdles, there’s been spectacular growth in creat...

This year's tax season has the ability to get ugly if you're not sure where to look for answers. With the constant changes throughout the last year within the PPP, the FFCRA, and the CARES Act, questions are starting to swirl about the accounting for loan forgiveness, and what's involved with the possible tax credits or deferrals. RASI Director of Compliance, Brian Smith, and Sydney Lynn, Director...

With the passage of the Consolidated Appropriations Act of 2021, which contained another round of COVID stimulus for businesses, PPP loan recipients are now eligible to claim the Employee Retention Tax Credit (ERTC) retroactively for eligible wages paid in 2020, even if the PPP loan has been or will be 100% forgiven. Tune in to hear how. Read the full Blog Post: https://rasiusa.com/blog/retroactiv...

The trickle-down effect that COVID-19 has had on restaurants has been astronomical. From to-go programs becoming the new front line of restaurants causing disposables to go through roof; to sustainability desires; inventory needs, and more; the world of paper and packaging is at the top of every operator’s radar. And if it’s not, you’re missing the mark. We know that delivery and to-go isn’t going...

Payroll for Restaurants is no longer just about cutting checks for hours worked. It’s evolved into understanding and maintaining compliancy with both Federal & State mandates. Law changes and enactments regarding PPP, Loan Forgiveness, Safe and Sick time, Overtime, Paid Time Off, etc. have created a world of litigation and increased labor costs. It’s imperative to remain up to date with the up...

It’s no secret that the global pandemic has created a fundamental shift within the restaurant industry. Having an online presence in the last 5+ years has been important; in 2020 and moving forward, that commanding digital presence is not just important, it’s now critical for survival. The future of the industry in a COVID-safe world heavily relies upon technology and finding both creative and fun...

This year the restaurant industry has been turned on its head and every operator has had to make major adjustments just to ensure their businesses survive. RSI Director of Partnerships, Brad Bertram is joined by RSI Partner, Amber Van Moessner, Senior Director of Communications at Upserve as she delves into the top trends of the restaurant industry in 2020 as well as what to expect for 2021; plus,...