Remove Audits Remove Book Remove Insurance
article thumbnail

Save Big: Top Restaurant Tax Deductions & Credits

Harbor Touch

Ive been in those shoes, scrambling to balance the books while keeping the kitchen humming. Ive seen audits flag too-generous pay compared to industry norms. Staff pay: salaries, insurance, bonuses. Insurance: property, liability. Running a restaurant is tough. Long shifts, slim profits, and taxes can hit hard.

article thumbnail

Inside the World of Hospitality and Leisure Accounting

Paper Chase Accountancy

Complex Revenue Streams: Revenue can come from room nights, food and beverage sales, event bookings, spa services, merchandise sales, and more, each with different recognition rules and tax implications. Operating Expenses Utilities, marketing, supplies, rent, insurance. Fixed Assets Asset acquisition, depreciation, disposals.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Restaurant Accounting Tips Made Simple: Expert Ways to Boost Profits in 2025

Lavu

Balancing your books and managing your finances are not really part of that overarching plan. Occupancy Expenses: This refers to fixed costs like rent, property taxes, utilities, and property insurance. When properly done, this will also reduce the worry related to auditing of your financial reports.

article thumbnail

8 Reasons Why Restaurant Workers Quit (And How to Retain Them)

7 Shifts

Whether they're in school, have kids, or need time for auditions, restaurant workers can live the lifestyle they want outside the traditional 9-to-5. Use Manager Log Books. Use log books to give your day and night manager a way to share notes with each other. 7shifts Manager Log Book Software for Restaurants.

article thumbnail

Virtual Acceleration, Raising the Bar and Insult Monitor

Modern Restaurant Management

The merger will bring together the sales and event management platforms of Tripleseat and Gather with software solutions designed to streamline and simplify event booking and management. GFCO is the only gluten-free certification that holds companies and products accountable through audits, random product testing and process surveillance.

Bar
article thumbnail

Who has the worst staff turnover? Restaurant Employee Turnover by City and State + Retention Playbook

7 Shifts

If you haven't looked at them in a while, it may be time to audit them and see if they're what your business needs now and to grow in the future. The Play: Do a culture audit and examine your core values. When we think about employee benefits, health insurance and retirement (401k) usually come to mind. Pet insurance.

article thumbnail

Restaurant Bookkeeping: Comprehensive Guide to Master Bookkeeping

7 Shifts

They speed up your vouching process and help clear up any inconsistencies that could arise during the auditing process. These costs include property tax (if you own the building) and even the insurance you pay for your building and equipment. If not, your lease payments should be reflected here.