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Stop Fumbling Over Cash on Super Bowl Sunday: Key Considerations to Keep Cash Safe

Modern Restaurant Management

Events like the Super Bowl bring an influx of cash to establishments of all sizes, some of which might not have the right cash logistics system in place. When managing an influx of cash, there is an increased chance of risks for cash mismanagement.

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Restaurant Cash Flow Management

Chef's Resources

4 Proven Strategies for Restaurant Cash Flow Management Proper restaurant cash flow management is critical for success. When it comes to cash flow, restaurants are unique from most other business segments.

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Cash Will Still Be on QSR Menus

Modern Restaurant Management

Last year, one of the first brands to go cashless, Sweetgreen, changed its policy to accept cash at all its locations. The quick-service restaurant (QSR) started accepting cash after Amazon confirmed it would take cash payments in all of its previously cashless Amazon Go stores.

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10 Cash Flow Management Best Practices for Restaurants

Lavu

No matter what the size of your business, one truth remains: cash flow is king. Yet, while most small … 10 Cash Flow Management Best Practices for Restaurants Read More ». The post 10 Cash Flow Management Best Practices for Restaurants appeared first on iPad Point of Sale System for Restaurants, Bars & More. Menu Ideas, Marketing and More restaurant cash flowIt’s the lifeblood of your business.

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How Restaurants Can Overcome any Potential Cash Flow Issues from COVID-19

Modern Restaurant Management

As the crisis continues, restaurants need to evolve their business operations to keep running and make long-term plans to keep cash coming in. Since we don't know how long this crisis will last, the first thing restaurants need to do is take a 360-degree look at their cash flow.

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Four Ways to Take Charge of Your Restaurant Cash Flow

Modern Restaurant Management

Small business owners in nearly every industry struggle with cash flow and how to best utilize their working capital. Nearly 60 percent of failed businesses cite cash-flow issues as a primary reason for their failure, which shows how cash flow management can make or break your business.

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How to Manage Cash Flow During Restaurant Restrictions

Restaurant365

Tracking and understanding your restaurant’s cash flow is essential, whether business is booming, or times are tough. A healthy, positive cash flow is necessary to pay your bills and grow sales. Understanding your cash flow not only keeps your operation afloat, but it also prepares you to handle unexpected changes in sales and expenses. Monitoring your cash flow is more important than ever during the COVID-19 outbreak. How to calculate restaurant cash flow.

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Can we talk about cash?

Ken Burgin

With many cafes and restaurants reporting up to 80% of sales being made on card, the traditional informal cash transactions and ‘owner’s cash bonus’ have become much more difficult to manage. The electrician who always comes immediately because he’s paid cash.

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Restaurant Payments Go from Cash to Credit to Contactless – to Cryptocurrency 

Modern Restaurant Management

And Bloomin’ Brands has experimented with a blockchain solution that helps manage supplies in the case of a food safety–related recall. If you are not reading this article on Modern Restaurant Management , please reconsider your reading choices and visit the original source.

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Your Guide to Reduce Dead Stock and Improve Cash Flow

Sculpture Hospitality

His advice here is crucial to reducing dead stock and improving your cash flow. Bar Management Stocking a Bar Restaurant OperationsThe following article was written by one of our top industry experts, Gareth Hollows.

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9 Restaurant Cash Flow Tips for Your Recovery and Beyond

Restaurant365

Comprehending your restaurant cash flow is essential to running your restaurant business. Cash flow refers to the amount of cash coming into your restaurant minus the amount of cash going out on a daily, weekly or monthly basis. Common factors that cause cash flow issues.

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How to Improve Team Communication with Restaurant Staff and Management

7 Shifts

You would think something as second nature to people as communication would be easy to manage in the workplace. Communication is the key to facilitating productive relationships between managers and employees. Keeping your staff in the dark about upper management decisions.

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Your Go-To Guide for Restaurant Inventory Management

7 Shifts

Both situations could have been prevented with proper restaurant inventory management, which gives restaurant operators better oversight over what's in stock and how it is used. The Best Restaurant Inventory Management Software. Choose The Right Inventory Management System.

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Tip Pooling Tools to Easily Manage Tips at Your Restaurant

7 Shifts

Tips are a huge part of restaurant compensation and tip pooling is often so complex it becomes a part-time job worth of work for managers. Restaurant managers can spend up to 8 hours a week calculating tips with traditional methods.

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POS System Vs Cash Register: What’s The Difference?

BNG Point of Sale

POS System Vs Cash Register: What’s The Difference? . A cash register, at its most basic level, is designed to record the transactions of sales that occur in a store.-for POS System Vs Cash Register . What Is A Cash Register? . Manage your inventory .

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6 things to consider when looking at your business cash flow

Typsy

Cash flow refers to the money that is moving in and out of your business each month. In this blog post, guest contributor Justin Weigner shares with you six tips to help you understand where your cash is flowing. Hotels Hospitality managers Restaurants

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Seven Traits of Successful Restaurant Owners and Managers

7 Shifts

This process includes focusing on your daily finances , such as cash flow, payroll, and inventory. Invest in Technology Accounting and inventory management software are just a couple of the technologies that small business owners should invest in.

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Prevent loss with QSR cash drawer procedures: 5 simple rules

Rocket Fuel

Employee theft is a big concern for restaurant owners and operators, and much of that theft happens in the cash drawer. Let’s face it: when people work with cash all day, they’re going to be tempted by it ( especially if they’re not well-incentivized ).

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10 Reasons Why POS Systems Are Better For Restaurants Than A Cash Register

BNG Point of Sale

What Are The Benefits Of a Restaurant Management System? Cash registers are still part of the equation, but today’s systems allow for greater flexibility in order taking and back-end organization and improved sales analytics. 5 Restaurants POS Systems For Back-end Management.

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Retail Management 101: 20 Skills You Need To Have

Sling

Effective retail management requires a vast array of skills. In a broad sense, those skills boil down to managing your time, managing your staff, managing their training, and managing change. Retail management 101 Master these skills one at a time.

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Administering and Keeping Cash Safe | Season 4, Vol. 9: Recine Hospitality

Foodable

Listen to "Administering and Keeping Cash Safe | Season 4, Vol. Recine recently developed a new cash register system inspired by ATMs. At the point you put the cash in, it’s deposited to your bank. No employee or manager will have to touch it,” adds Recine. “It’s

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Cash Registers in a Cashless Society — have Tills gone Nil?

Kounta

And as the era of cash comes to an end, our mind wanders to the till. Early cash registers were a sight to behold; and their innovations, remarkable. Swindled but unhindered, James Ritty, a saloon owner, built the first-ever cash register in 1879.

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Mitigating Cost Price Inflation Via Supplier Management

Hot Schedules

Mitigating Cost Price Inflation Via Supplier Management. Not only does this deliver greater control, but negotiated rates also help avoid the inevitably higher costs that come from buying with petty cash. All Posts Inventory Management

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How Bar Managers Can Better Manage Pour Cost

Focus POS

It’s more crucial now than ever to manage pour costs effectively. . To incentivize bar operators to order more in bulk, many will offer buy-in-bulk deals and specials on bulk orders, which can end up saving you significant cash.

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Why Earned Wage Access Is the Perfect Gift For Employees

Modern Restaurant Management

Finance Operations gen z employees staff pay EWA earned wages cash instant payWith the holidays upon us, restaurants and hospitality organizations are jumping on earned wage access (EWA) as a fee-free way to combat the labor shortage we've seen organizations face in 2022.

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Restaurant Management Software: A Comprehensive Roundup

Aaron Allen & Associates

There are so many things to think about — from inventory management to restaurant payment and billing and more — it can be difficult to keep track of it all. That’s where restaurant management software comes in. Restaurant Inventory Management. Restaurant Labor Management.

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Should Restaurants Go Cash-Free?

Single Platform

Cashless restaurants do not accept cash payments and instead require customers to use credit cards, debit cards, cash cards, or contactless payment systems. So, should your restaurant go cash-free? First, it’s safer for restaurants to not have large sums of cash on site.

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Why Bar Inventory Management is Crucial to Post-Pandemic Success

Sculpture Hospitality

Since the beginning of the COVID-19 pandemic, bar owners around the world have learnt a number of lessons about managing their businesses during challenging times. Perhaps no lesson, however, has been as important as understanding cash flow.

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Should Restaurants Go Cash-Free?

Single Platform

Cashless restaurants do not accept cash payments and instead require customers to use credit cards, debit cards, cash cards, or contactless payment systems. So, should your restaurant go cash-free? There are some clear reasons that more and more restaurants have been ditching cash. First, it’s safer for restaurants to not have large sums of cash on site. If you don’t have cash, you’re far less likely to be robbed. The post Should Restaurants Go Cash-Free?

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COVID-19 Best Practices for Restaurants: Navigating Coronavirus for Staff & Managers

7 Shifts

How restaurant managers can navigate COVID-19. Communicate with staff and managers. Monitor 7shifts Announcements from management for updates on the situation. With our online task management tool, 7tasks, restaurants can better manage hygiene-related tasks during this time.

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Server Duties: 4 Restaurant Server Side Work Tasks and Best Practices for Managing Them

7 Shifts

Removing cash from the premise, for example, helps keep your staff safe and prevents fraud. Best Practices for Managing Side Duties Communication and to-do lists are crucial to successfully managing server side work.

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How to Develop a Restaurant Management Plan

The Restaurant Expert

A restaurant management plan is your written strategy for how to get your restaurant to where you want it. This restaurant management plan is a tool that translates ideas (I should or I’ll try to) into action (I am). In developing your plan for improving your restaurant operation, remember these helpful tips: Study every aspect of what you want to implement – does it fit with your management style and goals. Benefits of a restaurant management plan.

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How Systems Hold Managers Accountable

The Restaurant Expert

They said they wanted ALL of their systems tied together and more importantly wanted to hold their management team accountable … and that they wanted a solution. And that’s how our restaurant management software, Restaurant Systems Pro, was born. A restaurant manager who is OVER PAID!

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Resources To Provide Relief To Cash Strapped Restaurants During Covid Crisis

The Restaurant Times

The NRAI has developed this program entirely keeping in mind the current plight of its members and the employees” says Gauri Devidayal, NRAI Managing Committee Member. The Virtual Cash facility will be valid for a period of six months from the date of purchase.

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Order Up! Offer Financial-Based Incentives to Tackle Staffing Challenges 

Modern Restaurant Management

These tools offer employees an easy and secure way to manage their wages, even if they don’t have bank accounts. Educate and Engage: Offer financial literacy education to help staffers understand and use skills that include budgeting, managing money, paying off debt and investing.

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How to Develop a Restaurant Management Plan

Smart Systems Pro

A restaurant management plan is your written strategy for how to get your restaurant to where you want it. This restaurant management plan is a tool that translates ideas (I should or I’ll try to) into action (I am). In developing your plan for improving your restaurant operation, remember these helpful tips: Study every aspect of what you want to implement – does it fit with your management style and goals. Benefits of a restaurant management plan.

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5 Tips for Maximizing Restaurant Operations Management

Restaurant365

As a restaurant owner or manager, sometimes you may need to jump in to help keep business running smoothly. However, the day-to-day tasks can distract from the bigger-picture work that is essential for your long-term business health: restaurant operations management.

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Managing Risks for Acts of Violence on Restaurant Property

Modern Restaurant Management

Some examples could include: healthcare organizations, organizations with political or ideological agendas, news media organizations and businesses that deal with significant quantities of cash. Managing foreseeable risk = covering the basics.

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Top Five Supply Chain Management Tips

Hot Schedules

Top Five Supply Chain Management Tips. . As business levels continue to fluctuate since early Spring, it is important to keep stock levels to a minimum to preserve cash and minimize waste. Top Five Supply Chain Management Tips. All Posts Inventory Management

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What Restaurant Groups Need to Know about Managing Prescription Drug Expenditures

Modern Restaurant Management

Please send questions to Modern Restaurant Management (MRM) magazine Executive Editor Barbara Castiglia at bcastiglia@modernrestaurantmanagement.com. This choice becomes a cash flow issue. Managing the Member Expenditure. These are best managed under the medical plan.