article thumbnail

Restaurant Bookkeeping: Comprehensive Guide to Master Bookkeeping

7 Shifts

On the other hand, non-current assets (also referred to as long-term assets) are those that cannot be readily converted to cash. In fact, approximately 47% of restaurant owners say they would repair or update their equipment if only they had any extra money on hand. If not, your lease payments should be reflected here.

article thumbnail

Restaurant Budgeting: How to Create A Restaurant Budget

7 Shifts

Your restaurant expenses may vary depending on various factors, such as the equipment you use, your business location, the size of your operation, and whether you own or rent your commercial space. Your fixed costs, for instance, stay almost the same monthly and yearly, like your insurance and rent/lease payments.

Insiders

Sign Up for our Newsletter

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

article thumbnail

DON’T SETTLE FOR MEDIOCRITY

Culinary Cues

The Japanese would refer to them as companies focused on “Kaisen” (a pursuit of constant improvement). What piece of equipment will be most successful in reaching your goals of deliciousness? The culture of these businesses insists on the relentless pursuit of greatness. It is your job to SWEAT THE SMALL STUFF.

Uniforms 449
article thumbnail

Flexible Covered Period and Expanded Allowable Expenses Makes Newest Round of PPP Funds More Advantageous for Restaurant Businesses

Restaurant365

The Act also redefines payroll costs to specifically include group insurance payments made on group life, disability, vision and dental insurance. payment for software and cloud services), perishable goods, and worker protective equipment. This would cover insurance plans such as vision, dental, disability and life insurance.

Insurance 148
article thumbnail

How To Open a Gym: A Guide for New Owners

Sling

What insurance is necessary? What type of equipment will you need? Each has a different focus, pulls in a different clientele, and requires different equipment. 8) Purchase insurance. That’s what business insurance is for. Speak with an insurance consultant, and find a plan that can help you protect your gym.

article thumbnail

How To Start A Small Restaurant In The Spring

MBB Hospitality

Securing Permits and Insurance If you want to know how to start a small restaurant, you’ll want to be aware of the paperwork that is involved. This includes the necessary permits and insurance that need to be in place. You want to make sure that your restaurant is covered by liability insurance.

License 52
article thumbnail

Restaurant Taxes: Top 12 Tax Deductions and Tips For Restaurants

Harbor Touch

If you purchase equipment, like a restaurant POS system , for example, it may be eligible for depreciation deductions. A permanent tax deduction is now available for equipment for small business under Section 179. They also may require a separate filing and collection, so be sure your records are accurate. Expensing Asset Purchases.