Income Tax Basis of Accounting vs. GAAP Method- Which is better approach for your Restaurant Business?
For all New York City restaurant brands, franchise chains and fine dining businesses, we are certain you’re thrilled that it’s tax season again. This means your yearly income financial statements need to be compiled, reviewed or audited and presented to be compliant with bank covenants and state and federal provisions. Investors and banks require a […]
The Complete Guide to Restaurant Accounting Best Practices
Restaurant accounting has its own set of rules and peculiarities. You can have decades of experience in the front and back house of a restaurant, from general manager to head chef, and still not be a restaurant accounting expert. Where to begin? How do you even read a profit and loss statement? What Makes Restaurant […]
The 5 Basics of Restaurant Accounting
Understanding 5 Basics of Restaurant Accounting Did you open a new restaurant in last year or two in New York City? Think about the following questions: Are you aware that 46% of all small businesses fail because of bookkeeping and accounting errors? Would you believe that cash flow problems wipe out another 82% of those […]
The Difference Between Restaurant Bookkeepers and Accountants
Restaurant Bookkeeping & Accounting – How They Compare There is a fine line between the perceived definition of accounting and bookkeeping. Most people outside of the industry would be hard pressed to describe the difference of each field. Yes, both bookkeepers and accountants have a common shared goal; often overlapping services to support your restaurant […]