GAAP vs. Tax Basis Accounting for Restaurants: Which Method Is Right for Your Business?
It’s that time of year again — tax season. For restaurant owners, franchise operators, and hospitality businesses across New York City, that means one thing: your year-end financial statements need to be compiled, reviewed, or audited, and presented in a way that satisfies both lenders and regulators. Banks and investors require financial statements that comply […]
Restaurant Accounting 101: What Every Owner Needs to Know to Run a Profitable Business
You can spend decades in the restaurant industry — working your way from line cook to head chef, from floor manager to general manager — and still find yourself completely lost when someone slides a profit and loss statement across the table. Restaurant accounting isn’t just accounting. It has its own language, its own rhythms, […]
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 […]