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Five Restaurant Accounting Tips for Non-Accountants

Modern Restaurant Management

While strong accounting skills may not be at the top of what comes to mind, every good restaurant manager must have at least a basic knowledge of accounting to be successful. Restaurants face distinct accounting challenges that require a restaurant-specific approach. How to Set-Up Restaurant Accounting Cycles.

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Compliance training as a cornerstone of culture in hospitality

Hospitality Magazine

This comprehensive approach creates a culture of accountability where everyone understands their specific role in maintaining a compliant workplace. Accountability: Ensuring that all employees, regardless of their position, are held accountable for their actions.

Training 246
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FSMA Rule 204 Food Safety Countdown: What Restaurant Managers Need to Know Now

Modern Restaurant Management

Additionally, GS1’s Electronic Product Code Information Services (EPCIS) plays a critical role in enabling businesses to document and share information about when and where a product changes hands. This kind of dialogue will not only help you gauge their readiness but also build stronger partnerships based on mutual accountability.

Document 209
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Nine Critical HR and Payroll Steps to Prepare Your Restaurant for 2025

Modern Restaurant Management

Bonus Tip : Create a simple FAQ document to address common employee questions about coverage options. Bonus Tip : Meet with your accountant or payroll provider before year-end to confirm you’re on track to meet tax-related deadlines. Meeting Filing Deadlines : Submit W-2s and 1099s by January 31 to avoid penalties.

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Boost Hotel Performance Through Profit & Loss Mastery

Revenue Hub

For example, heavily discounted group bookings might fill rooms but yield minimal profit after accounting for costs like utilities, staffing, and amenities. Demystifying this financial document can unlock insights for the commercial team. The loss (P&L) statement is crucial for any business, and hotels are no exception.

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How Restaurants Can Navigate the PPP Loan Forgiveness Program

Modern Restaurant Management

Borrowers must make representations about how they handled their PPP loans and maintain required documentation as backup. What Documentation Is Required to Apply for Forgiveness? Payroll documentation that shows the cost of payroll during the loan period. When Is the Right Time to Apply for PPP Loan Forgiveness?

Document 189
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Don’t Get Burned By The IRS – Tax Tips for Restaurant Owners

Modern Restaurant Management

If the restaurant fails to remit these trust fund taxes, responsible individuals — most often the corporate officers, bank account signers, and any other person deemed to have decision-making authority over tax payments can be held personally liable. Reconcile your bank accounts and credit card/merchant service statements monthly.