The Tip Share

This year's tax season has the ability to get ugly if you're not sure where to look for answers. With the constant changes throughout the last year within the PPP, the FFCRA, and the CARES Act, questions are starting to swirl about the accounting for loan forgiveness, and what's involved with the possible tax credits or deferrals. RASI Director of Compliance, Brian Smith, and Sydney Lynn, Director of Client Advisory Services, take a deep dive into Tax Season 2021 to untangle the web of stimulus legislation and outline everything you need to know to ensure your books are in tip-top shape. Read the full Blog Post: https://rasiusa.com/blog/ppp-loan-forgiveness-tax-credits-deferrals-under-the-ffcra-cares-act/ Watch the full Video: https://youtu.be/Vme7Cut8L2A Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

With the passage of the Consolidated Appropriations Act of 2021, which contained another round of COVID stimulus for businesses, PPP loan recipients are now eligible to claim the Employee Retention Tax Credit (ERTC) retroactively for eligible wages paid in 2020, even if the PPP loan has been or will be 100% forgiven. Tune in to hear how. Read the full Blog Post: https://rasiusa.com/blog/retroactive-employee-retention-tax-credit/ Watch the full Video: https://youtu.be/sWb-6y1GpOM Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

The trickle-down effect that COVID-19 has had on restaurants has been astronomical. From to-go programs becoming the new front line of restaurants causing disposables to go through roof; to sustainability desires; inventory needs, and more; the world of paper and packaging is at the top of every operator’s radar. And if it’s not, you’re missing the mark. We know that delivery and to-go isn’t going to die down any time soon, and we know that the need for sterile gloves and items of the like are here to stay. So in a world where everyone has the same ultimate game plan, how can you stay a step ahead of the game and make sure you’re playing your cards right?   RSI New Business Development Strategist, Dave Downs, sits down with Director of Partnerships, Max Strycker; Purchasing Analyst, Catherine Reeves; and Drew Frank, Sales Manager at Western Paper, to discuss the current landscape and the future outlook on the world of purchasing in the eyes of a restaurant operator. Read the full Blog Post: https://rasiusa.com/blog/2021-outlook-on-restaurant-purchasing-disposables/ Watch the full Video: https://youtu.be/3HklWr_KQd0 Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

Payroll for Restaurants is no longer just about cutting checks for hours worked. It’s evolved into understanding and maintaining compliancy with both Federal & State mandates. Law changes and enactments regarding PPP, Loan Forgiveness, Safe and Sick time, Overtime, Paid Time Off, etc. have created a world of litigation and increased labor costs. It’s imperative to remain up to date with the upcoming changes to make sure your restaurant is set up for success in 2021! Read the full Blog Post: https://rasiusa.com/blog/2021-payroll-updates-that-may-affect-your-restaurant/ Watch the full Video: https://youtu.be/TKr6jlNSOEs Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

It’s no secret that the global pandemic has created a fundamental shift within the restaurant industry. Having an online presence in the last 5+ years has been important; in 2020 and moving forward, that commanding digital presence is not just important, it’s now critical for survival. The future of the industry in a COVID-safe world heavily relies upon technology and finding both creative and functional means to connect diners to restaurants. This is the most efficient and effective way for patrons to continue to support their local eateries, and for restaurants to begin to thrive again in this highly focused digital era.    RSI Director of Partnerships, Brad Bertram, sat down with Tina Glickman, Head of Partnerships, and Haley Russman, VP of Marketing at BentoBox to discuss the best practices behind restaurants owning their digital presence, profits, and relationships with diners directly from their websites. RSI Partner, BentoBox, is a hospitality platform founded in 2013, that builds hospitality-specific websites with Search Engine Optimization (SEO) and ADA Compliance at the forefront; enables profitable online ordering options; and helps restaurants drive high margin revenue directly through their own websites. BentoBox has worked with over 6,000 restaurants, hospitality groups, and hotels in all 50 states and across 20 countries. Read the full Blog Post: https://rasiusa.com/blog/how-your-restaurants-website-can-drive-more-revenue/ Watch the full Video: https://youtu.be/QBLXdrKc7lg Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

This year the restaurant industry has been turned on its head and every operator has had to make major adjustments just to ensure their businesses survive. RSI Director of Partnerships, Brad Bertram is joined by RSI Partner, Amber Van Moessner, Senior Director of Communications at Upserve as she delves into the top trends of the restaurant industry in 2020 as well as what to expect for 2021; plus, some bonus tips from 10 restaurants who were able to grow their Year-Over-Year Sales by 188% this year. Check out what the Upserve Data Science Team learned from their 10,000+ restaurant customers! Read the full Blog Post: https://rasiusa.com/blog/rasi-partner-upserves-state-of-the-restaurant-industry-2020/ Watch the full Video: https://youtu.be/ksrz1Qg-WpA Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

When faced with a perceived threat the brain instinctively triggers an acute fight-or-flight response. As COIVID made its invasion into the U.S. early this year and restaurant owners were faced with shutdowns and dining restrictions (the likes of which have yet to slow down), every operator had to make a choice: stay; fight like hell for their businesses or, shut their doors for good. Joe Frillman, Executive Chef & Owner of Daises, Chicago’s Logan Square, chose the former. He took the challenge and swiftly turned it into an opportunity. Throughout the vast changes that Daisies has undergone the last 9 months, Joe has stayed open-minded, open-spirited, and nimble; The outcome? Roughly 2 weeks ago Joe and his team nearly matched their year-over-year sales from the previous week, the previous year. Don’t get us wrong here; we’re not saying this has been an easy feat for Joe, and that the creativity headache he’s amassed might just be permanent, but because he stayed, and because he fought, his business is fueled for growth beyond the pandemic and his trajectory has been forever changed. Let’s take a look at how he’s done it. Read the full Blog Post: https://rasiusa.com/blog/how-your-restaurant-can-turn-challenge-into-opportunity/ Watch the full Video: https://youtu.be/FYHbMJp0K3M Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

Many restaurant managers don't actually have a full understanding of how to read a Profit and Loss Statement (P&L), or even have a basic understanding of where the data is coming from, let alone how to interpret the data. It’s critical for the financial health of all restaurants that those who are making scheduling decisions, buying decisions, etc. fully comprehend how to read an income statement and can utilize the knowledge behind what actually goes into the P&L. In this episode we will take you through an example, top to bottom, of a P&L Statement, as well as discuss the best practices on how to utilize your weekly profit and loss statements to maximize your profitability and find actionable items to improve upon. Finally, we take you through the steps on how to get your management team to take ownership and accountability to financial results so they can report those results back to you versus you having to ask questions! Read the full Blog Post: https://rasiusa.com/blog/easy-tips-how-to-read-a-restaurant-profit-and-loss-statement-pl/ Watch the full Video: https://youtu.be/0XlZ54JIoZw Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

The landscape of the Paycheck Protection Program (PPP) has continued to change shape from the day that it passed and it doesn’t seem to be settling down any time soon. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was the first to hit the floor at the end of March; then came The PPP Flexibility Act a few months later at the beginning of June, and along the way, there have been 24 Interim Final Rules issued by the Treasury; and 77 SBA FAQs. As we all wait with bated breath for the second round of stimulus to push through congress, questions continue to arise about all the gaps left by legislation. Tune in to find out what we now know. Read the full Blog Post: https://rasiusa.com/blog/paycheck-protection-program-ppp-journey-what-we-know-now/ Watch the full Video: https://youtu.be/BFGbKAkf16g Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

Determining the keys to success for attracting and hiring top talent for restaurants is paramount to building a sustainable brand that can grow. We all know turnover runs rampant in the hospitality industry, so how is it possible, especially in a time like now when we’re smack dab in the middle of a global pandemic, to even begin with the hiring process and how can you effectively measure if what you’re doing is remotely successful?  RSI Director of Partnerships, Brad Bertram, took a moment to sit down with Jake Nolte, GM for the Efficient Hire Applicant Tracking Solution, to discuss common hiring mistakes and best practices to ensure you’re building a team for longevity. Read the full Blog Post: https://rasiusa.com/blog/top-tips-for-restaurants-to-hire-the-best-candidates/ Watch the full Video: https://youtu.be/Rn1Bx9Qg2Og Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

When the global pandemic hit the US in March and our world shut down, businesses were left wondering how to survive. As restrictions have been lifted in some regions and re-enforced in others, the resiliency of the hospitality industry has proven a force to be reckoned with. Chefs, Owners, and Restaurant Operators have taken to a careful mix of creativity and industry expertise in order to find the perfect blend of ingredients for success throughout this roller-coaster crisis we’re finding ourselves in. During this week’s episode of The Tip Share, RSI Senior Client Advisor, Brian McCaig sits down with Paul Sullivan, Owner, and Robbie Hyre, Executive Chef, of Esters Neighborhood Pub, to discuss how the pandemic has affected their restaurant and how they’ve been able to stay true to their brand while pivoting their business model to remain successful. Read the full Blog Post: https://rasiusa.com/blog/how-to-pivot-your-restaurant-to-find-success-during-covid/ Watch the full Video: https://youtu.be/qak8tEuYOtY Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

With already narrow restaurant margins becoming even slimmer during a pandemic, every penny counts; and Cost Of Goods (or to some, Cost Of Sales) take up a significant amount of a restaurant’s overall expense. Unfortunately, many owners/operators fail to see how, if mismanaged and handled inconsistently, Restaurant COGS can have major a negative impact on profitability and cash flow. Point-blank: It’s critical to the health and survival of all restaurants that you understand your COGS and how to manage them accurately, here's how. Read the full Blog Post: https://rasiusa.com/blog/how-to-control-cost-of-goods-cogs-in-your-restaurant/ Watch the full Video: https://youtu.be/Lu_095989Wo Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

Coronavirus has affected the entire world; it has completely altered the landscape of both consumer and vendor behaviors, and perhaps the most harshly impacted industry has been hospitality. Restaurants have had to pivot their business models catering to mainly delivery and takeout options which directly affects their menu offerings and spending habits in order to preserve as much margin as they can during a time when point-blank, sales are down. We sat down with Max Stryker and Catherine Reeves from the RSI Restaurant Purchasing Department to discuss the vast amount of changes they, and our vendors, have seen since Covid began in March; where the trends are taking restaurants today; and, what group purchasing programs are in place to help mitigate the damage that Covid has done to the industry. Read the full Blog Post: https://rasiusa.com/blog/how-restaurant-purchasing-behavior-is-changing/ Watch the full Video: https://youtu.be/dBthMuK3_8Q Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

As a small Independent Restaurant owner who’s plunged headfirst into content marketing and worked with huge media organizations, digital marketers and SEO professionals, Shawn Walchef of Cali Comfort BBQ has honed in on his craft and built his entire culinary brand on digital hospitality; and he’s done it all in-house with his longtime friend, former newspaper editor, and current Content Publisher & Digital Strategist for Cali BBQ Media, Stover E. Harger III.   Check out the full interview and our top 4 takeaways on: How To Become Your Own Media Company Find a clear focus for your brand and tell the story  Use content to support to others and open up conversations  Content marketing is a long game but you need a plan   Consistency Is Key Read the full Blog Post: https://rasiusa.com/blog/restaurants-should-be-their-own-media-companies/ Watch the full Video: https://youtu.be/NcGUy5n8euY Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

The Paycheck Protection Program (PPP) continues to change form on what seems like a daily basis. The landscape has changed greatly since The CARES Act was initially passed and the covered period has now been extended which enables borrowers more time to use their PPP funds; but the million-dollar question remains: What does PPP Forgiveness look like right now and how do I ensure my loan is forgiven? RSI Director of Compliance, Brian Smith, and RSI Director of Client Advisory Services, Sydney Lynn, sit down to share their tips on what they’ve seen come through the IRS Notices and the US Treasury Guidance so you can feel prepared as you’re getting ready to start the forgiveness application process. Tune in and learn about the following: What does the current PPP forgiveness landscape look like? What are some of the items that may come up in future legislation? Why should borrowers wait to file for forgiveness? How can I achieve 100% forgiveness? Are expenses paid with forgiven PPP funds deductible to the business for year-end taxes? What if I file my tax return before I apply for forgiveness? Read the full Blog Post: https://rasiusa.com/blog/paycheck-protection-program-forgiveness-qa-for-restaurants/ Watch the full Video: https://youtu.be/IvN-PU6a-7k Social Handles: RASI Instagram: https://www.instagram.com/rasinc__/ RASI Twitter: https://twitter.com/RASInc_ RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesInc RASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

Discover the power of a Tip Pooling Calculator, designed to streamline fair distribution of tips among restaurant employees.   Using a Tip Pooling Calculator ensures consistency and fairness in dividing tips, reducing manual efforts and potential errors. Customize the calculator's formula to match your specific needs, whether it's using a point-based system or even distribution. Managers can save time and foster transparency by easily explaining the tipping process to employees. Benefits of using a Tip Pooling Calculator: Save time with automated calculations. Enhance accuracy and consistency in tip distribution. Improve transparency and employee satisfaction. Learn how to effectively manage tip pooling, emphasizing clear communication with staff about the process and its benefits. Encourage employee buy-in by fostering trust through transparency. Regularly evaluate and refine your tip pooling procedure to ensure it aligns with your intended outcomes. Watch the full Video: https://youtu.be/dfo56sG8gMw Read the full Blog Post: https://rasiusa.com/blog/tip-pooling-calculator/⁠ Social Handles: RASI Instagram: ⁠https://www.instagram.com/rasinc__/⁠ RASI Twitter: ⁠https://twitter.com/RASInc_⁠ RASI Facebook: ⁠https://www.facebook.com/RestaurantAccountingServicesInc⁠ RASI LinkedIn: ⁠https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

Discover the Power of Balance Sheets for Restaurant Success! Learn how to create a balance sheet for your restaurant business. This essential financial tool provides insights into your fiscal standing, guiding your path to stability and growth. In this episode we cover everything you need to know about creating a balance sheet, key components like assets, liabilities, equity, and more! Follow our step-by-step guide: Choose a balance sheet date (quarterly or monthly). List assets by liquidity - from cash to long-term investments. Verify totals against your general ledger. Determine current and long-term liabilities. Calculate owner's equity - value after debts. Validate your balance sheet. Master the art of balance sheets for your restaurant's prosperity. Watch now and unleash financial potential! Read the full Blog Post: https://rasiusa.com/blog/how-to-create-a-balance-sheet-for-small-business/ Watch the full Video: https://youtu.be/A83IGWQeymk Social Handles: RASI Instagram: ⁠https://www.instagram.com/rasinc__/⁠ RASI Twitter: ⁠https://twitter.com/RASInc_⁠ RASI Facebook: ⁠https://www.facebook.com/RestaurantAccountingServicesInc⁠ RASI LinkedIn: ⁠https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

Profit margin is a key indicator of restaurant financial health. It's a measure of how much money your restaurant makes above its costs, expressed as a percentage. In this episode, we'll show you how to calculate profit margin for your restaurant using a simple formula. As a bonus, we'll also share some proven tips for improving your profit margin. Read the full Blog Post: https://rasiusa.com/blog/profit-margin-calculator-for-restaurants/ Watch the full Video: https://youtu.be/PuYmsrtVlUs Social Handles: RASI Instagram: ⁠https://www.instagram.com/rasinc__/⁠ RASI Twitter: ⁠https://twitter.com/RASInc_⁠ RASI Facebook: ⁠https://www.facebook.com/RestaurantAccountingServicesInc⁠ RASI LinkedIn: ⁠https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

Are you tired of wasting money on produce that goes bad before you can use it? Do you spend hours every week ordering produce from different suppliers?    In this episode, we'll show you how to create a restaurant produce ordering guide that will save you time and money. We'll cover everything from how to assess your needs to how to find reliable suppliers. Keep watching to learn about all the tools you need to create a produce ordering guide that works for your restaurant. Watch the full Video: https://youtu.be/XCLhPV55SjI Read the full Blog Post: https://rasiusa.com/blog/restaurant-produce-ordering-guide/ Social Handles: RASI Instagram: ⁠⁠https://www.instagram.com/rasinc__/⁠⁠ RASI Twitter: ⁠⁠https://twitter.com/RASInc_⁠⁠ RASI Facebook: ⁠⁠https://www.facebook.com/RestaurantAccountingServicesInc⁠⁠ RASI LinkedIn: ⁠⁠https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi

Ready to elevate your restaurant's summer events and promotions? Uncover expert strategies to captivate your target audience, leverage social media, and implement budget-friendly ideas. From collaborating with neighboring establishments to crafting mouthwatering seasonal menus and refreshing cocktails. Learn how to track results, set measurable goals, and utilize customer feedback for optimal success! Watch the full Video: https://youtu.be/QX--lJzz8Uo⁠ Read the full Blog Post: https://rasiusa.com/blog/budget-friendly-restaurant-events-promotion-for-summer/⁠ Social Handles: RASI Instagram: ⁠https://www.instagram.com/rasinc__/⁠ RASI Twitter: ⁠https://twitter.com/RASInc_⁠ RASI Facebook: ⁠https://www.facebook.com/RestaurantAccountingServicesInc⁠ RASI LinkedIn: ⁠https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi