How I Helped Paris Dining Club Save Time and Streamline Financial Operations Paris Dining Club, a rapidly growing food subscription company, was expanding its customer base across multiple states. With this growth came increased financial complexity, especially in managing payroll compliance and taxes across different regions. They needed help to streamline their financial processes, so I stepped in to assist. The first challenge we addressed was?payroll compliance and multi-state payroll tax reporting. As Paris Dining Club grew, managing payroll across multiple states became increasingly complex due to differing tax regulations. I took over this process to: -Ensure compliance with multi-state payroll tax regulations -Accurately calculate and file payroll taxes for employees in various states -Reduce the risk of penalties and compliance issues By handling these complexities, I gave Paris Dining Club the peace of mind that their payroll was compliant, freeing them to focus on their core business. Next, I tackled?sales tax reporting. Operating across multiple jurisdictions meant keeping up with varying sales tax rules. I streamlined their sales tax processes to: -Ensure timely and accurate filings -Keep the company in compliance with all state and local tax laws -Avoid costly penalties With sales tax reporting under control, Paris Dining Club could focus on scaling their operations without tax-related concerns holding them back. Finally, I optimized their?monthly financial close?process. Managing a fast-growing subscription business requires clear financial insights, and closing the books efficiently is key to making informed decisions. By taking over the monthly close, I: -Reduced the time spent on financial reporting -Made sure they have clean and organized financials for any regulatory requirements including year end income tax -Allowed leadership to focus on growth and strategy, rather than administrative tasks By managing?payroll compliance,?multi-state payroll tax reporting,?sales tax reporting, and?monthly financial close, I helped Paris Dining Club save significant time and reduce financial stress. Now, they are better equipped to focus on delivering top-notch meals to their subscribers, knowing their finances are in order.
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New Legislation Alert: Could Removing Tax on Tips Benefit Your Restaurant? With the talk of potential legislation to remove taxes on tips, this could be a game-changer for both our employees and our bottom line. Here’s how you can turn this into a win for your restaurant and take advantage NOW: 1. Prepare Your Payroll for Simplicity and Savings Review Payroll Processes: Removing sales tax from tips means more straightforward calculations and possibly less paperwork. Audit your payroll system now so you’re ready to make changes quickly. Track Savings: These savings add up! Track this difference to reinvest into other operational needs or employee incentives. 2. Boost Employee Satisfaction and Retention Communicate the Benefit: Let your team know about this possible boost to their take-home pay. Removing tax on tips means they keep more of what they earn. Attract & Retain Talent: Use this as a recruiting tool. Make your restaurant a more attractive workplace by showcasing employee benefits like higher net earnings. 3. Stand Out to Customers with Transparent Policies Be Transparent: Educate your guests on how every dollar of their tip goes directly to your team. Transparency here can strengthen loyalty and encourage more generous tipping. Promote It in Your Marketing: Frame this as a positive part of dining with you—your restaurant is focused on rewarding employees directly and providing value to customers. 4. Simplify Compliance and Avoid Costly Mistakes Stay on Top of Tax Changes: Tax policies shift fast. Start discussions with your accountant now so you’re not scrambling if this legislation is passed. Train Your Team: Ensure your managers are clear on the new policies and ready to handle tip distribution and tax documentation correctly. What Restaurant Owners Should Do NOW: Set up a call with your payroll provider to discuss how this will change calculations. (If you need some help connecting with an expert, let me know!) Meet with your management team to discuss how you’ll communicate these benefits to staff and guests. Plan a marketing strategy to promote the transparent, tip-friendly policy to attract and retain both customers and staff. This potential change isn’t just a tax update—it’s a chance to simplify operations, boost morale, and market a stronger employee-centric brand. Let’s get ready to take advantage!
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???????????????????? ?????? ?????????? ?????? ???????????????? ??????????????: ?? ?????? ?????? ?????????????????????? ?????? ???????????? ???? ?? ?????????????????????? ??????????????? The post-Covid world has brought a fresh set of hurdles for QSR franchisees. Inflation is on the rise, labor shortages are unpredictable, and supply chain bottlenecks continue to disrupt operations. In this competitive landscape, having ?? ?????????????? ?????????????????? ?????????????? ???? ???????? ???????? ???? ???? ???????????? ?? ????????????, ????'?? ?? ?????????????????? ?????? ??????????????????????: ????????'?? ?????? ?????? ?????? ???????????? ???????????? ?????????? ?????? ?????????? ??????????????????: ???????????????? ??????????????????????:?Focus on your core business – delivering an exceptional customer experience! By outsourcing back-office tasks like accounting, payroll, and financial reporting to a reliable partner like Restaurant Bizsol, you can free up valuable time and resources. ?????????????????? ???????? ????????:?Strategically analyze your menu to identify high-margin items and potentially remove low-performing options Renegotiate with Suppliers: Work with your suppliers to explore cost-saving measures or alternative sourcing options ???????????? ???? ?????????? ??????????????????:?Implement competitive compensation packages, invest in employee training, and foster a positive work environment to attract and retain top talent ?? ???????????????????? ????????????: ???????? ?????? ???? ?????????????? ?? Restaurant Bizsol is your one-stop shop for all your accounting, payroll, financial reporting, management, and back-office support needs. With a team of over 1,000 in-house accounting, finance, and tax experts spread across US and India delivery centers, we offer the expertise and resources you need to navigate challenges and achieve success ?????????????? ?????????????? ?????????? ???????????? ???????? ?????????? Numerous independent and multi-unit franchise owners have partnered with Restaurant Bizsol and achieved significant growth within a year. Our proven strategies can help you: ????????????????? ???????? ????????:?Reduce staffing and other expenses by up to 45%, boosting your bottom line ????????? ???????????????? ????????????????:?Get real-time financial data and actionable reports to make data-driven decisions ? ?????????? ???? ????????????: Free yourself from tedious back-office tasks and focus on strategic initiatives that drive sales and profitability ?????????? ???? ???????? ?????????????? ???? ???????? ????????????????? Don't wait! ? ???????????????? ???????? ???????????????????????? ??????????! ?? Restaurant Bizsol today. Let's discuss how our team of experts can help your QSR franchise not just weather the storm, but emerge stronger and more profitable than ever before. #Foodie #Foodservice #restaurant #mcdonalds #subway #burgerking #Restaurants #RestaurantBizsol #smallbusinessowner #financialservices
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New Legislation Alert: Could Removing Tax on Tips Benefit Your Restaurant? With the talk of potential legislation to remove taxes on tips, this could be a game-changer for both our employees and our bottom line. Here’s how you can turn this into a win for your restaurant and take advantage NOW: 1. Prepare Your Payroll for Simplicity and Savings Review Payroll Processes: Removing sales tax from tips means more straightforward calculations and possibly less paperwork. Audit your payroll system now so you’re ready to make changes quickly. Track Savings: These savings add up! Track this difference to reinvest into other operational needs or employee incentives. 2. Boost Employee Satisfaction and Retention Communicate the Benefit: Let your team know about this possible boost to their take-home pay. Removing tax on tips means they keep more of what they earn. Attract & Retain Talent: Use this as a recruiting tool. Make your restaurant a more attractive workplace by showcasing employee benefits like higher net earnings. 3. Stand Out to Customers with Transparent Policies Be Transparent: Educate your guests on how every dollar of their tip goes directly to your team. Transparency here can strengthen loyalty and encourage more generous tipping. Promote It in Your Marketing: Frame this as a positive part of dining with you—your restaurant is focused on rewarding employees directly and providing value to customers. 4. Simplify Compliance and Avoid Costly Mistakes Stay on Top of Tax Changes: Tax policies shift fast. Start discussions with your accountant now so you’re not scrambling if this legislation is passed. Train Your Team: Ensure your managers are clear on the new policies and ready to handle tip distribution and tax documentation correctly. What to Do NOW: Set up a call with your payroll provider to talk about how this will change calculations. (If you need some help connecting with an expert, let me know!) Meet with your management team to discuss how you’ll communicate these benefits to staff and guests. (Schedule a coaching call, and we can develop an effective communication strategy together.) Plan a marketing strategy to promote the transparent, tip-friendly policy to attract and retain both customers and staff. (Schedule a Restaurant Marketing Made Smarter Workshop to supercharge your message and attract more customers) This potential change isn’t just a tax update—it’s a chance to simplify operations, boost morale, and market a stronger employee-centric brand. Let’s get ready to take advantage!
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New Legislation Alert: Could Removing Tax on Tips Benefit Your Restaurant? With the talk of potential legislation to remove taxes on tips, this could be a game-changer for both our employees and our bottom line. Here’s how you can turn this into a win for your restaurant and take advantage NOW: 1. Prepare Your Payroll for Simplicity and Savings Review Payroll Processes: Removing sales tax from tips means more straightforward calculations and possibly less paperwork. Audit your payroll system now so you’re ready to make changes quickly. Track Savings: These savings add up! Track this difference to reinvest into other operational needs or employee incentives. 2. Boost Employee Satisfaction and Retention Communicate the Benefit: Let your team know about this possible boost to their take-home pay. Removing tax on tips means they keep more of what they earn. Attract & Retain Talent: Use this as a recruiting tool. Make your restaurant a more attractive workplace by showcasing employee benefits like higher net earnings. 3. Stand Out to Customers with Transparent Policies Be Transparent: Educate your guests on how every dollar of their tip goes directly to your team. Transparency here can strengthen loyalty and encourage more generous tipping. Promote It in Your Marketing: Frame this as a positive part of dining with you—your restaurant is focused on rewarding employees directly and providing value to customers. 4. Simplify Compliance and Avoid Costly Mistakes Stay on Top of Tax Changes: Tax policies shift fast. Start discussions with your accountant now so you’re not scrambling if this legislation is passed. Train Your Team: Ensure your managers are clear on the new policies and ready to handle tip distribution and tax documentation correctly. What to Do NOW: Set up a call with your payroll provider to talk about how this will change calculations. (If you need some help connecting with an expert, let me know!) Meet with your management team to discuss how you’ll communicate these benefits to staff and guests. (Schedule a coaching call, and we can develop an effective communication strategy together.) Plan a marketing strategy to promote the transparent, tip-friendly policy to attract and retain both customers and staff. (Schedule a Restaurant Marketing Made Smarter Workshop to supercharge your message and attract more customers) This potential change isn’t just a tax update—it’s a chance to simplify operations, boost morale, and market a stronger employee-centric brand. Let’s get ready to take advantage!
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Here are some key goals restaurant owners should consider for 2025 to improve their bookkeeping and overall financial health: 1. Automate Financial Processes Implement or upgrade accounting software to streamline payroll, expense tracking, and sales reconciliation. Integrate POS systems with bookkeeping tools for real-time updates and accuracy. 2. Achieve Consistent Financial Reviews-Schedule monthly reviews of profit and loss (P&L) statements, cash flow, and key financial metrics. Use these insights to identify trends, control costs, and plan for future growth. 3. Maintain Tax Compliance Year-Round- Stay ahead of tax deadlines by creating a calendar for sales tax, payroll tax, and income tax filings. Work with a professional bookkeeper to ensure accuracy and maximize tax deductions. 4. Improve Cash Flow Management-Establish a system to track daily sales, payments, and expenses to maintain a clear picture of cash flow. Build an emergency fund to cover unexpected expenses or downturns. 5. Reduce Financial Waste-Conduct regular inventory audits to minimize food waste and optimize ordering processes. Monitor operating expenses and renegotiate contracts with vendors where possible. 6. Set Financial Benchmarks-Define and track KPIs like food cost percentage, labor cost percentage, and average check size. Use benchmarks to measure your restaurant’s performance against industry standards. 7. Focus on Profitability, Not Just Revenue-Analyze menu profitability to focus on high-margin items. Adjust pricing strategies to reflect costs while remaining competitive. 8. Enhance Digital Record Keeping-Transition away from paper records to digital platforms for easier access and organization. Use cloud-based systems to securely store and back up financial data. 9. Train Staff on Financial Practices-Educate managers on reading financial reports and understanding their impact on operations. Ensure all staff are trained on proper handling of cash, tips, and sales reporting. 10. Work with Financial Experts-Partner with a specialized bookkeeper or financial consultant to gain industry-specific insights. Plan for quarterly consultations to adjust strategies based on performance and market trends. By focusing on these goals, restaurant owners can improve their financial management, reduce stress, and position their business for sustainable growth in 2025. Let me know if you'd like additional details on any of these goals!
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Running a restaurant is demanding, with owners and managers juggling numerous responsibilities daily. One critical area that cannot be overlooked is taxation and accounting. Proper financial management ensures the long-term viability of a restaurant, helping it stay compliant with federal and state laws while maximizing profitability. At Marc Wasserman PC CPA, we specialize in providing tailored tax and accounting services specifically for restaurants, ensuring that you can focus on what you do best—running your business. Common Tax and Accounting Challenges for Restaurants: - Sales Tax Reporting: Restaurants are subject to sales tax, which varies depending on location. Failing to report sales tax accurately can result in penalties. - Payroll Tax Compliance: With a significant portion of restaurant labor being tipped employees, payroll tax management is more complex than in other industries. - Inventory Management: Efficient inventory tracking and reporting help avoid over-ordering and shrinkage while ensuring accurate reporting for tax purposes. - Expense Tracking: Keeping detailed records of expenses is essential for maximizing deductions and minimizing tax liability. - Cash Flow Management: Restaurants often deal with high volumes of cash transactions, making cash flow management and accurate record-keeping crucial. - Compliance with Labor Laws: Navigating federal and state labor laws, including minimum wage requirements and overtime pay, adds another layer of complexity. Our team of experts understands these challenges and offers comprehensive solutions to address them effectively. Contact us today to learn more about how our specialized tax and accounting solutions can benefit your restaurant. ?? cpasouthjersey.com
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Are You Ready for 2025? Running a restaurant is no small feat, and managing payroll can often feel like a recipe for chaos. But what if the right software could turn your payroll process from overwhelming to effortless? Discover how restaurant payroll software is evolving for 2025, tackling unique industry challenges like tip pooling, shift differentials, and compliance changes. Our latest article dives into the must-have features, benefits, and trends shaping the future of restaurant payroll systems. Whether you're a small café or a bustling franchise, this guide will help you stay ahead of the curve. #PayrollSolutions #RestaurantTech #HumanCapitalManagement #HCM https://lnkd.in/gx7_6Hui
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If you have recently opened a new restaurant, bar, brewery, or distillery, this one is for you! ???? Starting a new business is exciting, but managing finances can be challenging. Here are six essential accounting tips to help you get started on the right foot: 1?? Separate Personal and Business Finances: Open a dedicated business bank account and avoid mixing personal and business expenses. This separation simplifies bookkeeping and ensures accurate financial reporting. 2?? Set Up an Accounting System: Invest in reliable accounting software to keep track of income, expenses, and financial transactions. A good system will help you stay organized and make informed decisions. 3?? Track Your Expenses: Keep detailed records of all expenses, from inventory purchases to utility bills. Categorizing expenses accurately will help you understand where your money is going and identify areas for cost savings. 4?? Monitor Cash Flow: Cash flow is the lifeblood of any business. Regularly monitor your cash flow to ensure you have enough funds to cover day-to-day operations. Plan for slow periods and unexpected expenses to avoid cash crunches. 5?? Manage Payroll Efficiently: Payroll can be complex, especially with varying employee schedules and tips. Use payroll software to automate calculations, track hours, and ensure timely payments. Staying compliant with labor laws is crucial. 6?? Analyze Financial Reports: Regularly review your financial statements, including profit and loss statements, balance sheets, and cash flow statements. Analyzing these reports will provide insights into your business's financial health and guide strategic decisions. Starting off with these accounting practices will set a strong foundation for your business's success. If you need help with financial management for your new restaurant, bar, brewery, or distillery, let's talk. Our team at Anne Napolitano Consulting is ready to provide the expert guidance you need to thrive in the hospitality industry. Message me to get started! Which of these tips do you find most helpful? #AccountingTips #NewRestaurant #HospitalityIndustry #StartupAdvice #RestaurantAccounting #AccountingFirm #QuickBooksProAdvisor
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Managing a restaurant is hard enough without the stress of payroll, tips, and benefits. That’s why?Lightspeed?is thrilled to offer merchants in the U.S. the powerful payroll features from our strategic partner,?7shifts! From Payroll Administration and Tip Integration to Benefit Management, we've got you covered. By automating these processes, you can focus on what really matters—creating unforgettable customer experiences. 7shifts’ expertise in hospitality, combined with Lightspeed’s tech, makes this a game-changing solution for restaurant owners looking to streamline operations. We’re committed to making restaurant management easier and more efficient—this partnership is just one more way we’re doing that. Find out more here:?https://lnkd.in/e77Q8Hk7
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