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Successful Accounting as a Restaurant  

Best Practices for Successful Accounting as a Restaurant  

By Matt Patrick / November 28, 2023 / Comments Off on Best Practices for Successful Accounting as a Restaurant  

While successful accounting fundamentals remain unchanged, the landscape’s complexity requires attention to various fronts like food costs, labor expenses, and more. The ultimate goal remains constant—making money.

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What is the Best Entity Structuring for Multi-Unit Restaurants? 

By Matt Patrick / October 13, 2023 / Comments Off on What is the Best Entity Structuring for Multi-Unit Restaurants? 

“How should I set up my multi-location restaurant group?” We encounter this question frequently. Or sometimes, it’s the classic, “My brother-in-law absolutely insists I should become an S Corporation.”  Now, before we delve into the intricacies of business structures, let’s consider how much wisdom your dear brother-in-law could really have… he did get married to…

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SIMPLE IRA vs. 401k – Which is better for a small business owner? 

By Matt Patrick / September 22, 2023 / Comments Off on SIMPLE IRA vs. 401k – Which is better for a small business owner? 

When I started my business, I wasn’t concerned about my retirement plan. I was really only thinking about how I could pay my employees, cover my home mortgage payment, and have food on the table for my family. You know, the basic necessities of life. After a couple of years, was able to hire more…

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Home Office and Partner Expenses for Business Owners 

By Sandy Ledbetter / September 1, 2023 / Comments Off on Home Office and Partner Expenses for Business Owners 

The 21st-century workspace has dramatically shifted, and with more businesses than ever before operating from the confines of their homes, understanding the tax implications and benefits of home offices is paramount. For business owners and partners, comprehending these benefits can mean significant financial advantages. Here’s a breakdown of what every business owner should know about…

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How to pay yourself as a business owner

By Matt Patrick / May 18, 2023 / Comments Off on How to pay yourself as a business owner

Understanding how to pay yourself as a business owner can be perplexing. When I started my business in 2003, I faced the same dilemma. Having worked in public accounting, I was accustomed to dealing with large businesses but not being the owner myself. Transitioning from receiving a paycheck to being the one writing the checks…

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How do I provide a company vehicle for my employee?

By Matt Patrick / May 11, 2023 / Comments Off on How do I provide a company vehicle for my employee?

Providing a company vehicle to your employee might sound like a funny goal to have — but it’s been with me since the beginning of my career. Back during my internship at a Montgomery, AL-based firm in the 1990s, I was delighted to learn of an amazing perk offered by the company to its managers…

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The 10 Ideas You Have to Implement When Starting a Small Business

By Matt Patrick / May 5, 2023 / Comments Off on The 10 Ideas You Have to Implement When Starting a Small Business

When I started thinking about opening my own firm, my initial priority was to decide what specific type of work I wanted to do, and what tools I needed available to do the work. Ultimately, I wondered if I could be financially successful enough to pay my bills.  I also realized there was a bunch…

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3 Mistakes to Avoid When Setting Up a 401k Plan

By Mike Shaeffer / May 4, 2023 / Comments Off on 3 Mistakes to Avoid When Setting Up a 401k Plan

Offering a retirement plan is a great benefit that allows employees to contribute to their future in a meaningful way. It’s a terrific opportunity and benefit that often attracts great folks to your organization, but this great benefit can turn into a nightmare for employers if it is not handled appropriately. We thought we’d take…

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7 Insurance Policies Every Business Needs

By Mike Shaeffer / May 2, 2023 / Comments Off on 7 Insurance Policies Every Business Needs

Insurance policies aren’t usually the first thing you think about in the morning, but that doesn’t mean it’s not vital to your business. When you’re not covered you open you and your business up to all sorts of trouble. Here’s an example: You get to work and notice that there is a buzz amongst the…

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How Labor Cost Impacts Your Profitability

By Matt Patrick / April 28, 2023 / Comments Off on How Labor Cost Impacts Your Profitability

Like a number of our clients, we are a service-based business. Our ability to be profitable is based on our knowledge and technology, but most importantly, is tied to our team or labor costs. Almost all service-based businesses fall into this category. Labor costs are the most critical and highest expenses we incur, and are…

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