16
Jan

Restaurant Accounting 101

If you own a restaurant, chances are you started your business out of love for creating quality food and sharing your passion with your guests.  You probably did not start a restaurant because you love math, numbers and complex financial problems. Unfortunately, the recipe for any stable restaurant includes a...
12
Jan

The Most Important Partner for Your Business

Depending on your previous experiences, your understanding of an accounting firm could be drastically different.  Some accountants will do little beyond handling your accounts and completing your tax return forms.  Other accountants are more involved and take a proactive approach to your needs. In some instances, you might find yourself...
9
Jan

3 Key Indicators of a Profitable Restaurant

Unfortunately, there is not a simple one-size-fits-all method to running a profitable business.  This could be why roughly 60 percent of new restaurants don’t make it past the first year, and 80 percent never see their fifth anniversary.  These scary statistics don’t mean your restaurant needs to suffer the same...
4
Jan

Small Book-Keeping Mistakes Have Large Impact

A business’ books can often be the best indicator of where the company is and where it’s heading. Maintaining good books can help your company plan for the future and make better financial decisions down the road. Yet, if you asked a group of business owners what the most mundane...
12
Oct

4 Common Financial Mistakes Business Owners Make

Far too often, we meet business owners who come to us in need of fixing simple, common financial mistakes, allowing their hard earned revenue to trickle away. By identifying these common mistakes, you can take action to eliminate them before they create significant problems. Your business will reward you for...
12
Oct

Common IRS Notices and Their Purpose

If you receive a notice in the mail from the IRS, don’t panic. A simple notice does not automatically mean you are under an audit. Actually, your chances of audit are slim. However, the content of the notice is still important. Most IRS notices require a response quickly – typically...
10
Oct

4 Easy Ways to Reduce Business Expenses

Small cost-effective changes can have a large impact on company success. Even the smallest reduction in expenses will increase profitability, free up capital for growth, and improve your bottom line. With these 4 tips, you can easily reduce expenses without reducing quality. Make it a Team Effort Meet with your...
10
Oct

What to Do After the IRS Contacts You

You open the mailbox, sort through your mail and toss the junk aside. Then, in big bold letters, you see the three scary letters – I-R-S. Last year, more than 1.6 million taxpayers received similar notices from the IRS. While most notifications are due to math errors, 1 million U.S....
30
Dec

How social security benefits are taxed

Are you wondering if your social security retirement, survivor, and disability benefits will be subject to federal income tax on your 2016 return? Generally, when these benefits are taxed is determined by your “provisional income.” Provisional income (PI) is the product of a formula used for no other purpose than...