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By the time you manage inventory, staffing, customer demand and narrow profit margins, the last thing you want to think about is the IRS. Restaurants, like other cash-intensive businesses, are a frequently targeted for audits by the IRS. By keeping accurate and complete records, you can reduce the length and pain of an audit.
Although the IRS and state taxing authorities have initially slowed their pace of audit activity to protect the health and safety of their own employees during these turbulent times, this is only temporary. Consequently, restaurants can expect more aggressive payroll and sales tax enforcement in the near future.
Modern Restaurant Management (MRM) magazine asked restaurant industry experts for their views on what trends and challenges owners and operators can expect to see in 2024. Consider, for instance, a scenario in which your Point of Sale (POS) system can forecast the popularity of a new dish based on historical customer behaviour.
Step 1: Audit Your Current Location(s) Before you start planning for your future, take a look at your past and your present. Still, you should conduct a thorough audit of your current restaurant(s) before expanding your business further. The people have spoken, and your restaurant franchise is a winner.
US Foods Holding Corp.entered into a definitive agreement to acquire Smart Foodservice Warehouse Stores from funds managed by affiliates of Apollo Global Management, Inc. NYSE: APO) (the “Apollo Funds”) for $970 million in cash. US Foods to Acquire Smart Foodservice.
Modern Restaurant Management (MRM) magazine asked restaurant industry insiders for their views on trends. With more options to work outside of the hospitality industry, operators must offer employees more scheduling flexibility, facilitate transparent communication between management and team members, and avoid overworking staff.
In all cases they begin with the same goals: prepare and serve great products that are consistent and offered with a smile, build success on a steady flow of sales and controlled profitability, and do all of this with pride. I have the privilege of working with many different restaurants and food businesses. So why does it sometimes go wrong?
To add resources to these guides, reach out to Modern Restaurant Management (MRM) magazine Executive Editor Barbara Castiglia at bcastiglia@modernrestaurantmanagement.com with news. The National Restaurant Association Educational Foundation has launched the Restaurant Employee Relief Fund to support U.S. Live in the U.S., an overseas U.S.
Managing payroll manually in restaurants is time-consuming and error-prone. How to Start : Choose software with features like POS integration, tip management, and compliance tools. From front-of-house staff to kitchen teams, managing payroll requires precision, flexibility, and real-time solutions.
Well cover everything from automation to IT management, with examples tailored for POS users. Pull sales reports to see if slow days are dragging down cash flow, or check inventory logs to spot overstocking issues. Ask your team too; theyll often point out clunky processes, like manual data entry, that numbers alone might miss.
Modern Restaurat Management (MRM) magazine is collaborating with the team at MarketScale on The Main Course , a podcast that aims to explore the intense and competitive modern restaurant industry. "We Barbara Castiglia , MODERATOR – Modern Restaurant Management. The Main Course. Restaurant of the Future Panel. 20 at 4 p.m.
But we're at an inflection point in the restaurant industry. What about managers? Track and manage employee workload. What about managers? Managers fared a bit better than hourly employees—with a turnover rate of 28%. Turnover in restaurants is as high as ever. Table of Contents. Restaurant Retention Data Study.
Once you have estimated the total fixed and variable costs and expected sales for your cloud kitchen in a year, it is recommended to calculate the break-even point, which will ultimately indicate if you’re set to make a profit. A restaurant makes a profit only when the sales exceed the expenses. . Forecast The cash flow .
Whether you are an executive chef, a seasoned restaurant finance executive, or an owner/operator who manages your own books, speaking the language of restaurant accounting will help keep all financial stakeholders on the same page. In Part 2, we’ll help you decide how best to manage accounting at your restaurant.
Sales Tax Requirements. The city and state where you operate your restaurant could have different sales tax requirements, and if you own multiple locations, it is even more important to be up to date on the different requirements. Compensation and Taxes. Mileage Deductions. Keep Proper Records. Revenue Procedure 2015-56. Employee Tips.
Speakers will include Head of Beverages at Nestlé Professional, Patrick Stern, and Relationship Manager at Perfect Daily Grind, Nicholas Yamada. revenue growth in 2021, bolstered by rising Nespresso sales. Nestlé states Nespresso was a significant contributor to overall sales growth. Registration is now open. billion (US $2.86
The restaurant industry is one of the most fast-paced, with endless to-do lists. While it may be exciting to own a restaurant and serve your customers, some vital tasks like doing accounts may be quite challenging. With all the factors that go into consideration, doing your accounts can be overwhelming. Saves Administrative Time and Effort.
From retail to restaurant management, the right inventory solutions can make a significant impact on profitability and customer satisfaction. Below, we explore various types of inventory services and how businesses can leverage them to better business management and even excel in franchise management settings.
Understanding Restaurant Management Software. From the introduction of point of sale (POS) systems to accounting systems, technology is changing the ways restaurants operate today. Among the technology offered today is restaurant management software. . Why do you need restaurant management software?
Short points about your commitment to honesty and hard work, plus care and respect for customers and for the staff. Approachable management: someone in authority who staff can talk to if they notice things aren’t right. Approachable management: someone in authority who staff can talk to if they notice things aren’t right.
Restaurant inventory management is not the most enjoyable restaurant task. Inventory management is a cost management strategy that influences your restaurant food costs , revenue, profitability, and cash flow. Of course, there’s much more to inventory management than maintaining stock levels.
All approval process workflows are accessible through a centralized email or dashboard, and an audit log tracks all decisions. Digitizing the AP workflow gets your management and accounting team away from the computer to do more strategic tasks. Accounts payable, step-by-step. Step 3: Pay. Top AP tasks that you should automate.
In this post, we will explore what an ideal restaurant food margin is and how to calculate it so that you can have an easier time managing your business and know exactly where you stand financially. . A Guide to a Restaurant’s Ideal Profit Margin for Food . 30% food costs . 30% labor . 30% overhead expenses . 10% profit .
Fortunately, driving more restaurant sales isn't particularly difficult. The key is to reduce your costs and increase your sales. And when all costs and variables are considered, high-end restaurants need to be particularly well-managed to survive. As an owner-operator, your restaurant likely sits at the center of your life.
Managing a restaurant is a daunting task. Handling inventory, staff and customers, along with keeping track of analytics and reports all at the same time can become cumbersome for the restaurant manager. It enables you to manage each task efficiently. . That is why, automating restaurant operations is always fruitful.
Establishing a rapport with the customer, finding out their needs, and pointing out the solutions your business offers are elements that some people find easier than others. For in-store sales, you’ll want to ensure your staff knows how to use your retail POS system. A successful retail operation needs a great team.
Instead, we embrace the dark side and look at the pain points and pitfalls. Franchising is a time-tested business model that allows restaurant owners to scale their business fast and efficiently. However, like every business model, it has a few drawbacks you should consider. Brace yourself. Here we go. 4 Signs You Are Not Ready To Franchise.
Fortunately, driving more restaurant sales isn't particularly difficult. The key is to reduce your costs and increase your sales. And when all costs and variables are considered, high-end restaurants need to be particularly well-managed to survive. As an owner-operator, your restaurant likely sits at the center of your life.
Managing a chain of company-owned restaurants is very different from working with franchisees. Besides cost estimates, audited financial statements and projections should be included, like: the expected growth rate for (at least) the first year; the estimated restaurant cash flow; the expected payback period.
City and state health departments monitor local restaurants to ensure they’re following food safety management program guidelines. Additionally, in order for restaurant leaders to operate as a certified safe food handler , such as managers and chefs, they must pass assessments related to food safety and risks like foodborne illnesses.
In this edition of MRM News Bites, we feature links for PPP Forgiveness, new Yelp features and more products and services for restaurant recovery. PPP Forgiveness Links and EZ App. Did not reduce the salaries or wages of their employees by more than 25 percent, and did not reduce the number or hours of their employees; OR.
Modern Restaurant Management (MRM) magazine's Franchise Feed offers a glimpse at what's new in the restaurant franchise and MUFSO environment. Send news to Barbara Castiglia at bcastiglia@modernrestaurantmanagement.com. Allen Named CEO at Checkers & Rally's. She is an accomplished leader in the restaurant industry.
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