Do you wonder what a restaurant balance sheet is for? Or better yet, how do you read a restaurant balance sheet? Watch this video, or continue reading below, to learn the answers to these questions and more.
The balance sheet is a tool that shows you the health of your business. The simplest way to think about a balance sheet is like this: take your digital camera out and take a picture of your business. Print out the photo on your printer immediately. What you will see is a snapshot in time, showing what assets you have and who owns them.
One side of the balance sheet shows the assets of the restaurant. These assets are in the order in which they can most easily be liquidated. For instance, cash can be taken out of the bank today, but a building will take months or sometimes years to sell. The other side of a balance sheet shows the liabilities of the restaurant and to whom they are owed, or if they are a part of the owner’s...
Would you like to make your restaurant payroll less stressful? Watch this video, or read below, for two tips on how to do it.
You know that three payroll month? It only happens twice per year, but somehow it always seems to happen when your sales are low and you have no cash flow. Three payrolls and no cash. Or what about the time it takes to do your restaurant payroll. You have to track down your data from your POS system, making the managers adjust the in and out time, making sure all the data is correct, enter all the data and then double check it. It takes a lot of time. And if you're a restaurant owner who does it themself, you're really stressing yourself out.
A lot of restaurant owners don't want to give up the cost of paying a professional payroll company. Especially if they feel like they have the time to do it themselves. But I have a few reasons you should just pay a payroll company to do it for you.