Running a restaurant business involves a lot of tasks and functions, including serving the customers, organizing your staff, handling team hurdles, and even getting engaged in raw material procuring process. In this busy schedule, you may not get ample time to manage your accounts and bookkeeping properly, which may lead to severe losses during surprise inspections and audits. If you wish to ensure hassle-free operations of your business, then you must ensure that you have every detail of your income and earnings, which will enable you to analyze the current position of your business and thereby assist you in making strategic business decisions.
Read the following sections to gain insights on some of the best practices that a restaurant owner must adopt to improve business performance without sacrificing quality or customer experience:
Continue reading Enhanced Efficiencies & Comprehensive Reports – Hallmarks of Streamlined Accounting for Restaurant Owners
The US restaurant market is mature and highly competitive in nature. Although, restaurant industry sales were expected to reach $783 billion in 2016, the industry only witnessed a moderate rate of growth in sales. Despite, Restaurant Performance Index, advanced in September 2016, Restaurant operators will face numerous headwinds in the 2017 business ecosystem. From legislative and regulatory pressures and moderate economic growth, to labor cost increases and cyber security, both new and old issues will challenge profit margins and muddle operating procedures.
This article seeks to address some of the challenges that will continue to plague the restaurant operators in the year 2017
Continue reading Recipes for Success for Restaurant Operators in 2017
Is your retail business ready for the future?
The retail industry in the U.S. has faced more disruptive changes over the last decade than over the entire last century. As the retail landscape for US continues to evolve, it seems that the industry is in the middle of an unprecedented transformation. However, with market disruption comes opportunities and those retailers who can be nimble, adapt, and innovate in the face of these changes will be better positioned for success than those who cannot. As a result, traditional brick-and-mortar stores are now reinventing themselves by investing in the latest technologies to streamline their operations, integrate their billing and payment systems, inventory tracking and monitoring systems. Furthermore, challenges such as evolving demographics, rapidly-evolving customer preferences and economic volatility are also pushing retail businesses to cut costs, find new ways to offer more value, and keep pace with today’s demanding consumer.
Continue reading The Future of Retailing – Key Trends Transforming the Retail Landscape
The Supermarkets and Grocery Stores industrymakes up the largest food retail channel in the US. As per the latest figures released by National Grocers Association, nationally there are 21,000 privately held or family–owned grocery stores in the US that generates $131 billion in annual sales. These grocery stores account for total 25% of the Supermarket industry sales in the US.
As per the “2016 Independent Grocers Financial Survey” conducted by the National Grocers Association, the sales of the independent grocers grew by 2.1 percent in 2015 which is up from 1.5 percent in 2014. In order to ensure that the growth story remains intact, the grocers need to ensure implementation of robust financial management practices for their business that includes accurate processing of their financial information, efficient tracking of inventory and POS data as well as adherence to underlying regulatory information on a year-on-year basis.
Continue reading Top-5 Challenges that will affect Grocery operators in 2017
Nonprofit organizations are subject to a unique accounting and reporting requirement that requires the reporting of expenses according to the purpose for which they are incurred. This process, referred to as functional expense allocation, is one of the more challenging areas of preparing a nonprofit organization’s financial statements.
As per the IRS Form 990, that applies Generally Accepted Accounting Principles (GAAP), nonprofits are required to segregate their entire costs into three expense categories:
Continue reading Two ways Nonprofits can reduce their Overhead Costs