Q How secure is my POS data, and how can I best protect it?   A You’d probably be amazed at how easily a hacker can break into your POS system. With that in mind, the IRS recommends that small businesses follow these five steps to protect their data: 1)  Identify … More

Q: My CPA never seems to be working with the correct net sales figures. How can we solve this problem? A: At tax time, there’s one daily number on which the owner and the accountant must always agree: net sales. This figure, usually generated through the POS system, serves as … More

Q I’m overwhelmed. Where do I turn for help?   A  It took a strong ego to start your business. It also takes a strong ego to ask for help. So many restaurant operators bear the entire operation on their shoulders and eventually can’t handle the workload. It takes … More

Q My back office is a mess. How do I get it organized?   A  As an accountant who works with restaurant owners nationwide, I often sit in their back-of-the-house offices. It’s typically a 4’-by-4’ space that also serves as a broom closet and a break room. It’s packed with security … More

Q How can I prepare for possible changes to my payroll when the new president takes office?   A  Payroll is probably the biggest line item in your profit-and-loss statement, and you should expect more changes to this part of your operation than any other in 2017. If President-elect Donald Trump … More

Q How do I reconcile myself and my business to any new changes under a new president?   A With a new president in office and the changes in Washington, we should anticipate changes to the tax code to pay for new programs, if any, that get implemented. Whether … More

Q When should I schedule a makeover for my restaurant?   A With a new president taking office next year, changes to the tax code—with a potential impact on your profitability—could be on the way. To prepare, first ensure that the financial statements you receive from your accountant are current. Next, … More

Q Why can’t all my vendors send me invoices electronically?   A If they’re not doing so, they should be. In this digital era, we should never have to store paper invoices and financial documents—it’s incredibly inefficient. You can pay bills and make daily deposits on secure websites. Accountants make sure … More

Q What’s the best way to keep track of my expenses?   A  You need to be able to track expenses as they’re incurred. Before tax season rolls around again, you should find a good expense management tool and establish a system, documented in the employee manual, that covers … More

Q Does my restaurant qualify for the FICA tip credit?   A The IRS Section 45B tax credit is available to employers who operate a food or beverage establishment where tipping is customary and where food or beverages are served either on or off premises for consumption. Also known … More

Q What makes my restaurant valuable?   A: I have interviewed thousands of restaurant operators and employees, from waitstaff, dishwashers, chefs and owners to accountants, consultants, investors and bankers, about the qualities that third parties value most in a restaurant. One thing is certain: It’s not just about a dollar amount. Brand … More

Q How can I protect myself from identity theft?   A Identity theft is a growing problem in the United States. Criminals steal personal information to commit fraud and other crimes. According to the IRS, some thieves swipe a taxpayer’s Social Security number and use it to file a phony … More