People ask me all the time, “how do I account for tips?” To get a handle on restaurant tipping, start by recording all tips on everyone’s paychecks. Employees used to ask me not to put tips on their paychecks because they didn’t want it to get taxed, but you should. I’ve seen too many restaurants get […]
Restaurant tipping best practices and accounting Read More »
Choosing the right restaurant location can make or break your business. To help ensure you don’t start from a deficit, here are some tips I learned from running my own restaurants for the past 20+ years. EXISTING INFRASTRUCTURE IS KEY I can’t stress enough how important it is to try to get an existing restaurant
Choosing the right restaurant location Read More »
You need to secure many different permits before opening a restaurant. I have a degree in Hospitality and Restaurant Finance, but didn’t learn how to navigate the permitting process in college. I didn’t even learn it when I worked as General Manager for The Daily Grill, an established L.A. based restaurant group. I learned by
Navigating the restaurant permitting process Read More »
Old school payroll companies charge you every time you process payroll. If you run payroll every two weeks, they bill you every two weeks. Every time you want to do an off-cycle payroll – like if you fire somebody or make a mistake – they charge you extra. Newer payroll companies charge you a flat
Restaurant payroll companies pros and cons Read More »
Many restaurant operators have frowned upon using third party apps for delivery and pickup. These apps take commissions, but they’re part of doing business today, and if you’re not on them, especially as a fast casual restaurant, you’re losing out on revenue. It’s naive to think people are just going to order from your website
Negotiating with third party delivery apps and accounting for sales Read More »
People ask me all the time, “What does a restaurant bookkeeper do?” We aggregate information correctly so that you or your CPA can act on it. We take data points – your POS system, bank transactions, payroll, etc. – and put them together into reports so you can see how your business is performing. We
How do I know if my restaurant bookkeeper is doing a good job? Read More »
Depending on how comfortable you are and how your operations are set up, a single restaurant probably doesn’t need a Controller or a Director of Finance, especially if you’re using FIXE. FIXE does a good job of providing and outlining your financials. We make sure that the information is going into the right buckets, that
When do I need a CFO or Controller for my restaurant? Read More »
We train our Account Managers to review Profit & Loss statements to ensure accuracy. Here are a few tricks of the trade that I would encourage any of our clients to do as well, to verify everything looks correct. 1) Always look at your P&L and compare it to the period before. By comparing this
How do I know if my Profit & Loss statement is accurate? Read More »
When we started FIXE, Accounts Payable (AP) automation was fairly new. BILL (fka Bill.com) was the most popular platform, but some restaurant specific platforms were starting to gain traction. Craftable, MarketMan, xtraCHEF, Restaurant365, Plate IQ (now Ottimate), and MarginEdge all have different bells and whistles. These Accounts Payable platforms all do one thing at their
Accounts Payable Platform Pros and Cons Read More »
A tech stack is the set of softwares you need to seamlessly run your business. How do you choose the right tech stack for your restaurant? When you’re talking to different software companies, be very clear on how they integrate with QuickBooks Online and other softwares you use. Is the integration a file transfer or
Tips For Choosing a Restaurant Tech Stack Read More »
From Restaurant Operations to Restaurant Technology: Leading FIXE’s Sales Growth As FIXE’s Sales Director, Matt Greenberg brings over two decades of restaurant industry experience to help solve one of the sector’s most pressing challenges: financial management. Restaurant Roots Matt was born in Queens and raised between L.A. and Maryland. His restaurant career began at Sammy’s
FIXE Team Member Spotlight: Matt Greenberg Read More »
When you learn about accounting in college, three main documents provide the complete picture of your business. These statements tie together to tell your entire financial story. Most operators focus strictly on the P&L. They want to see: “How did I do last month?” They don’t look at their balance sheet enough, because payments (or
Which Financial Reports Should I Look at to Understand My Restaurant Business? Read More »
In a relationship with a franchisor, a franchisee has to be able to run their own business. In doing so, they must be able to do their own accounting. The franchisor shouldn’t be able to dictate who does the books at franchises, because it’s overstepping the relationship. A lot of times, franchisees will get their
How FIXE Restaurant Bookkeeping Works For Franchises Read More »
Kris Middleton-Kearns, who is known within the FIXE community as Kris Kay, was born and raised in San Diego. She earned her certificate in accounting from Foothills Adult School, and completed general accounting and managerial accounting at Cuyamaca College. Kris handled Accounts Receivable for a fire protection company, assisted with in-house bookkeeping while also being
FIXE Team Member Spotlight: Kris Middleton-Kearns Read More »
Restaurant Finance Monitor hosted their annual Restaurant Finance & Development Conference from November 11-13 at the Fontainebleau Las Vegas hotel. I attended RFDC the past two years, getting the lay of the land, meeting with software companies and building relationships. This was our first year having a FIXE booth, which makes a big difference. RFDC
Restaurant Finance & Development Conference (RFDC) Takeaways Read More »
The FIXE dashboard now features custom, multi-unit comparative reporting, a powerful resource to make better informed, more timely business decisions. Restaurant groups can compare financials from up to 5 restaurants on one screen. Just select the locations, date ranges and categories you like. See exactly where you stand and find areas to improve. We can
FIXE custom, multi-entity reporting is a game-changer for restaurant bookkeeping Read More »
Mariana Martinez is a dedicated FIXE Account Manager based in Nicaragua. She grew up in the Spanish colonial town of León, and 25 years ago, her family moved to Managua, the country’s bustling capital, where she has lived ever since. With a degree in Management and International Business from Thomas More University in Managua, Mariana
FIXE Team Member Spotlight: Mariana Martinez Read More »
Which sales metrics and efficiencies should restaurants focus on to determine whether they’re succeeding in business?
How is my restaurant doing with sales and efficiency? Read More »
