Is your Restaurant Profitable?

Curious to know if a new restaurant will be profitable?  Take annual sales & divide by the total square feet of the restaurant (including the kitchen, dining room, storage areas & restrooms).  Because sales per square foot is the most reliable indicator of the potential profitability of a restaurant, you should crunch these numbers sooner rather than later. Here’s the formula (hello 8th-grade Algebra!): Sales per square foot = Annual Sales/Square…  Read more

Minimum-wage rates adjusted for inflation as of Jan. 1, 2019

Minnesota’s minimum-wage rates will be adjusted for inflation beginning Jan. 1, 2019, to $9.86 an hour for large employers and $8.04 an hour for other state minimum wages.  As of Jan. 1, 2019, an estimated 219,000 jobs (not including jobs in Minneapolis) will pay the $9.86 or $8.04 state minimum-wage rates. “This is great news for Minnesota’s lowest-wage workers and will help them keep up with inflation to better provide…  Read more

5 Common Bookkeeping Pitfalls — and How to Avoid Them

Although most entrepreneurs recognize the importance of careful financial management, few do their bookkeeping on a frequent basis. Unfortunately, not keeping a close eye on your income and expenses can be very costly for a business. Here are five of the most common bookkeeping pitfalls, and some simple tips for getting back on track. Mixing business and personal All too often, entrepreneurs adopt a “buy now, sort later” approach to…  Read more

The importance of documenting processes and systems

Many entrepreneurs operate with their business processes and systems in their heads. They know what they need to do each day and the way they want to get things done. Unfortunately when a business grows and staff need to be hired – or the owner needs to take time away from the business – it’s a real liability not having processes and systems documented in one place. Read on to…  Read more

Using Software to Save Time and Increase Profitability

Are you using software in your business to save time?  If you aren’t yet, now is a good time to start.  Lots of different software programs exist that help businesses save time and organize their important business documents.  Take advantage! Bill.com is one type of software that can help you in a particular time-sucking activity – bill-paying.  Businesses regularly receive invoices and bills from vendors on a monthly, weekly or…  Read more

Quickbooks got a major facelift!

We’re taking a little detour from our “normal” QBO Challenge to bring exciting news: Quickbooks got a major facelift!  If you haven’t used it already, you’ll notice a new, cleaner interface, invoice set-up changes and even more integrations!  You can read all about the specific changes straight from the Quickbooks source by clicking here. Our favorite changes?  The integration with Apple Pay (pay invoices with a single touch – yes, please.)…  Read more

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