Restaurant Accounting Services, Inc. (RASI) (formerly RSI) is a national leader in restaurant accounting and operational management services for more than 1,600 restaurants across the U.S. Our proprietary accounting system offers a variety of service levels ensuring we cater to every individual restaurant’s needs, providing a deep focus on ownership of financial accounting.
Included in the RASI portfolio are turnkey solutions that focus on the de-fragmentation of major components within operational management: Payroll, Accounts Payable, Inventory and Menu Engineering, Weekly Financial and Cashflow Statements, Targeted Education, State and Federal Compliance, and POS Enterprise Reporting. With RASI's expansive reporting, data is utilized to create actionable insights and is ultimately the reason that our restaurants achieve profits averaging 11% higher than the industry average. RASI enables independent restaurant operators the ability to Focus on Food, Not Finances™.
This video was so so helpful! I found it two days ago and I've watched it about 13 times lol. Tomorrow I'm interviewing for executive pastry chef, and I know this topic will come up. This will be interview 2 of three. Thanks for creating this video.
Hi! In an upscale cocktail bar/restaurant in which a tip pool exists for all FOH assistance staff, should it be legal to pay the service staff 2.13/hr plus the tip pool and not require them to abide by the 80/20 rule? The side work that used to be done by tipped employees is now the assist staffs responsibility, which in turn requires a need for more labor, in turn leading to less pay.
Hi Kyle! The 80/20 rule exists for all tipped employees that are paid a tip-credit wage, regardless of where the tips come from - guests or tip pool, and regardless of what type of restaurant we are talking about - fine dining or hole in the wall:-) In regards to any legal questions, we recommend you speak directly to a lawyer.
It says exspences incured from March 2020 do those have to be past due or can I include bills (rent pay roll etc) that I paid during that period before I received the rrf?
Hi Nicholas! Eligible expenses incurred between 2/15/2020 and 3/11/2023 can be submitted to the SBA to substantiate the use of the RRF grant; past due expenses are allowed if incurred on 2/15/2020 and before 3/11/2023 but not necessary to be an eligible expense under the RRF, even if the funds were received after 2/15/2020. Reminder, funds used to substantiate the use of the RRF grant cannot be claimed as ERTC eligible wages or PPP forgiveness eligible expenses. If you have any more questions, please feel free to contact us at rasiusa.com
What about advance EIDL, targeted EIDL and state restart/survival grants? In reporting the actual expenses do we need to subtract expenses paid for with these funds?
Unfortunately, because the program is closed and out of funds, there is not much for businesses to do who were approved but not funded other than continue to keep an eye on legislation to see if Congress approves for additional program funding.
3000 were approved then rejected cause of a lawsuit about discrimination. Women and veterans were supposed to be priority, but then put in the back of the line when the sba was sued. It was heartbreaking
My business was actually funded May 10, but my bank account info was incorrect so it was sent back to Sba and later recinded completely due to the lawsuit. Very sad. Our money was basically taken from us and given to another business in the end.
Hi @BenPierce! Great question! First off, I would recommend asking yourself what is your goal? Are you just trying to cost out your recipes? Are you trying to get a theoretical cost? I want to mention that the majority of restaurants that menu engineer can accomplish an accurate theoretical cost by only engineering out their top-selling items (velocity items). Don't let perfection get in the way of progress. However, if you do intend to engineer out your entire menu, I would suggest creating sausage as a "prep" recipe including the brisket/beef rib and pork trim as ingredients in the sausage; that way you're accounting for everything as accurately as possible.
So is it your position that credit card tips paid in cash at the end of each day are not eligible for ERTC even if they are reflected on the paycheck and have payroll taxes applied? How about for PPP?
Hi @ChrisiVids - Tips are included in eligible wages for PPP and ERTC; the client pays tax on the tips and that gives them the right to claim the tips as wages
Brian, thank you so much for giving idea on maximize PPP and ERTC. Let's see if I don't delay apply for 2nd PPP and received money already but am I able to hold off using PPP amount to the end of second quarter and tried to finish in the 24 weeks period and pay employee from my own money until the end of 2nd quarter in order to maximize the ERTC. Let me know what is your thought are.
Hi Nathan! Thanks for your comment - please go ahead and reach out directly to our Compliance Team at compliance@rsiaccounting.com. We will be able to answer your questions more efficiently!
Hi Paul! Thanks for reaching out. In the Consolidated Appropriations Act, 2021: ERTC Section 206 page 4927 allows employers w/ PPP loan to retroactively claim ERTC in 2020 for all 3 QTRs on Q4 941. Section 206(c)(2)(B)(i) Section 2301 of the CARES Act was amended by striking subsection (j) -- This is page 4931 in Act, line 9. In the CARES Act Section 2301(j) states: (j) Rule for Employers Taking Small Business Interruption Loan -- If an eligible employer receives a covered loan under paragraph (36) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)), as added by section 1102 of this Act, such employer shall not be eligible for the credit under this section. (This section was repealed).
@@RestaurantAccountingServices I appreciate it. Tough trying to figure things out as a small business owner (not a restaurant though). Do you know if you are the owner of your company, do your w2 wages count?
@@paulwhite6367 - So sorry for the delayed response we've had a busy week! The legal verbiage can be a total beast to get through and we are so grateful to have compliance experts who can break things down and clarify the mess - the best way through this is together. As for the W2 Wages if you own your business, if the company is an S-Corp or a C-Corp and the owner is an employee, the wages would count towards the ERTC. Owners of an LLC, partnership or sole proprietor are not employees of the business.
We loved our conversation with you and Stover, and know how powerful your words, leadership, and work ethic are to the rest of the restaurant industry! Cheers to #DigitalHospitality and restaurants becoming their own media companies as they follow suit!
Math wins the day! The budget is the MOST important tool that restaurant owners can use to get through this pandemic. Great, great restaurant accounting advice.
Thanks David! Utilizing numbers and data to create actionable insights is a restaurateur's best bet during a crisis to ensure they're making educated, profitable decisions!
What do you think about having actual cost in line with Recipe costing ? Also Do you use any tools for Chef and Manager to monitor wastage , I understood it's available on Stocktake system however result is depended on input which have been done on system which can be wrong/ inaccurate. Cost allocation also important think what we are using in kitchen and what in Bar same if we have different cost center which in Food( like Pastry - Event ), Would love to hear your point of view.
1) Your actual cost should be around 2% points higher than your recipe costing. Once you identify that difference, that is where you can dive into your waste opportunities and make an impact on your COGs. 2) In terms of monitoring waste, I am a fan of a waste log on a clipboard. Yes this is old fashioned, but it allowed me to have the entire team involved. The clipboard should come to all manager meetings and be a topic of conversation when you are troubleshooting waste opportunities. As always, bad information in/bad information out, whether you are using technology or a clipboard. 3) Great point. If you have shared expenses between the bar and the kitchen, you now must consider splitting the expense between different categories. For example, if you have limes as a garnish for your drinks and use as lime juice in a dressing, you have multiple expense categories. You may want to consider moving the expense in your accounting system ($10 of limes out of the bar expense into the food expense). We would tend to recommend picking the expense limes are most used for, and not worry about the accounting transfer. Keep it simple!
@@RestaurantAccountingServices Thanks What do you think on below 1) Analyzing the Cost by Food Group 2) For Fine dine Restaurant how much it is important to have Cost report by Premium menu item (Beef , Lamb , Selfish ....), Since restaurant will have multiple menu (Brunch , Set Menu) and majoring the cost of each dish. 3) Sales allocation - Fine dine Restaurant have multiple menu with group option most of the POS will have Total figures as revenue , how do you think about the revenue and cost allocation of this - For Example if i wanted to see desert cost I will have to add Ala cart revenue as well as Set menu revenue, For Brunch I will have to split Food and Beverage revenue 4) What is your opining on tracking the Butcher cost ? 5) account for Staff food / Drink and Complimentary foods?
@@saumil333 we love the conversation! Please reach out directly to clientadvisors@rsiaccounting.com and reference the Menu Engineering Webinar on RU-vid, and we'll be happy to finish this conversation one-on-one with you! We look forward to hearing from you!
Hi Manny, We can help, start here and a rep in your area will contact you with more information; restaurantaccountingservices.com/contact/request-a-demo/
Thank You for sharing this video. Gave some great insight to this subject. Im shopping for an inventory interface and I love that you spent time to focus on two different businesses that both find your product useful.
Hi Sam! I'm glad you found this video useful. One of our local reps would be happy to speak with you and learn more about what you're looking for if you just want to fill out this brief form on our website: restaurantaccountingservices.com/contact/request-a-demo/ We look forward to speaking with you!
This is great. With our 2nd restaurant I have been spending lots of time, money and energy letting our new team know how valuable R S I is and how it can make us a better restaurant. This says it all! JB Central Bar+Restaurant Bellevue, Washington
