Feb 1, 2020 | Article | Tagged: Operations
Interchange Fess AntiTrust Litigation
There has been a class-action suit filed against Visa, Mastercard and Defendant Banks for over-charging on their fees. A new settlement has been reached and all eligible merchants including restaurants and bars could be eligible for a share of the settlement. The settlement is between $5.5-6.2 billion.
When a cardholder makes a purchase of food or beverage at your restaurant or bar using a credit or debit card, there is an interchange fee charged to the merchant by the bank. The fee is usually 1-2% of the purchase price including tips.
If you took Mastercard or Visa during the years January 1, 2004 and January 25, 2019, you would be a potential claimant.
Aug 1, 2019 | Article | Tagged: Operations
WHAT NEEDS TO BE ACCOUNTED FOR IN YOUR RESTAURANT BE AWARE OF WHAT IS REQUIRED Restaurant owners rarely know how much accounting is required to run their restaurant. Naturally, they just assume that the accountant “just handles it.” But does the accountant really...May 1, 2019 | Article | Tagged: Operations
WHAT NEEDS TO BE ACCOUNTED FOR IN YOUR RESTAURANT BE AWARE OF WHAT IS REQUIRED Restaurant owners rarely know how much accounting is required to run their restaurant. Naturally, they just assume that the accountant “just handles it.” But does the accountant really...Nov 1, 2018 | Article | Tagged: Operations
Customers look for a combination of things when they choose to eat out. Why do you think people come to your restaurant/bar? What do you offer? Pick the reason or reasons they choose you & rank them. How can you improve...May 1, 2018 | Article | Tagged: Employment Law, Operations
HOW TO REPORT TIPS PROPERLY Many years ago, tip reporting was easy and owners typically would tell their accountants or payroll company to just report tips up to whatever the minimum wage was at the time and that was sufficient. This was a good deal for the restaurant...May 1, 2018 | Article | Tagged: Operations, Warnings
Before committing to purchasing a restaurant or bar it is advisable to take the proper steps to avoid unpleasant surprises later. A due diligence investigation should be performed which includes seeking professional advice on how to proceed. Even if you are an...Nov 1, 2017 | Article | Tagged: New Technology, Operations
A WAY TO MAKE YOUR LIFE EASIER One of the common complaints of restaurant owners is that, as credit cards dominate all financial activity these days, fewer and fewer restaurant customers are paying cash. This causes a problem for operations with high end customers...Aug 1, 2017 | Article | Tagged: Operations
The very best restaurants adhere to strict portion controls. Portion controls enhance consistency and reduce losses from waste. 1) Ensure your kitchen staff weighs all portions or use standard size ladles so as to meet your recipe specifications on every meal. 2)...May 1, 2017 | Article | Tagged: Operations
REVIEW YOUR TAX AND MANAGEMENT EFFICIENCIES Good restaurant operators, like all good businesspeople stay busy all year round. There is always something to do to make you more efficient, increase business and secure you and your family’s income and future. In addition...Feb 1, 2017 | Article | Tagged: Operations
A new Michigan law gives new businesses the option of purchasing a “conditional” or temporary liquor license to allow the sale of alcohol while the state performs its investigation of the owners. Previously, a new owner purchasing a restaurant or bar had to wait until...
