Restaurant Industry News

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Articles from The Insider’s Report archives go back over several years. Some articles may include date-sensitive information or other information that has changed over time.
Please consult with your advisor or Kallas Company for updated information or if you have any questions.

RESTAURANT BEST PRACTICES

CASH HANDLING Make sure there is only one manager in the safe during each shift. Incoming and departing managers should both verify the count and report any discrepancies. Cashiers should always count their cash drawer before accepting it and sign off. Only the...

WE DON’T JUST PREPARE YOUR TAX RETURNS

Throughout the year we pick up new clients – many from other accountants.  We always review the prior work to see if there is anything that was missed or can be done to better your situation. One of the recurring things we notice is that many accountants and tax...

HOW TO SURVIVE THE COVID-19 SHUT-DOWN – EMERGENCY RECOMMENDATIONS

Since the COVID-19 emergency began, Kallas Restaurant Accounting has been tracking all the relief programs and new law changes for our restaurant clients. There is an overload of information from many different sources and much of it duplicated and some inconsistent. The details of how the various programs work together or are implemented is still being issued over the next few weeks.

But, here are the first steps Kallas Company recommends to help get through the shutdown.

Visa & Mastercard class-action lawsuit may yield cash back for you!

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.

More than Accounting Resources Available

Kallas Restaurant Accounting has added Michael R. Kramb, CPA to our staffing resources. Michael has a strong history in the restaurant industry.  He has worked as a controller for two well-known independent restaurant chains as well as owning his own restaurant....

The Purchasing Cycle – Accounting Cycle for Restaurants

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...

The Sales Cycle – Accounting Cycle for Restaurants

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...

Tip Reporting and Becoming Compliant

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...

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Everything the Bar and Restaurant Owner needs to know!

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