Bookkeeping is the most important part of running a profitable business. If you don’t know how much money you’re making or where it’s going, you can’t make wise financial choices or help your business grow.
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Restaurants across the U.S. embraced technology as a solution to COVID-19 concerns, and it’s continuing to shape the industry and lead to financial recovery for many restaurant owners. QSR Magazine reported 89.6 percent of restaurants offered takeout and 81.9 percent had delivery as an option, a third of which used three or more delivery apps.
Employee Turnover in Restaurants As a restaurant owner, one of your biggest headaches is likely employee turnover. But why? The annual average employee turnover rate is usually around 12-15%, but limited-service restaurants are facing 135%, according to the U.S. Bureau of Labor Statistics, with full-service not fairing much better at 106%.
As a restaurant owner, what are the top two biggest expenses for your business? Food and labor. And what are the two most time-consuming and critically important tasks for your restaurant? Managing inventory and payroll.
The Paycheck Protection Program (PPP) authorizes $350 billion in forgivable loans to small businesses, including restaurants that employ less than 500 employees at one location, due to the COVID-19 crisis.
Your restaurant’s cybersecurity is likely not something you think about often, but it’s now one of the biggest risk factors to your reputation and bottom line.