Sample Bookkeeping for Restaurants and Bars: In the hospitality industry without precise record-keeping, even the most successful establishments can find themselves adrift, struggling with cash flow, compliance, and ultimately, profitability. Bookkeeping is the often-unsung hero, forming the bedrock of smart financial management. It’s the invisible framework that supports informed decision-making, ensures regulatory compliance, and illuminates […]
Author Archives: Mitchell Nance
Market
Nasdaq Crashes, Restaurants Scramble – How the Hospitality Industry Reacts to Stock Market Downturns
23
May
May
In times of economic uncertainty, the hospitality industry is affected by equity-market downturns that can create revenue-crushing reactions – hurting both consumers and operators alike. Looking back at the most recent recession, dining out dropped 8.8% in December 2007–June 2009, relative to pre-recession period levels. The severe, sustained market crashes coincided with marked contractions in […]
02
May
May
As businesses embark on their growth journey, particularly within the dynamic and often volatile landscape of the hospitality industry, the need for astute financial leadership becomes paramount. Navigating the complexities of cash flow, profitability, and strategic expansion requires more than just diligent bookkeeping; it demands executive-level financial expertise. This is where the concept of your […]
21
Apr
Apr
Introduction How to Reduce Costs in the Restaurant Business: The restaurant industry has always been fiercely competitive, but recent years have pushed many operators to the brink. Escalating food prices, rising labor costs, and inflationary pressures have drastically narrowed profit margins. Add to this the unpredictable nature of consumer demand and increasing utility expenses, and […]
18
Apr
Apr
A point-of-sale system is a key function of a hospitality business. When choosing a new one, operators should consider a system that fits both your budget and meets the required functions of your operation. This can depend on factors like the complexity of your restaurant. Cost is one of the most important factors in this […]
07
Apr
Apr
Building a successful restaurant goes beyond serving great food and offering stellar service. To ensure ongoing growth and long-term success, it is essential to establish a solid foundation rooted in operational excellence, employee engagement, and sound financial management. Whether you are looking to maintain consistency, adapt to changing trends, or prepare for expansion, each aspect […]
07
Apr
Apr
The concept of selling can be driven by a variety of factors, whether it’s post-COVID fatigue, the desire to cash in on your success, or simply reaching an age where you’re ready to step away after years in the industry. Whatever the reason, planning your exit strategy is as crucial as building the restaurant itself. […]
04
Apr
Apr
Data is revolutionizing the hospitality industry in numerous ways, from streamlining hotel bookings to optimizing restaurant operations. As technology advances, hospitality businesses are better equipped to gather, analyze, and act on a wealth of data that can help drive growth and profitability. Analytics in the hospitality industry involves using data to make better business decisions, […]
24
Mar
Mar
Introduction The hospitality industry is complex, with fluctuating customer demand, seasonality, and high operational costs. Managing finances effectively requires more than just balancing the books, it requires strategic financial leadership that can navigate the unique challenges of this sector. This is where a CFO in hospitality comes into play. By optimizing revenue, controlling costs, and […]
07
Mar
Mar
The hospitality industry is a nuanced financial sector with many regulations and compliance pitfalls that require an experienced watchful eye. Whether you own a hotel, a restaurant, or any other business in the sector, staying competitive and profitable in today’s environment requires more than just providing good service. Deep insight into operations, revenue management, cost […]
06
Mar
Mar
Navigating the world of restaurant investment can be overwhelming, whether you’re launching your first concept or looking to expand your brand through franchising. Securing the right investment is essential, and having a clear and compelling pitch is key to attracting potential backers. Paperchase specializes in helping restaurant operators craft investor models that not only tell […]
27
Feb
Feb
When it comes to managing alcohol invoice processing, time is money. If you’re still relying on manual systems for accounts payable (AP), you’re likely experiencing slowdowns, mistakes, and unnecessary stress. Whether you run a cozy bar, a bustling restaurant, or a QSR, the solution is clear: automate your invoice processing. This can not only save […]
27
Feb
Feb
The hospitality sector is dynamic, with constant changes in guest preferences, market demands, and industry standards. To stay competitive and ensure long-term success, hotels must adapt quickly and efficiently to these shifts. One of the most effective ways to achieve this is by leveraging the expertise of hotel consulting firms. These firms provide tailored solutions […]
07
Feb
Feb
The hospitality industry can be a complicated financial asset, and the hotel sector is no exception. From tracking revenue and expenses to ensuring compliance with tax regulations, hotel accounting plays a vital role in keeping the business profitable and running smoothly. Hotel accounting services not only ensure that financial operations are accurate and efficient but […]
23
Jan
Jan
Taxes can be an overwhelming and stressful part of running a business. Understanding tax regulations, maximizing deductions, and maintaining clear and accurate financial records are critical to the long-term success of your restaurant, but it can hard to know where to start when understanding this nuanced financial topic. Paperchase’s team of expert hospitality finance experts […]
