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Jan
12

While accounting is more than simply credits and debits, understanding revenue sources and expenses are the basic keys to profitability. We’ve discussed the three categories of restaurant expenses , so let’s now talk specifically about controllable and non-controllable costs. Why make this cost distinction? Well, there are really three key reasons for separating controllable and non-controllable….

Jan
04

Hiding In Plain Sight: Use Tax

 

Businesses are accustomed to paying sales tax on company purchases and charging sales taxes to customers, but another component of sales tax may be hiding in plain sight. Use tax applies when sales tax isn’t charged. Businesses should be self-assessing use tax to avoid state tax audits.

Watch Kris Hoffman discuss sales and use tax compliance and how CRI can help your business implement a system to comply with use tax requirements.

Dec
17

When restaurant financial statements are discussed, there are almost always industry-specific terms thrown around: food cost, prime cost, cost of goods sold, gross profit or gross margin, labor costs, etc.  Several more in that list include the three types of expenses—prime costs, controllable costs, and non-controllable costs. The “rule of three” and the Latin phrase omne….

Dec
14

Managing Unrelated Business Income (UBI) in Not-for-Profits

 

Not-for-profit organizations are subject to unrelated business income tax (UBIT) when they make a profit from activities that are unrelated to their primary tax-exempt purpose. Unrelated activities run the gamut from parking lots to advertising revenue to debt-financed rental income.

Watch CRI’s Chad Singletary discuss unrelated business income inclusions, exclusions, and smart strategies to offset UBIT with deductions.

Dec
10

Following the Crowd: Rules for Crowdsourcing

 

If you’ve donated to a project on Kickstarter, Indiegogo, or RallyMe, then you’ve contributed to the crowdsourcing phenomenon. The concept is simple: it’s easier to raise $20 from 500 people than it is to raise $500 from 20 people.

For many startups, crowdsourcing is an attractive and cost-efficient alternative to issuing an initial public offering (IPO). Watch as Jon Heath and Bruce McFadden discuss the benefits of crowdsourcing.