Salt Lake City Bookkeeping Blog

A great profit margin and healthy bottom line is one fantastic way to shut the door on 2020 and move forward.

Let's take a look at 12 explosive tax deductions that can be a new life line for restaurants, and the people that manage them.

Making sure your restaurant is maximizing its deductions is just one other great way to increase the bottom line and keep the business healthy.

Here are 12 ways to do it, with a PDF at the end of 56 action-packed pages of IRS material outlining other deductions. We've tried to save you the trouble of reading through them all with these 12.

Does the following conversation sound familiar?

Me: How's business?

Most people: It's great. I'm so busy!

Me: Oh nice. Want to get together and discuss some growth opportunities? 

Most people: I'd love to, but I'm just too busy. I'm working like 60 hours a week and can't make the time.

Sound familiar? Well there's a way to solve it.

Over the 14 years I have owned a bookkeeping service you can imagine that I've seen a lot of different sets of books; the good, the bad, and the incredibly ugly. To be honest, more often than not the books are pretty bad. It's little things here and there, that just compound to make up an overall bad bookkeeping system. 

Once a bookkeeping system has gone bad it loses its value to the business, the team, and the owner. It becomes a constant frustration for everyone. So typically everyone gives up on the books as a lost cause.

In this post, I cover certain necessities that a great bookkeeping system must have.

No, the PPP won't save your business.

It was designed to save the economy, but not your business.

It definitely helped your employees because it guaranteed their jobs and income during some really uncertain times. And with all the employees countrywide staying on payroll, the economy dodged disaster.

But by now I'm sure the majority of those funds have been exhausted. So what now?

I say it to our team all the time:

We are a customer service business that does accounting.

And I truly believe it. 

When you look at the businesses you continually buy from what do they have in common? In addition to great products or services that you want or need I guarantee most of them have outstanding customer service.

How nice is it when you buy something from Amazon or Zappos and it is just not perfect so you return it and there are no questions or hassles? What about when you get instantaneous support and problems solved through a web chat or phone call where you didn't have to wait?

You will continually support businesses that offer great customer service.

The accounting industry is not different. We are in the service industry and therefore need to offer outstanding service.  

Let me explain how we have designed the customer experience and service at SLC Bookkeeping so you can understand what makes us different and what you can expect working with us.

If you are using Square POS you can set up a really great automated bookkeeping system. Square is a really popular POS solution in the restaurant industry. It works particularly well for quick-service restaurants, ghost kitchens, food trucks, and curbside pickup business models. 

Cash flow management became a big concern for a lot of businesses this year, especially after COVID really set in. The problem was that most businesses not only didn't have a good handle on their cash flow, but their accounting system was not set up in a manner that made cash flow management possible.