Trouble Ahead? 5 Red Flags in Your Restaurant Financial Statements

Effective inventory management and menu pricing are common challenges for owners of restaurants of all sizes. To be successful, owners must manage expenses, monitor cost fluctuations, improve ordering processes and respond with timely menu price increases.

Preparing a profit and loss statement, and understanding how to interpret the results of the statement, provides an owner information needed to make effective operating decisions in a timely manner. This article defines what a profit and loss statement is, its key components, and warning signs.

What is a profit and loss statement?

The profit and loss statement (also called a P&L, income statement,

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Hospitality Industry Outlook for 2020

As we approach the year’s end, this is a good time to consolidate plans for next year. For the hospitality industry, the Lodging Conference kicks that process off.

I recently attended the 25th annual Lodging Conference, where hotel owners and executives meet to strategize and learn about development, finance, management and operations.  I returned with beneficial information to share as you plan for 2020.

Economic Outlook

The conference began with an economic and geopolitical outlook presented by Bernard Baumohl, Chief Global Economist of The Economic Outlook Group.  He addressed the worries many of us have: Is a recession near?

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Data Security and Privacy for the Hospitality Industry

By Julie Eisenhauer, CPA

As we head into May and the prime tourism months of summer, it is an opportune time for hospitality professionals to evaluate the important responsibility they have in maintaining data security and privacy.

One only has to read the headlines to realize that data security and privacy continue to be of paramount importance to customers of hospitality businesses. Several years ago, I wrote an article that outlined basic steps to consider when protecting data. These steps for protecting data I wrote about a few years ago are as relevant today as they were then.

Step 1: Locate and inventory where personally identifiable information (PII) is stored

PII includes first and last names,

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Is your Company Ready to Implement the DOL’s New Overtime Regulations?

By Julie Eisenhauer, CPA

The Final Rule on overtime, which the Department of Labor (DOL) announced in May, enables employees to qualify for overtime pay more easily. Though the overtime rule has been a source of great confusion amongst employers for some time, the July proposal incited a great deal of speculation as to how it might affect their businesses. The recent DOL announcement brought that speculation to an end. If your company hasn’t already started planning for this change, it would be wise to begin now; the effective date is December 1, 2016.

The DOL’s Final Rule defines the exemptions for executive,

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