Article Archives: Julie Eisenhauer

Posted by: Julie Eisenhauer

On March 11, 2021, President Biden signed into law the American Rescue Plan Act (the Act), to speed up the U.S. recovery from the economic and health impacts of the COVID-19 pandemic. Included in the Act is a Restaurant Revitalization Fund (RRF) with appropriations of $28.6 billion in grants to support the restaurant industry.

Application

The RRF begins accepting applications from eligible entities on Monday, May 3, 2021 at 9:00 AM (PST). Applications will be accepted through a U.S. Small Business Administration (SBA) dedicated portal and certain Point of Sale (POS) vendor partners. We encourage eligible applicants to prepare gross receipts documentation in advance to be ready when the application goes live.

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Posted by: Julie Eisenhauer

4/27/2021: Applying for funding? Learn more about priority group applications here

4/13/2021: This article has been updated since originally published to reflect new guidance.

On March 11, 2021, President Biden signed the American Rescue Plan Act (the Act) into law to speed up the U.S. recovery from the economic and health impacts of the COVID-19 pandemic. Included in the Act is a Restaurant Revitalization Fund with appropriations of $28.6 billion in grants to support the restaurant industry. This is the first grant program specifically available to the restaurant industry.

Eligible businesses with gross receipts during 2019 of not more than $500,000 will have $5 billion available to them,

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Posted by: Julie Eisenhauer

It’s no secret the COVID-19 pandemic has had a substantial negative impact on businesses. Companies deemed non-essential have closed their doors, employees have been furloughed or laid off, supply chains have been disrupted, and consumer demand is down.

In these trying times, a quote by John F. Kennedy can help remind us of the opportunities that also exist:

The Chinese use two brush strokes to write the word ‘crisis’. One brush stroke stands for danger; the other for opportunity. In a crisis, be aware of the danger, but recognize the opportunity.”

Many business owners are responding to the danger this crisis has created by managing expenses,

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Posted by: Julie Eisenhauer

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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Posted by: Julie Eisenhauer

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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Posted by: Julie Eisenhauer

As a family business advisor, I often provide consultations on maintaining family harmony as the family successfully transitions the business from one generation to the next.

Various research has found that only 30% of family businesses transition successfully to the 2nd generation, 12% to the 3rd generation and 3% to the 4th generation. Further, 60% of transition failures were caused by a breakdown of communication and trust within the family unit. With these statistics in mind, how can you safeguard the long-term interest of your family business?

How Family Roles Affect Business

Why do communication and trust breakdowns often occur within a family that’s operating a business?

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Posted by: Julie Eisenhauer

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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Posted by: Julie Eisenhauer

April 21, 2020 update: To provide accounting relief and clarity during the COVID-19 crisis, the FASB published an exposure draft with proposals to delay the effective dates for Leases (Topic 842). Find more information here.

Last month, I wrote a synopsis of a recent Clark Nuber-sponsored real estate event. Many topics were covered by our esteemed panel; so many, in fact, that one article couldn’t cover it all.

This article addresses the other issues that real estate asset managers should know about, including insurance risks, disputes, and the state of the industry.

Risk and Insurance

Regarding mitigating risk,

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Posted by: Julie Eisenhauer

By Julie Eisenhauer, CPA

I recently had the good fortune of moderating a panel of real estate and cybersecurity experts on the challenges facing asset managers. Many thanks to the following for sharing their knowledge with us: Bill Pollard, Managing Principal at Talon Private Capital; Greg Duff, Owner of the law firm Garvey Schubert Barer; and Susan Stead, Principal at insurance firm Parker Smith & Feek.

The conversations between the panel and the audience were engaging and wide-ranging, so for this article I distilled the event down into three main takeaways for real estate asset managers.

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Posted by: Julie Eisenhauer

By Julie Eisenhauer, CPA

Are your company’s financial matters in order? Have you adequately addressed its financial risks? These are important questions your company should be answering regularly to address financial matters and enhance business value.

A strong financial house supports growth and sustainability – enhancing the value of a business. The following are key areas that should be considered when evaluating your company’s financial strength.

Audit Readiness

How would you rate your company in terms of being “audit ready”? Even if an outside accounting firm does not audit your financial statements, it is good business practice to have effective financial reporting processes in place.

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Posted by: Julie Eisenhauer

By Julie Eisenhauer, CPA

Successful business owners invest time working on their business instead of in the business on a regular basis. Making the time to focus on business value enhancement, through defining a direction for the company, focusing resources, and setting priorities and action steps; is important to a company’s success.

Now is the time of year for business owners and management to review their current year successes, reevaluate their direction, and develop goals and action steps for the next year. This sounds like an easy step, but in reality, it can be an overwhelming task. Many would argue that the time spent on year-end planning can be time consuming and ineffective.

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Posted by: Julie Eisenhauer

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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Posted by: Julie Eisenhauer

By Julie Eisenhauer, CPA

A lawsuit was recently settled for $62 million in which the employees accused the employer of mismanaging their 401(k) plan. The lawsuit stated that the employer hid excessive fees and invested in conservative investments that resulted in diminished investment returns for plan participants. In another case, the U.S. Supreme Court will soon hear arguments where participants in a 401(k) plan argued that they were being charged excessive fees.

These cases raise the question: what are the employer’s fiduciary responsibilities with respect to retirement plans they sponsor? The Employee Retirement Income Security Act (ERISA) sets standards of conduct for those who manage private-sector retirement plans and its assets (called fiduciaries).

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Posted by: Julie Eisenhauer

By Julie Eisenhauer, CPA

On May 28th, under a joint project, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued their new standards for accounting for revenue under contracts with customers.

Why the New Standard?

Currently, U.S Generally Accepted Accounting Principles (GAAP) include many revenue recognition requirements across many specific industries, resulting in different accounting for similar transactions. The new standard improves comparability across entities, industries, jurisdictions and capital markets. It also removes inconsistencies, provides a more robust framework, and provides more useful information to users of the financial statements through improved disclosures.

What are the Main Provisions?  » Read more

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