Joining us this week is Dan Engel of Engel Accounting, a restaurant accountant extraordinaire who has seen the good, the bad, and the downright ugly of restaurant books over his career. Dan has been an accountant, auditor, and controller for some recognizable accounting firms and brands over a career spanning decades.
In this episode, Dan shares his wealth of knowledge on what makes restaurant accounting unique, the challenges mom-and-pop operators face with their finances, and how the pandemic relief funds have impacted the industry. We also dig into the nitty gritty of accounting best practices, from accrual vs cash basis to the various ways restaurant owners pay themselves.
Whether you're a restaurant owner looking to get a better handle on your books, or you're just fascinated by the behind-the-scenes of the industry, this episode is packed with valuable insights. Tune in to level up your restaurant accounting game and set your business up for success.
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What You’ll Learn from this Episode:
The key differences between accrual and cash basis accounting for restaurants.
Some of the biggest mistakes mom-and-pop restaurant operators make with their books and how to avoid them.
Why having detailed, transparent financials is critical when trying to sell your restaurant business.
The pros and cons of the various ways restaurant owners can pay themselves, from payroll to guaranteed payments.
How pandemic relief funds have impacted restaurant accounting and valuations.
Practical tips for getting timely, accurate, and useful financial reports each period.
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