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    Wow, there are lots of great tips to help you deal with your expenses in your business. For me, things can get quite busy and crazy sometimes, and I bet a restaurant biz is much more magnified, right? Anyways, I like to schedule one day a week and block off 30 minutes just to focus just on organizing the finances of the business. I find that when I do that, it helps me get a better insight into my business, and moreover, helps me make better financial decisions.

    Also, you should separate your personal from your business expenses. That means getting separate banking accounts, and if necessary, separate credit cards.

    In addition to paying your employees, advertising can be another significant expense item. Google the name Jonah Berger for ideas to get your business to go viral!

    Good Luck!


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    Quote Originally Posted by pandandesign View Post
    My dad owns a restaurant, and I help him since he's started his business. I don't mind helping my parents because family is important and it's part of my business too. Owning a business isn't easy and can be quite expensive than working for someone else because the more people he's hired, the more he's going to pay because there are insurance and employment benefits and etc. How do you keep up all the expenses in a business because there are a lot of bills to pay in order to keep the business going. I want to know how do you keep up all the expenses when the business isn't doing well? Do you usually have a plan to limit the spending or something?


    EEEK... i know what you mean. My family also has a few business practices and there are quite a few expenses. It's good that your dad owns a business and you can learn a lot just from helping him out. There are a lot of bills to pay including electricity. I actually work to help reduce the cost for people with one of these expenses(electricity). Usually people go have the COMMED electric service; if you want I can for free send you information on comparative rates for reduced electric expenses; customized for your needs, which will save money year 'round.

    I know COMMED electric provider is suppose to rise 350% recently; by June 2014 its suppose to rise from 5.5 cents per kw to around 11.9 cents per kilowatt hour!

    You guys have a guiros business?? I just had guiros today lol.


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    Last edited by powermarkman; 01-26-2014 at 01:51 AM.
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    To keep track of all your expenses as well as the money coming in to your business, you might want to use a free accounting software program. If you make sure to enter your income and outgoings regularly you'll always have a good handle on how the business is doing financially. You may or may not need an accountant or bookkeeper to put together more detailed annual or quarterly financial statements and do your tax returns - but whoever does them will find their job much simpler if you keep day-to-day accounts in this way.

    There are several free programs to choose from these days, but a simple package that doesn't require a lot of figuring out is VT Cash Book. Another good one is GnuCash, or there's TurboCASH 5, xTuple PostBooks and many others.


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    Being in business for yourself means that you are a little OCD when it comes to keeping up with paperwork. In order to keep up with our business expenses, we have a business account that has a check card and a checkbook. Everything for the business is paid out of this account and this account only. All business deposits are made into this account. We don't spend cash on business expenses, even if it's just a few dollars at Lowes because we can't keep up with all those receipts without a way to cross reference whether or not it was a personal or business expense. At the end of the month, I cross reference each receipt with the corresponding bank entry and then print the statement and attach the receipts. Then we store them in a box with the other months for the year and then add the corresponding tax return, mileage logs and other documentation to that box at the end of the year. It's the only way we can keep track. Organizaton is the key to a happy business life.


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    This was an interesting blog post that I read that might be of help to you - http://elease.com/business-hot-topic...anagement-tips


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    My family used to own a restaurant for 4 years before we sold it, and I also worked in it my teen years. Keeping track of all the expenses is difficult, but the key is to be organize when doing all of the paperwork. Personally, from my experience, I would not hire anyone to do the paperwork especially if the business isn't doing well. Hiring someone would just require more capital and paperwork to deal with. I don't know what type of restaurant your dad deals with, but when my family had our restaurant, during tough times, we would cut back the menu. For example, we had 3 different type of chicken dishes, if one of them isn't doing, we would pull that one from the menu and recommend the dish that's selling well that day. That way, we would save money on food cost, and get a happy customer for recommending a good dish. Be open to making changes when it comes to the menu. Any perishable food that is not sold is money down the drain. Furthermore, beware of the customer service in the restaurant, it really can make or break a restaurant.


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    Tu Nguyen
    Creative Director
    tu@treehausinkdesign.com
    http://treehausinkdesign.com
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    Write your expenses on a sheet, then look which are immediately important and which you can delay for sometime.Fulfill your important needs first and then think about the others.It will help you to manage your business.


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    #18
    Join Date
    Sep 2014
    Location
    USA, illinois, Chicafo
    Posts
    23
    Every company is having a account department that keep the records of all these things, they also manage a file of all bills. By having a particular record of the bill and other records like salary, some other expenses. By having all these you can easily manage or keep up all the expenses in your business. You can also manage by keeping your business records in a filling system may be last on your list of priorities.


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    Hello,

    I guess you already do a lot by helping and probably this way you save a lot. Being a restaurant you will always have to pay bills like: electricity, gas, salaries to employees, VAT, taxes and others. But in order to prevent an empty pocket you can grow the revenue. Probably the reason why you made the post here is because the costs start to be lit bit higher than what you cash out.

    I would recommend doing some advertise and promotion. And a good review will always bring new clients, at least that's what I have learned since I started my business. I can recommend a good guy who is been helping me around with a good marketing strategy (local newspapers, editorials) and give you some tips.

    Don't be discouraged. You know what they say nothing it's easy or cheap now days so keep the heads up!
    Cheers,
    MM


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    Hire an experience accountant who will handle the each and every expenses which will help you to manage your expenses. Keep a spreadsheet to manage your expenses, keep on auditing every expenses of your business going out or in.


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