Friday, May 12, 2017
BUSINESS: 7 Restaurant Accounting Questions You Should Be Asking
Did you know that 46% of all small businesses fail because of bookkeeping errors? This proves that good bookkeeping and accounting processes are must-haves for keeping your restaurant alive. We’ve put together 7 questions restaurant owners needs to ask their accountants.
DID YOU KNOWs…
Drinks That Waste Your Money
Everyone has their ‘default drink,’ aka your go-to drink at the bar that never fails to satisfy. According to some, there are actually 15 drinks that are wasting your money at the bar. Hmmmmm…
Healthcare Hot Water
The Trump administration has succeeded in taking major steps to repeal Obamacare, or at least large parts of it. This infographic shows that for many Americans (42%), not much had actually changed since the introduction of Obamacare in 2010.
Dramatic Readings of Yelp Reviews
Aziz Ansari appeared on the Tonight Show with Jimmy Fallon to thoroughly entertain us by reading more dramatic Yelp reviews. Check out the hilarious video here.
Why it matters to you: Snapchat reports a $2.2 billion loss possibly due to increased innovation in social media.
Ever since Snap Inc. went public back in March, things haven’t been going as expected for the social media giant. Snapchat’s stock has been tanking after its first-ever earnings report missed expectations by a lot. Shares are down more than 20 percent in after-hours trading. However, Snapchat’s user base did grow by eight million in the first three months of 2017, and the company has roughly 166 million daily users. Analysts have attributed this net loss to other social media competitors including Facebook (who owns Instagram and WhatsApp) that have stepped up their game to introduce Snap-esc features (aka Instagram stories), which have actually surpassed in popularity.
Snapchat’s reported a net loss of over $2.2 billion is not exactly unexpected considering both Facebook and Twitter didn’t do so well after their first earnings report either. The company is in the midst of financial analyzing but still may have the edge over Facebook based on its active and loyal user base of 18-to-34-year-olds using more than 18 times a day. Snapchat is becoming more of a media network, signing deals with major networks including NBC Universal, Discovery, ESPN to name a few. If these fluctuations with Snap Inc. continue, it could potentially determine the future of the company.
DEPORTED AFTER VOTING FOR TRUMP
Why it matters to you: It is crucial to address all aspects of making business decisions to ensure they don’t backfire.
Immigration has been at the center of countless controversies after Trump administration has taken office. Back in February, an Indiana restauranteur who owns a popular steakhouse called Eddie’s Steak Shed has been deported leaving his family behind to run the restaurant. Roberto Beristain entered the United States illegally back in 1997, but beyond that did not have “so much as a parking ticket on his record.” In 2012, the Department of Homeland Security gave him all the documents he needed to stay in Indiana, as long as he kept a clean record. Three weeks into Trump’s term, Beristain was doing a routine check-in with ICE (Immigration and Customs Enforcement), when he was immediately deported. Also, Beristain’s wife voted Trump into office without knowledge that he would crack down on undocumented immigrants.
In an hour special on 60 Minutes, Anderson Cooper documents the family’s struggle to run Beristain’s restaurant while he’s sent back to Mexico. Beristain’s wife goes on to explain her reasoning behind voting for Trump, including his promises to better the economy and give tax cuts to small businesses. Unfortunately, she did not pay much attention to the immigration part of Trump’s presidential campaign and immediately regrets her decision voting him into office. Immigration has been a hot topic in restaurants and countless other incidents similar are on the rise, especially with some states banning Sanctuary Cities in recent weeks. It is important to address all aspects of making business decisions as operators to ensure they don’t backfire.
Hero image courtesy of CNN.