On December 15, 2017, The Federal Labor Department notified the Office of Management and Budget that it intends to rescind the current rule (FLSA Sec. 203 “m”) that restaurant owners can only distribute pooled tips to employees “who customarily and regularly receive tips.” The newly proposed change (29 CFR 531) would effectively return the rule Read the full article…
The Grateful Table is a fundraising dinner to launch Restaurants Care, an emergency assistance fund for restaurant workers facing an unexpected hardship. KROST CPAs in alliance with the California Restaurant Association Foundation (CRAF) is committed to building and maintaining a thriving people-focused restaurant community. The idea for this fundraiser started in 2015 when a chef Read the full article…
KROST is sponsoring and co-exhibiting with our sister company, KBKG at the Restaurant Finance & Development Conference taking place Monday, November 13th – Wednesday, November 15th. We will be at booth #819, stop by and see us if you are attending! Lester Cook, CCSP, Director at KBKG, will be speaking at the conference. Lester is Read the full article…
Effective October 1st, 2017, a district tax increase will be applied in those cities that have not already reached the 2% limit on district taxes. The rate increase is due to the passing of Measure H approved by Los Angeles County voters on March 7, 2017. Measure H or “Los Angeles County Homeless Initiative” the Read the full article…
Our industry leaders at KROST CPAs attended the biggest foodservice expo on August 27 – 29. The Western Foodservice Expo is a must-attend event for anyone involved in the restaurant, foodservice or hospitality industry. We learned about the hottest menu trends, state of the art design and decor, the best in business education and 400 Read the full article…
Pokeworks is leading the poke bowl phenomenon all the way from New York City to Vancouver, Canada. Founded in 2015, Pokeworks founders wanted to share their passion for this flavor filled Hawaiian classic with of course a few twists like the Poke Burrito. Helping with the creation of items like the “Shiso Salmon – Signature Read the full article…
The vibrant community of Brentwood has a new destination for amazing seafood, craft cocktails, and a well-appointed wine list, Bottlefish. Developed by the founders of California Pizza Kitchen, the restaurant is centered around responsibly sourced seafood, grilled specialties, and an extensive oyster bar. Under the supervision of Steven Rich, Bottlefish is an entirely different concept Read the full article…
Accounting for your restaurant can be both straightforward and complex. One of the upcoming complex issues is the accounting for breakage revenue. The term breakage refers to money that is received from gift cards that are not expected to be redeemed by the customer. Unredeemed gift card liability can be tricky to report as it Read the full article…
The Numbers The Foodservice industry continues to have a large footprint in the American Economy. The Restaurant Industry annual sales are expected to reach $799 Billion in 2017 and currently employs 14.7 Million people. That means 14 percent of all retail sales and 11 percent of all jobs in the United States come from the Read the full article…
As a restaurant operator, understanding the importance of maintaining accurate inventory levels for your restaurant is critical to running a successful business. High inventory levels in comparison with the corresponding food sales can severely hinder your potential for profitability. Excess inventory levels will lead to poor control practices, inefficient use of product and susceptibility to Read the full article…
