Weekly Profit & Loss Reporting
We provide our clients with the tools to produce simple and meaningful daily and weekly internal reports to help stay focused on their financial goals. Only by having accurate and timely knowledge of your restaurant’s financial information, can you quickly identify and react to problems that arise during your day-to-day operations.
Profits & Loss Coaching / Operational Analysis
Profit and loss statements are the only true indicator of how your restaurant is performing. They provide information on spending trends, management efficiency, and overhead burden. We can help you examine profit and loss statements to create budgeted objectives or identify management practices to improve bottom line – and the first month is on us.
Business Plans / Projections
Whether you’re starting a new restaurant or a new restaurant concept we can help develop your plan & prepare financial projections tailored to the industry. Over the years, we have seen countless scenarios and have helped hundreds of restaurants plan for the future and succeed.
Our industry-specific financial income statements give you the information relevant to making your restaurant business successful. We include meaningful information relative to your business along with comparisons to prior periods and years, month-by-month, cost of sales analysis, franchise-specific statements, check averages & head counts, and more.
New Restaurant Launch
There are many different organizational and operational details needed to ensure a successful restaurant opening. We can assist you in executing a successful launch, while also laying a sound financial foundation for ongoing business success. Areas of assistance in launch include: Administration, Accounting & Tax, Controllables, Cost of Sales, Human Resources, and Payroll.
Do you know how much money your operation should be making? Do you know exactly why your cost of goods sold is 35% and how to reduce it? Why is your labor higher than industry standards? Are you taking advantage of federal & state tax credits? Are you staying in compliance with complex government regulations? At KROST we can guide you through the endless issues, questions, & problems that come up in your industry. With over 65 years of experience in the restaurant industry, we are uniquely qualified to provide the following services:
Menu Costing & Engineering
Menu costing can be very difficult due to fluctuating food prices and various other expenses. However, costing out a menu is the only way an operator will ever know when and where changes in the menu are necessary. We can help you understand how to control your costs of good sold and continuously cost out your menu in order to achieve maximize profitability.
Computer Systems & Software
We can help evaluate and recommend specific restaurant technology solutions to help you better manage your business. Areas most relevant to restaurants include: Point of Sale, accounting, payroll, back-office, purchasing, time & attendance, web-based software, and more.
Restaurant Site Audit
Our Restaurant Site Audit is a detailed operational and financial practices review that helps restauranteurs identify and prevent potential fraud, theft, and loss.
Audit and Review
With the accounting standards’ greater emphasis on fraud risks and the internal control environment, auditors need to be mindful of our changing responsibilities to stakeholders. Our approach to auditing is to utilize the strong foundation of professional standards and apply those using efficient, contemporary, and cost-effective methods to arrive at a mutually desirable goal.
Our web-based, paperless bookkeeping services/system provides important financial information to our restaurant clients in an extremely efficient manner including real-time flash reporting, easy to access bill approval, electronic payments, cash management calendar, document management, and automated polling from point of sale to the general ledger.
Consultation regarding compliance with existing& complex tip laws (TRAC agreement, Form 8027, banquets & service charge income)
Check Average Analysis
Average check is the single most important calculation an operator can focus on. Many restaurant operators do this work early on but its importance and influence diminishes with other operations issues as time goes by.
Our detailed questionnaire will give you instant results and feedback comparing your restaurant to other successful restaurants.
Operational Control Questionnaire
We are actively involved in structuring deals including profit & cash allocations, management fees, reviewing tax provisions and raising money for our clients’ concepts.
• Time and attendance consulting
• “Prime costs” analysis (COGS & Labor)
• Overhead expense analysis (line by line)
• Tip audit representation before the IRS
• Develop employee incentive plans
• Raising capital through private equity
• Employee recruiting
• Employment tax consulting (SUI & FICA)
• Location acquisition & disposal assistance
• Statistical comparisons (locally & nationally)
• Sales tax audit representation before the State Board of Equalization
• Financing – SBA, senior lenders, equipment lenders
• Marketing Review
• Franchise operator services (including reporting requirements, required financial statement formats, budgeting, consolidating financial statements for multiple locations, comparisons with Franchisors’ corporate stores, and expert assistance with expansion or sale)
• Lease Structure & Negotiations
• Site Selection assistance