Past Webinars:

How to Effectively Budget for Your Restaurant in 2023

Do you struggle with effectively managing your financial budgets? During this webinar, we covered the importance of budgeting and projections, ways to set attainable goals suited to your business, and how to manage your expenses in the everchanging market environment, while also understanding how all these factors affect your bottom line. We also discussed inflation and the offset effects it has on budgeting, as well as ways to adjust your budget to ease your financial burden. » Learn more

Restaurant Site Assessment - Holding on to Your Profit's Identifying and Controlling Shrinkage, Waste and Theft in the Restaurant

In this webinar, we discussed the devastating effects of shrinkage, waste, and theft on your business, and the primary reasons why you need to be proactive. In addition, we highlighted operational strategies to combat and prevent these issues along with our KROST solution, the Restaurant Site Assessment. » Learn more

Alternative Ways To Sell A Business

During this session, Paren Knadjian, Head of M&A at KROST, presented alternative options and gave examples of deals he and his team have worked on, which also included specific use cases.

When most business owners consider the sale of their company, they normally think of a 100% sale to a competitor or strategic buyer. Whilst this is an option, it is by no means the only one. Other options include a majority (but not 100%) sale, a minority transaction, deals with Private Equity and Family Offices, a cashless merger, equity swaps, and more esoteric deals such as those involving structured equity and dividend recaps.

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2022 Restaurant Budgeting & Projections: Impact of the Pandemic on Your Bottom Line

During this session, we discussed the significance of budgeting and projections, how setting attainable goals influence your bottom line, while also highlighting the impacts that occurred during the COVID-19 pandemic. Budgeting and projections can be done despite difficult to interpret year-over-year comparisons by leveraging historical data and analyzing your current operating mode with a granular approach. KROST Restaurant Accountants can help. » Learn more

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Pro Forma - Projecting the Financial Future of Your Restaurant

In this webinar, we discussed the current success rate of restaurants and the primary reasons they don’t succeed. In addition, we reviewed how proper planning and realistic model assumptions can help to establish an objective evaluation of your viability in the marketplace. Finally, we highlighted the necessary components of what constitutes a good business Pro Forma and how it can benefit you going forward. » Learn more

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Exit Planning – Preparing For The Potential Sale of Your Business

Whether you are planning to sell your business now, in the next five years, or have no plan, this webinar provided the roadmap to being prepared. Topics covered included:

• How exit planning fits with business strategy and personal financial planning
• The six biggest myths about selling a business
• Maximizing value
• Reducing risk
• Readiness review
• How much value does exit planning add to the business’s valuation?

The webinar was hosted by Paren Knadjian, head of M&A and Capital Markets at KROST. He comes with over 20 years of experience in mergers and acquisitions as well as equity and debt financings. In that time, Paren successfully completed over 200 M&A transactions worth over $1 billion acting as both a buy-side and sell-side advisor.

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How to Apply for the Restaurant Revitalization Fund

The US Small Business Administration (SBA) announced that applications for the Restaurant Revitalization Fund (RRF) opened, via their portal, at 9am Pacific (12 noon Eastern) on Monday, May 3, 2021 at https://restaurants.sba.gov/. KROST hosted an emergency webinar to go over how to apply for Restaurant Revitalization Fund.

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The Restaurant Revitalization Fund

• Details of the new Restaurant Revitalization Fund eligibility
• How to apply and what documentation is required
• Updates on PPP and ERC
» Details

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PPP 2021 Program – Updates on Loan Applications, Rule Changes, Eligibility, Forgiveness, and Interaction with ERC

The PPP loan program is evolving fast with new rules on Second Draw applications, including a 2-week pause on companies with 20 or more employees and new calculations for sole proprietors. In addition, both the lenders and the SBA are reviewing, rejecting, and putting holds on many applications because of API errors, compliance failures, and First Draw Loan issues.

Our latest PPP Webinar was hosted by Paren Knadjian, and covered the latest on the PPP loan program applications, best use of loans, and interaction with ERC.

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KROST Restaurant Site Assessment: How to Identify and Control Shrinkage, Waste and Theft

• Define the types of loss that commonly occur in the restaurant industry
• Identify which forms are most likely taking place
• Review practical operational solutions
» Details

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Employee Retention Credits: Qualifications, Benefits & Refunds

Jason Melillo, CPA (Principal - Accounting, ERC) and Jeff Kamin, CPA (Manager, Accounting, ERC) hosted a webinar on Employee Retention Tax Credits (ERC). In this session, they reviewed the details of the recently passed Taxpayer Certainty and Disaster Tax Relief Act of 2020, including:

• Qualifying companies – aggregation rules, full-time employee limitations
• Qualifying wages – healthcare costs
• Reporting requirements and refunds
• Interaction with PPP loans, including the difference between the 2020 and 2021 credit rules and calculations
• Understanding how companies can immediately benefit from this valuable refundable tax credit

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PPP Second Draw Loan Program & the Revised Employee Retention Credit – Eligibility and Process

Paren Knadjian (Practice Leader, M&A, and Capital Markets), Stacey Korman, CPA, MST (Principal), Sossi Bekarian Matti, CPA (Senior Manager), and Jeff Kamin, CPA (Manager, Accounting, ERC) hosted a free webinar on the PPP Second Draw Program & Employee Retention Credits. They reviewed the details of the recently passed Coronavirus Response & Relief Supplemental Appropriations Act including:

• Revised PPP rules and Second Draw PPP Loans – eligibility, calculations, applications process
• Tax provisions related to government-backed loans
• EIDL loans and grants
• Revised Employee Retention Tax Credits (ERC) – interaction with PPP loans, 2020 and 2021 credit rules and calculations

The SBA has opened the PPP loan portal on Monday, January 11, 2021, and ERCs will be available for both 2020 and 2021.

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PPP Second Draw Program – Rules for Eligibility and Forgiveness w/ Live Q&A

The $900 billion COVID-19 relief Bill has been published, and even though it has not been signed into law, it contains all the details of the new $284 Billion Paycheck Protection Program, including rules for eligibility, maximum amounts, new qualified expenses, and simplified forgiveness application documentation. It also contains definitive rules on the tax deductibility of expenses forgiven under both the Initial and Second Draw loan program.

This webinar gave sufficient details about the program so that customers are prepared and ready to apply as soon as lenders make new PPP loan applications available.

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Budgeting and Financial Statements

• Learn the basics of how to construct a yearly financial budget and the benefits of doing so
• Understand how to implement a budget into your daily operations
• Discover how to decipher the information in your Financial Statements and convert that data into beneficial business decisions
» Details

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PPP Forgiveness for Restaurants w/ Live Q&A

Since the CARES Act was passed into law on March 27th, 2020, there has been a lot of updates on procuring, managing, and seeking forgiveness on PPP loans. In addition to the Paycheck Protection Program Flexibility Act, which was passed into law on June 5th, 2020, the Dept of the Treasury and the SBA have issued 25 Interim Final Rules and 80 FAQs on the subject. In addition, they have recently issued a new application form (3508S) for PPP loans of less than $50,000, and a questionnaire form (3509) for recipients of PPP loans equal to, or greater than, $2 million.

This webinar was able to:

• Summarize the current rules on PPP loan forgiveness
• Address the new updates from the SBA/Treasury
• Summarize the lessons learned from loan forgiveness applications that the KROST team have been working on, on behalf of clients
• Give an update on EIDL loans
• Give an update on the Main Street Loan Program
• Highlight any news regarding a new federal stimulus program and the potential PPP 2 loan program

The webinar was hosted by Paren Knadjian, head of M&A and Capital Markets at KROST, and a preeminent expert on US government-backed loans.

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The Impact of the 2020 Election on Wealth and Taxes

Philip Clark, CFP®, discussed the differences between the two presidential candidates’ tax proposals as we look toward the next four years. Each candidate’s proposed plan differs drastically from the other with unique impacts on individuals and businesses depending on the outcome of this race.

This webinar covered insights on how the elected candidate could impact:

• Individual Taxes
• Capital Gains & Step Up in Basis
• Tax Credit for Retirement Savings
• Pass Through Business Income
• Corporate Tax Rates
• Payroll Taxes

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KROST’s Recipe for Accurate and Efficient COGS

Our webinar covered the real-life benefits a client can expect from KROST’s implementation of Plate IQ and COGS-Well. The KROST team provides a unique perspective derived from decades of first-hand experience running high-level restaurants, accounting expertise, and long-standing partnerships with leading industry technology companies. This partnership allows KROST to outline a systemized process that will utilize both platforms in the most effective manner by creating cost-saving efficiencies outlined below or tailored to your specific business needs.

• Stout relationships with our software partners result in advantageous pricing for KROST clients
• Direct/Personalized support sitting between you and the software support team
• Leveraging Technology to manage your Bill Pay, Inventory, and COGS
• Validating current information, ensuring recipes are accurately scaled, and/or converting pre-existing recipes into proper format
• Future menu and recipe development based on elevated reporting that you now receive
• Vast knowledge of products and industry-standards
• Creating processes to improve efficiency while tailoring them to your business model
• Time savings via automation, the new value of time in our COVID environment
• We are the bridge between Technology and Operations

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PPP Forgiveness Application Review Service for Lenders and Borrowers

Course Description:
Since the CARES Act passed into law in March, there have been new laws, multiple rule publications, and over 50 FAQs released by the SBA. KROST’s subject matter experts have kept up-to-date with these changes to ensure that its clients are abiding by these rules.

KROST is using this expertise to provide a PPP Loan Forgiveness Review Service for lenders and borrowers. This involves independently checking all the calculations made by the borrower as part of the forgiveness application, including eligible expenses, full-time equivalent employees, and salary/hourly wage reductions to ensure compliance with SBA rules. In addition, KROST reviewed the supporting documentation provided by the borrower for verification.

This webinar gave insight about the KROST PPP Loan Forgiveness Review Service for lenders and borrowers, and how it addresses the forgiveness process in a timely and efficient manner, while ensuring compliance with the SBA’s rules and guidance.

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The PPP Loan Forgiveness Application Process

Course Description:
Since the CARES Act passed into law in March, there have been new laws, multiple rule publications, and over 50 FAQs released by the SBA. KROST’s subject matter experts have been consulting with PPP borrowers throughout the process, beginning with assistance on loan applications and subsequently collaborating with clients to best use the loan proceeds to ensure the expenses are permissible and maximize forgiveness.

Now, it is time to consider a loan forgiveness application. We reviewed the key rules, calculations, timing, and procedures involved in the process. We also presented the details of the KROST PPP Forgiveness Application Review Service and how it can help borrowers ensure they qualify for forgiveness and to maximize the amount of forgiveness.

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PPP Rule Changes and Forgiveness Update

Course Description:
Following the passing of the Paycheck Protection Program Flexibility Act (PPPFA), and subsequent updates from the SBA, Paren Knadjian, head of M&A and Capital Markets hosted a webinar that:
(a) Gave details on PPP rule changes and clarifications
(b) Highlighted how these changes affect forgiveness of the loan
(c) Demonstrated the latest version of the KROST PPP Budgeting and Optimization Tool
(d) Gave an update on EIDL and Main Street Loan Programs

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The Employee Retention Credit: A Valuable Alternative to Emergency Loans

Course Description:
Informative webinar that provided the latest guidance on applying for the Employee Retention Credit (ERC). The credit, equal to 50% of the first $10,000 of “qualified wages” paid by an “eligible employer,” could be a valuable alternative for those who either did not apply or did not qualify for PPP and other emergency loans. The session focused on who is eligible for the credit, how to compute the amount of the credit, how to claim the credit, and how it interacts with other benefits provided by the CARES Act.

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PPP – Calculating, Optimizing and Tracking Use of Funds to Maximize Loan Forgiveness

Course Description:
Paren Knadjian, Head of M&A and Capital Markets at KROST, gave an update on the latest guidance on the use of PPP loan proceeds, best practices on the use of proceeds, and demonstrated the KROST PPP Budgeting and Forgiveness Maximization Tool. This proprietary tool allows users to plan, budget and track expenditure on a week-by-week basis and has all the current known rules on forgiveness programmed into it.

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Emergency Loan Programs for Economic Relief

Course Description:
Webinar covered the latest update on the state and national emergency loans available for small to medium-sized businesses (under 500 employees).