Why do so many people go into the food industry and open new restaurants if profit margins are so razor thin?
It is an $800 billion per year industry. Everyone wants a pie of the pie.
Owners also have an impression that is a largely cash business so they can hide income.
I re-educate my clients that if they have a system in place that allows them to hide money from the IRS, that same system will allow their employees to steal from them 🙂
Stacey Byrne is a Certified #Xero Partner, QuickBooks Advanced Pro Advisor & Co-author of Restaurant Accounting with #QuickBooks.