Blog Posts

Menu Item Analysis and Categorization for Restaurants

Menu Item Analysis and Categorization for Restaurants

Menu Item Analysis and Categorization is the study of the profitability and popularity of menu items and the impact each has on operations. It requires a thorough understanding of food costs, sales, and the subsequent categorization of items. From there, various...

IRS BOOSTS STANDARD MILEAGE RATES FOR SECOND HALF OF 2022

IRS BOOSTS STANDARD MILEAGE RATES FOR SECOND HALF OF 2022

For the second half of 2022, the standard mileage rate for business travel will increase by 4 cents per mile, from 58.5 to 62.5 cents, according to IRS Announcement 2002-13. The rate for deductible medical or moving expenses will likewise increase by 4 cents per mile...

Mitigating Inventory Management Issues in the Production Process

Mitigating Inventory Management Issues in the Production Process

No matter what your company manufactures, the management of inventory throughout the manufacturing process is critical to the profitability and overall success of your organization. Sadly, some manufacturers fail to understand many of the basic concepts related to...

NC Passthrough Entity Tax (PET) Election

NC Passthrough Entity Tax (PET) Election

On November 18, 2021, Governor Cooper signed NC Senate Bill 105, which includes a provision allowing passthrough entities to elect to pay North Carolina state income tax at the corporate level rather than passing the tax liability on to the shareholders.  This...

Fundamentals of Menu Design

Fundamentals of Menu Design

Proper placement of offerings on a restaurant menu is imperative as this placement plays a critical role in how customers order. Therefore, when designing a menu, it’s imperative that restauranters invest the requisite time and effort into selecting an appropriate...

Inventory Management Best Practices

Inventory Management Best Practices

No matter if it’s raw materials, work-in-process, or finished goods, how your organization manages inventory can play a critical role in the profitability and success of your business. The pandemic has created unprecedented challenges for many industries and their...

Three Key Supply Chain Management Questions for 2022

Three Key Supply Chain Management Questions for 2022

The ongoing COVID-19 pandemic has exposed discrepancies and disruptions in global manufacturing and supply chains which have been complex and costly. The constraints on transportation and capacity, supply shortages, rising costs, and frustrated customers threaten to...

Top 5 Areas to Watch to Keep Your Benefit Plans in Compliance

Top 5 Areas to Watch to Keep Your Benefit Plans in Compliance

Companies that offer employee benefit plans like health insurance or retirement benefits are governed by the Employee Retirement Income Security Act of 1974 (ERISA). ERISA is a federal law that requires employee benefit plan administrators to follow certain...

7 Tips to Prepare for an Employee Benefit Audit Checklist

7 Tips to Prepare for an Employee Benefit Audit Checklist

As the plan administrator, you do your best to keep your employee benefit plan in compliance. However, once your plan has 100 or more participants, you will need to get an independent audit from an accounting firm. The auditing process can be overwhelming given the...

5 Questions to Ask When Selecting an Auditor for Your Benefit Plan

5 Questions to Ask When Selecting an Auditor for Your Benefit Plan

Under federal law, most organizations with an employee benefit plan (EBP) that has 100 or more participants are required to submit audited plan financial statements when they file their annual tax return or report. This audit is required to ensure that the...