6 Best Practices for Creating a Restaurant Employee Schedule

Use these best practices for an effective restaurant employee schedule to avoid understaffing and labor cost overruns. The restaurant business runs on a careful balance of the right number of employees doing the right work at the right time. But the first and most important step — putting together an effective schedule — is anything but simple.

2021 Timeline for PPP Loans

While this is an ever-changing situation regarding the latest PPP news, here is what we do know regarding the timeline of new funding in 2021. 

January 11, 2021

To enable access for smaller lenders, the SBA will initially only accept First Draw loan applications from local institutions starting on January 11, 2021.  The full rollout of PPP will open to all participating lender shortly thereafter. The good news is at least $15 billion is being set aside for First Draw loans to eligible small businesses with a maximum of 10 employees or for loans of $250,000 or less.

January 13, 2021

Second Draw PPP Loan Applications will be accepted from community lenders for eligible borrowers in low- or moderate-income neighborhoods. At least $25 billion is being set aside for eligible businesses with a maximum of 10 employees or for loans of $250,000 or less to eligible borrowers in low-  or moderate-income neighborhoods. The PPP will open to all participating lenders for Second Draw PPP Loans shortly thereafter.

March 31, 2021

The program for both new first time loans and second draw loans will remain open through March of 2021.  

 

 

 

This post is intended to be used for informational purposes only and does not constitute as legal, business, or tax advice. Please consult your attorney, business advisor, or tax advisor with respect to matters referenced in our content. Xendoo assumes no liability for any actions taken in reliance upon the information contained herein.

 

 

2021 Tax Deadlines

Keep this chart handy or copy the relevant parts of it into your calendar so you won’t miss a due date throughout the year.

February 1, 2021:

W-2 Filing: Wage and tax statement for full- and part-time employees. These are normally due on January 31st, but since this is a Sunday, the deadline will fall the following day. 

1099s: Are issues to independent contractors. You will need to issue them a 1099-NEC. Both Copy A and Copy B are due at the same time.

February 12, 2021:

The IRS will begin accepting 2020 tax returns starting 2/12/21.

March 1, 2021:

Form 1099-MISC if you are paper filing.

S Corporation Tax Filing 

March 15 Submit Form 1120S Income Tax Return

March 15 File for an extension

Partnership Tax Filing

March 15 Submit Form 1065 Income Tax Return

March 15 File for an extension

C Corporation Tax Filing

April 15 Submit Form 1120 Income Tax Return

April 15 File Form 7004 Application for an Automatic Extension of Time

LLC Filing as Corporation Tax Filing

April 15 Submit Form 1120 Income Tax Return

April 15 File Form 7004 Application for an Automatic Extension of Time

Individual Tax Filing

(Sole Proprietor, Independent Contractor)

April 15 Submit Form 1040, 1040A or 1040EZ Income Tax Return

April 15 File for an extension

Estimated Quarterly Tax Payments

Q4 2020 (January 15) Send final 2020 payment with Form 1040-ES Payment Voucher 4

Q1 2021 April 15  for first 2021 payment with Form 1040-ES Payment Voucher 1

Q2 2021 June 15  for  second 2021 payment with Form 1040-ES Payment Voucher 2

Q3 2021 September 15 third 2021 payment with Form 1040-ES Payment Voucher 3

 

Some types of businesses may have different or additional deadlines and requirements. Consult with your accountant or tax advisor early in the year to make sure you meet your obligations.

 

 

This post is intended to be used for informational purposes only and does not constitute as legal, business, or tax advice. Please consult your attorney, business advisor, or tax advisor with respect to matters referenced in our content. Xendoo assumes no liability for any actions taken in reliance upon the information contained herein.

 

What Do Accountants Charge for Small Businesses?

If you’re fed up with trying to do your own books, you’re not alone. For many small business owners, accounting is definitely not their area of expertise. They know they’re probably making mistakes and missing opportunities that a pro would spot right away, but they don’t know if accounting services will save more than they cost.

Small business accountant fees vary depending on a number of factors, including expertise levels, types of services offered, technology integration, and industries or niches served. For example, a bookkeeper that does routine data entry charges less than a CPA (Certified Public Accountant) who’s highly qualified to advise on business strategy or tax planning.

Hourly Rates

“How much do accountants charge for year-round bookkeeping services?”

Traditionally, bookkeepers have charged an hourly rate; the more time they spend on your books, the more you have to pay. Typical rates are:

  • Bookkeeper — $30 to $90 per hour
  • CPA — $150 to $450 per hour

Per Engagement Fees

“How much do accountants charge to do taxes?”

You may only need an accountant for an occasional project such as tax preparation.

  • Tax return (unincorporated) — $200 to $500
  • Tax return (incorporated) — $800 to $1,800
  • Financial statement — $1,000 to $2,500
  • Audit — $2,000 to $5,000

Monthly Flat Fees

“What are the most affordable small business accountant fees?”

A very popular option with small businesses is an accounting service that charges a fixed amount every month. It’s easy to budget for; and it can cost less than half what you would pay an hourly accountant for the same amount of service. 

That’s why Xendoo offers this pricing structure to our clients. 

See Xendoo’s price plans here.

Before You Hire an Accountant

Research the firms you’re considering to make sure they meet your needs and quality standards. Some things to consider:

  • Credentials. Unlike professions such as law or medicine, anyone can call themselves an accountant. Don’t just trust in a CPA certificate; check into certifications, education, training, and years in practice.
  • Service level. How often and how easy will it be to communicate with your accountant? Do you prefer to contact via telephone, email, an app, or all of the above? How fast do you want a response — within 24 hours or sometime next week?
  • Processor vs. advisor. A processor type of accounting firm mainly provides data entry and reconciliation services. An advisor can help you analyze your financials to spot trends, challenges, and opportunities for improvement.
  • Specialization. Ideally, the firm you choose will have experience in your industry and the size of your business. In-depth knowledge of the challenges you face adds value and insight to their services.

Are Accountants Worth the Money?

With so many business accounting software choices now available, you may assume that letting your computer do everything will be cheaper than the cost of accounting services. And you may be right. But there are some things that still need an expert human being — who can save you significant money, time and hassle.

For example:

  • Tax savings advice, such as when to make capital purchases, what you can deduct and how to reduce taxes on capital gains
  • Answer your questions about financial reports, cash flow, depreciation and other accounting processes
  • Identify opportunities to improve profit margin and business growth
  • Help set up systems for business accounting and teach you best practices
  • Keep you legal, prevent missed deadlines and noncompliance penalties

 

If you’re already DIYing your business accounting with QuickBooks, check out this article:

When SMB Owners Use QuickBooks: 6 DIY Mistakes to Avoid

And you’ll be happy to know that Xendoo now integrates with QuickBooks, making your life easier than ever!

Xendoo specializes in providing expert accounting and bookkeeping services to small businesses. Because this is our niche, we can deliver tried-and-true expertise. And because we know small businesses need affordable pricing, we’ve leveraged state-of-the-art technology to reduce costs while maintaining gold standard quality.

If you’d like to learn more about our pricing and what you get for your money, please contact us today.

 

 

This post is intended to be used for informational purposes only and does not constitute as legal, business, or tax advice. Please consult your attorney, business advisor, or tax advisor with respect to matters referenced in our content. Xendoo assumes no liability for any actions taken in reliance upon the information contained herein.