Happy National Leave a Review Day! Reviews like these are a crucial part of making decisions for your business, and we love getting to see when our team members go above and beyond to assist a customer. Show your support by reviewing your Heartland product on Capterra from one of the links below and receive a $25 gift card as a sign of our appreciation. Payroll+ - https://bit.ly/3wYI7eE Payments+ - https://bit.ly/4c8vn3O Retail - https://bit.ly/45s4zcZ Restaurant - https://bit.ly/45fjszc
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Understanding Gift Cards for Your Restaurant Author: Derek White, Tax Principal Retailers, restaurants, and even e-commerce businesses provide gift cards as a way to expand their customer base and build brand loyalty. Your business should understand how it accounts for gift cards and how it treats the income for both financial statements and tax purposes and comprehend whether your business can get access to a reliable gift card tracking system.
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Having end-of-day procedures is super important, especially in retail and service industries. With multiple employees handling sales, inventory, and gift cards, there's plenty of room for human error! We can help you to review your current practices and assist in adjusting them to incorporate the end-of-day check. No need to reinvent the wheel - our goal is to work with the processes that are already in place! We can help identify the most suitable POS report and create a customized spreadsheet to monitor your specific business needs. If any questions come up, we'll be there to guide you and your staff through the procedure. And we can help document the process, providing clear steps for staff-in-training to follow as they learn. Here’s an example of an End-Of-Day Spreadsheet template you can download and use as part of your procedure. Have a look here: https://lnkd.in/dE9MgsqD... https://lnkd.in/dECqpSy8 Contact us if you need bookkeeping and payroll help: 📞 343-989-5850 📨 info@egobook.ca 🌐 www.egobooks.ca We specialize in RETAIL and CONSTRUCTION businesses in Kingston and Ontario 🍁 #egobookkeeping #canadabusinessowners #businessowner #retailbusiness #smallbusinessowner
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Want to drive early holiday sales and delight your clients? Consider offering Early Bird Discounts on gift cards. This not only incentivizes early purchases but also helps you plan ahead. Remember, to ensure profitability, carefully calculate the discount you can afford while covering your costs and leaving room for profit. It's a win-win, as your clients save, and you secure sales well before the holiday rush! 🍽️🌟 Chefs, have you tried offering Early Bird Discounts on your gift cards? Share your experiences, ideas, and tips in the comments! 🎁🍴 #EarlyBirdDiscounts #GiftCardSales #HolidayPromotions #ChefBusiness #ProfitableSavings #CulinaryGifts #ClientDelight #PlanAhead #HolidayRush #ChefLife #GiftCardProfit #SavvyBusiness #CulinaryEntrepreneur #HolidayPlanning #BoostSales #SmartDiscounts #WinWinDeal #HolidaySeasonPrep #ClientAppreciation #TisTheSeason #ChefTips #BusinessSuccess #ProsperousPersonalChefs #PersonalChefs
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Restaurant owners, have you considered the impact of your gift card and gift certificate sales on your tax audit? Ensure you've been accounting for these sales properly and other key areas to look out for in the latest article by Capossela, Cohen. #RestaurantIndustry #TaxAudit #Sales https://hubs.ly/Q02zpjqW0
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Share your experience! Participate in the 2024 BPM Pulse Survey: https://lnkd.in/dMrZNXR. Rate your vendor, share your thoughts, use the results to benchmark your projects and plans. Take the survey with your business email and receive the results report and an Amazon gift card for your time. #consolidation #planning #budgeting
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"𝑹𝒆𝒔𝒕𝒂𝒖𝒓𝒂𝒏𝒕 𝑩𝒐𝒐𝒌����𝒆𝒆𝒑𝒆𝒓" Empowering Restaurant Owners with Financial Clarity Through Accurate Bookkeeping
If you don't keep track of gift card sales and redemptions properly, you may experience discrepancies and lose revenue. Without careful monitoring, you might forget about unused gift card balances or miss recording redeemed cards. It is important to have reliable bookkeeping procedures in place so that gift card sales and redemptions can be tracked accurately. Fixing this problem will improve gift card management, reduce errors, and ultimately lead to increased revenues and better financial performance. Need someone to handle your bookkeeping? Send me a message. #getbookedbylenie #restaurantbookkeeper #restaurants
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I love what WHSmith are doing, I tend to give my old books to charity. However, it is wonderful to know once I have read a book I can get credits or a voucher allowing me to purchase something else. This is a new way of working for WHSmith. A departure from their traditional business strategy of selling books, stationary, magazines and other items. I love they are thinking laterally and helping their consumers and themselves. In Change Management we always look for win win scenarios so that change is embedded successfully. Without this perception and reality change is never ‘sticky’. People have to see value in what a company is doing before buying into it. I see immediate value here and will definitely try out this service.
Get a gift card for trading in your holiday reads! 📚♻ WHSmith has launched their buyback service to support a circular economy for books. Trade-in value will be based on the book's condition, popularity and market demand. The books can be dropped off in any participating branch in exchange for a gift card to be used online or in store. #circulareconomy #sustainability Source: https://shorturl.at/fCITZ
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Restaurant owners, operators, and managers---we want to hear from you! Take our quick survey and enter a chance to win $500 Visa gift card and a Poached package. Take the survey: https://lnkd.in/g6P_bpUq #restaurantowners #restaurantmanagers #employers #survey #employersurvey #hiringmanagers #saverestaurants
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Regional Senior Manager (MENA) - Accounting and Reporting Advisory Services (PwC) | Finance Manager | Chief Financial Officer (CFO) | CPA Becker Instructor.
🎁 Trick #23: Prepared by Ahmed Youssef , U.S CPA 🎁 Accounting Treatment for Gift Card Sales and "Buy Two + Get One Free" Promotions 🎁 Are you aware of the accounting treatment for gift card sales and promotions like "Buy Two + Get One Free"? Let's explore how these transactions are recorded in your financial statements. When a customer purchases a gift card from your store, it creates a contract liability on your books. This is because you owe the customer a performance obligation - to provide products or services in exchange for the gift card value. The gift card represents a deferred revenue until the performance obligation is satisfied. Now, here's the exciting part. When the customer comes to your store, buys some clothes, and pays with the gift card, this is the moment when you remove the contract liability and recognize revenue from the sale. The revenue is equal to the value of the products purchased using the gift card. But what if you give away gift cards for free as part of a bigger purchase? In this case, you need to allocate the transaction price to both the sold products and the gift cards. The allocation should be based on their relative stand-alone selling prices. Now, let's talk about the "buy two + get one free" promotion. This type of offer involves three performance obligations - delivering three products to the customer. If you deliver all three products at the same time, there won't be any difference in the accounting for revenues. However, if you only deliver two products at the sale and promise to deliver the third product after the year-end due to a shortage of stock, you need to allocate the total transaction price for the two products to the three performance obligations based on their stand-alone selling prices. Accounting can be complex, but understanding these nuances is essential for accurate financial reporting. #Accounting #RevenueRecognition #GiftCards #Promotion
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