Prix Fixe Accounting's Shopping Guide for your favorite cook.

Every year, you sit there wondering what to get that ever so special someone for the holidays. Fear not, your accountant’s are here to save the day. This ever so carefully curated list tries to stay local, but mostly can ship anywhere. Happy Holiday, y’all!

Who needs a fanny pack when you have a pickle pouch?

Frankly, we're obsessed with this hot dog/pickle pouch! Use it as a clutch or as a pencil pouch. This cute bag is the perfect everyday accessory!

• This zipper pouch measures 9.5" x 4.5" x .75"

• Hand-beaded with premium glass beads.

• Color variation may occur. That's what makes it unique!

• Designed in San Francisco, California. Ethically made in India. 

• Original Jenny Lemons design. 

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The illustrious, infamous, swag from lil deb’s oasis.

For your hot friend/neighbor/crush/grandma - designed in collaboration with Ryan ♡ @ry-pm ♡ spread the heat. .69 cents of every purchase goes to a charity of their choosing.

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Dont have time to make green curry? Little truc’s got you.

Two varieties of fresh green chilies, makrut lime leaf, white pepper & coriander make green curry paste spicy, bright, & floral. Check out their website or look at the back of the pouch for a recipe for green curry! Little Truc also has a variety of other pastes, and Chili Oil’s (which will put that OTHER company to shame) as well as a gift box if you’re not sure what to get… or want it all.

(5 oz. pouch) ​Vegan & GF

ingredients: shallots, lemongrass, green chilies, galangal, garlic, cilantro, makrut lime leaf, organic lime juice, spices, salt

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Local Buy: Dare Bottleshop, Lenox MA

If you’re near us, then you have the opportunity to drop by one of our favorites, Dare Bottleshop in Lenox, MA. This cute little shop is a great option for picking up your holiday wine supply, or gifts in general. Ben & Mary are always happy to make a recommendation, but here are a few of our favorites.

Osmote Cayuga White Pet Nat: “This is Pet Nat! Vintage number 4 of our Cayuga White Petillant Naturel. A naturally sparkling wine made from an heirloom NY wine grape.

Pale yellow color with a light mousse and fine bubbles. Orchard fruits and citrus in the aroma. The palate has true verve with striking acidity and flavors of lightly salted and grilled yellow plums. Perfectly refreshing and an expression of sparkling that could only come from the Finger Lakes.

Sugarmaker's Cut Traditional Maple Syrup: For maple purists out there- this is it. Runamok's best organic maple syrup of each season is set aside for our Sugarmaker’s Cut. Grade A: Amber Color – Rich Taste.

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The Socks & Kitchen Apparel for those that really want to say what’s on their mind

BlueQ is a Berkshire company with all the swag for those that really have something to say. Catering to every type of nerd, they have a lovely assortment of socks, bags and other fun stuff that bae will love.

Understanding the 1099 Process

As a business owner, it's important to understand the tax implications of your hiring decisions. Specifically, the 1099 process is something you should be familiar with in order to ensure compliance with the IRS and other tax agencies. 

In this article, we'll cover what 1099s are and how to report them, as well as the best practices to follow when it comes to gathering your filing information and meeting deadlines. 

The 1099 process can be daunting for employers, and getting contractors to fill out the W-9 form can be especially challenging. Lawyers often provide their EIN on their invoices which is helpful, but otherwise providing an available PDF form can be useful. You can also invite the contractor to fill out their W-9 information inside QuickBooks Online, though this has less than 50% success rate. If you don't have the necessary tools for a secure document signature, then you may need to resort to mailing out a physical form via the USPS.

What Are 1099s?

A 1099 is a tax form that is used to report non-employee income other than wages, salaries, and tips, to the IRS and states. Recipients of 1099s are usually freelancers, independent contractors, and other businesses. The form is used to track how much money an individual or business was paid for certain services and is typically sent out to the recipient and the IRS at the end of the fiscal year. 

When are 1099’s Due?

The due date for 1099s is January 31 for federal filing, and most states follow the same deadline. However, states like New York and Vermont do not require 1099s unless state income tax has been withheld. Make sure to send out the recipient copies (Copy B and Copy 2), as well as a 1096 if you are filing paper returns. If filing electronically, no 1096 is required. 

How to Gather Your Information and Report 1099s

When it comes to filing 1099s, it’s best to get started as soon as possible. Aim to have the majority of your 1099s sent out to recipients by Week 3 of January, so that you have plenty of time to make adjustments before the final deadline of January 31st.

If you're bringing a new vendor onboard, make sure to ask them for a completed W-9 and a Certificate of Liability Insurance before you issue payment. This is a common requirement and can help you avoid having to chase the vendor down in January. It's also a good idea to hold back payment until the necessary documentation is received. 

Completing a W-9

The W-9 form requires certain information - the name that shows up on the tax return, any doing business as name, the vendor's entity type, address, account numbers, social security number or EIN, and a signature. Any LLCs or C corps do not need a 1099. If a contractor balks at filling out the W-9, explain to them why you need the information, and if they still refuse, make sure you document that you made a good faith effort to retrieve the information.

What to Do with the Completed W-9

Once you have a completed W-9, it's a good idea to attach it to the vendor record within the general ledger system for future reference. In QuickBooks, that would be in the vendor portal under “edit” where you can add attachments. Additionally, make sure to update the vendor record with the EIN and have all fields ready to go with the correct address so that the 1099 gets to where it needs to go. If you file a 1099 without the EIN or social security number, you may get a warning letter from the IRS but there is no penalty.

Reviewing Information

Once you have all the necessary information, it's time to review it and make sure everything is in order. We recommend using the 1099 wizard within QuickBooks Online (QBO) to verify your vendor selections and account mapping. The wizard will help you make sure you're selecting the correct information for the 1099s. 

Filing 1099’s via QuickBooks Online

1. Navigating to the 1099 Wizard: To navigate to the 1099 wizard, open the vendor center in QBO, and click the 'Per 1099' button on the top right. The first page will ask you to verify your company info, so make sure to check your company name, legal address, and EIN. 

2. Selecting Accounts: On the next page, you'll be asked to select the non-employee accounts. Make sure to check all applicable accounts, such as repairs and maintenance, professional fees, commissions, and leasehold improvements. You'll also be asked to select rent, but the wizard will usually do that automatically. 

3. Viewing Report: After you've selected all the accounts, you'll be able to view a report of all the vendors who need a 1099 and the amounts due. If any vendors are missing, you can click 'Add from Vendor List' and check them off. 

4. 1099 filing process: Once you've verified all the information, you can choose to handwrite your 1099s on special 1099 paper, or use QBO to file. You can also use a third-party app to file your 1099s. 

Common Questions

Can an employee receive a W-2 and a 1099 at the same time?

While this could be seen as a red flag by the IRS, it is possible for an employee to receive both forms if the 1099 income is part of an employment arrangement.Having employees that have a side business on the side can often raise questions about their employment status. If the employee has evidence to show that their side business is a bona fide business, they can get a 1099 for the work

What is a Bona Fide Business? 

A common example of this is with employees who offer cleaning services on the side. If they are only cleaning the office and have no other clients, then their income should be employment income. This should be separated on their wage statement as being for cleaning. If they don't have other clients or liability insurance, then it is a red flag that they should be treated as an employee.

Should I pay catering staff as contractors?

When it comes to paying employees, it is important to note that even if someone only works for you once or twice a year, they should still be paid through the restaurant payroll. This is because it is part of your normal business activity. The IRS has a handy chart that helps to determine if an individual is an employee or independent contractor. This has to do with the level of control you have over the employee, as well as whether or not you are telling them where to be and what to do.

Getting Help

If you find the 1099 process overwhelming, don’t hesitate to reach out for help. There are plenty of experts available to assist you in gathering and verifying your information, as well as communicating with vendors and managing the filing process. 

How can restaurant consulting help your business?

Running a restaurant isn’t easy, and it’s even harder to run a successful restaurant starting from the ground up. Take some of the pressure off and lean on experienced professionals to handle some of the work.

A restaurant consultant provides a range of services that can help you get your restaurant off to a strong start and continue to grow successfully. The nature of these services depends on your business needs. They might be geared toward a new launch or expansion, saving a failing business, or a range of other scenarios.

What are restaurant consulting services?

There are several services a restaurant consultant can provide to improve business at your restaurant.

Strategic Planning

Strategic planning is the first step to achieving your business goals. A restaurant consultant can help you analyze your current situation and then identify your short-, medium-, and long-term goals. After conducting research on your market and competitors, you can implement a detailed strategy for how to reach your goals, including a realistic timeline, the necessary finances, and a way to measure your progress.

Financial Planning

Financial planning is a critical practice for your restaurant business. A consultant can help you develop an understanding of your company’s current finances in terms of income, expenses, assets, liabilities, and profitability, and use this data to determine your financial standing in the future of your business. From there, you can make any necessary adjustments to get your restaurant on right track to increase your profits and monitor your progress.

Operational Consulting

Operational consulting can help to improve the day-to-day operations of your restaurant. A consultant can help by analyzing your processes from start to finish. Then you can optimize them to make them more efficient and track your company’s progress while implementing your new plan.

Menu Development

Menu development aims to maximize profits, minimize waste, appeal to your customers, and set your restaurant apart from the rest. A restaurant consultant can look at your menu and help you figure out which menu items are the most popular and which ones aren’t generating much income. Then adjust your menu to create customer loyalty and increase your profits.

Marketing and Branding

A consultant can help you establish a recognizable brand identity for your business for effective marketing. Together, you can create a unique brand logo and slogan and determine who your target audience is. Once you figure that out, they can help you market your services using social media, email, and advertising, and develop a strategy for how to increase awareness of your restaurant to attract customers.

Customer Service Training

It’s important that your staff interacts with customers in a friendly and professional way that’s true to your values as a business. A consultant can help you train your staff to handle issues, should they arise, and teach them how to provide your customers with a positive experience during each visit to your restaurant.

Why You Should Hire a Business Consultant

Restaurant consulting services can help your business in several scenarios. Whether you’re expanding your restaurant business, you need help increasing your sales, your staff needs some extra guidance, your operations or menu are costing you money, or your restaurant needs a complete turn-around, hiring a restaurant consultant can help you make your business more efficient, profitable, and successful.

Restaurant Accounting Webinar Series

As 2022 comes to a close, its time to look inward and prepare for 2023. To help with all your restaurant planning needs, Prix Fixe webinars have returned. Focused on full and limited service restaurants, this series should hit on all the hot button issues for this off season. As always, we try to keep it approachable and light, and is suitable for ownership and management.

Budgeting & Planning for a Restaurant’s Offseason

Nov. 29th at 2PM EST

With summer and fall coming to a close, it's time to adjust your spending and go into hibernation for the off season. There is a way to plan ahead for this that works well for you, and your employees as well.

Getting Your Restaurant’s Books Ready for Tax

Dec 13th at 2PM EST

Every year, there are a few items that need to be completed to keep your tax preparer happy. In this webinar, we’ll cover what those items are for a restaurant, and how to hand the information over to your tax preparer

Getting Your Restaurant’s  Books Ready for Tax

Dec 14th at 12PM EST

Same story, different time. Every year, there are a few items that need to be completed to keep your tax preparer happy. In this webinar, we’ll cover what those items are for a restaurant, and how to hand the information over to your tax preparer.

Accounting for Offsite Events

Dec 27th at 2PM EST

Catering is one of the most flexible and profitable revenue streams for a restaurant, and timing of deposits can help a restaurant make it through the winter months. It's a balancing act, however, as overextending can land you in hot water.

What on Earth is a 1099?

Jan. 4 at 1PM EST

You’ve heard it mentioned, your tax preparer asks if you did them every year, and you phase into the shrubs like Homer Simpson every time they ask. Well, this is the year you finally get it straightened out. In this webinar we’ll cover what a 1099 is, who gets one, and how to send them out.

Strategies for Lowering Labor Cost

Feb 8th, 12PM

One of the most significant increased costs for a restaurant was labor cost. Skyrocketing beyond the increases of compostables and chicken wings, the limited supply of qualified labor caused rates to soar. In order to manage these costs, there are a few tricks that you can use to keep employees and your bottom line happy.

Accounting for a Buyout

Feb 28th, 10AM

There's many ways to skin a cat, and just as many ways to handle a buyout in your restaurant. However, many of those ways end up skewing your financial reports. In our webinar, we’ll cover buyout contracts (yes, you should have one), setting up payment ahead of time, and then closing out a check at the end of the night.

Costing a Menu

April 19th, 2PM

With inflation on the rise, the cost of food has increased with it. Costing a menu is insanely time consuming, but we have to do it, or your food cost plummets. In this webinar we’ll cover strategies to make costing a menu less cumbersome, while protecting your bottom line.