What Is the Definition of Inventory Turnover Ratio? Inventory turnover ratio is commonly used to calculate how much inventory a business has sold and then replaced. This is specified over a certain amount of time. In order to calculate your inventory turnover ratio, you’ll first need to calculate your average inventory. Inventory turnover ratio is […]
What Is the Definition of Food Cost Percentage? Food cost percentage is one of the most critical metrics in the restaurant business. It can mean the difference between a profitable restaurant and one that isn’t. High operating costs and the cost of the food itself are some of the biggest challenges for a restaurant business. […]
What Is the Definition of Par Level? Par level has nothing to do with golf for business – it’s a key metric that you need to be tracking if you’re in the restaurant business. At its simplest, your par level is the amount of stock that you require to run your restaurant and meet customer […]
What Is a Variable Cost? A variable cost is a cost incurred by a business and is associated with the number of services or goods it produces. When a business is producing more goods, the variable costs will increase – and as you might imagine, if the volume decreases, so does the variable cost. Variable […]
What Are Fixed Costs? Unlike variable costs, the fixed costs incurred by a business don’t change no matter how many sales it makes. Fixed costs are the opposite of variable costs. You may have heard the term fixed costs used interchangeably with “overheads.” Overheads and fixed costs, though, are not the same. It’s possible to […]
What Is Time to Fill? Time to fill is often mentioned alongside time to hire – but there’s a difference. Time to fill measures the number of days it takes you (or your HR team) to fill a job position. This is calculated from the day the job was posted until the day that the […]
What Does Statutory Employee Mean? Statutory employees are independent contractors who are treated as employees when it comes to tax withholding if they meet certain conditions. Employers are generally not allowed to withhold taxes for the majority of independent contractors. Since statutory employees are neither considered independent contractors nor employees, slightly different rules apply. In […]
What Is Time Tracking? At its simplest, time tracking refers to how a business measures the number of hours an employee has worked on a shift, project, or task. It’s primarily used for businesses where the employees are paid by the hour. It’s also often used by freelancers and professionals who charge by the hour. […]
What is SUI taxes? SUI, as it’s often referred to, stands for State Unemployment Insurance and is employer-funded. SUI exists to help employees who have left or lost a job (for many reasons). SUI tax offers these employees short term benefits to help them through their tough time. It’s usual for an employee to receive […]
What Is Time to Hire? There are many KPIs and metrics that HR managers and business owners have to measure. When it comes to employment, time to hire is crucial. But what is it? Time to hire is often mentioned in the same breath as time to fill, but there are differences. Time to hire […]
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