Restaurant Financial Basics41586

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Restaurant Financial Basics41586

RESTAURANTFINANCIAL BASICSCONTENTSPrefaceix1Introduction to Financial Management12Debits and Credits—The Mechanics of Accounting173The Balance Sheet57

Restaurant Financial Basics41586 74The Income Statement795Analysis and Interpretation of Financial Statements1016Cash Flow1337Understanding Cost Concepts and Break-even1558Pricing for

Profits1779Operating Budgets20310Accounting Aspects of Food and Beverage Control2291 1Payroll Accounting25712Accounting for Fixed and Other Assets279 Restaurant Financial Basics41586

13Cash and Revenue Control293Recommended Reading327Index329PREFACERestaurant managers often see themselves as “people” persons. They enjoy the satisfa

Restaurant Financial Basics41586

ction that comes from serving guests and doing their personal best to exceed their guests’ expectations. Consistently producing and serving quality fo

RESTAURANTFINANCIAL BASICSCONTENTSPrefaceix1Introduction to Financial Management12Debits and Credits—The Mechanics of Accounting173The Balance Sheet57

Restaurant Financial Basics41586 n just how to serve good food and drink at reasonable prices. In addition to numerous other tasks, they must also know how to “report” or “account” fo

r the activities and costs related to managing their restaurants.Systems used to report the revenue, expenses, “bottom-line profits,” and overall fina Restaurant Financial Basics41586

ncial health of a business involve accounting processes and procedures. The term “accounting” is a variation of the word “account,” which is defined a

Restaurant Financial Basics41586

s “a report, record, description or explanation related to the finances of aX RESTAURANT FINANCIAL BASICSperson or business.” Restaurant managers must

RESTAURANTFINANCIAL BASICSCONTENTSPrefaceix1Introduction to Financial Management12Debits and Credits—The Mechanics of Accounting173The Balance Sheet57

Restaurant Financial Basics41586 to monitor costs involved in providing outstanding guest service al a price that ensures the restaurant is profitable. In addition, guests who pay by

credit card or advance deposit deserve to know that their payments will be properly credited to their bills. Proper accounting procedures help ensure Restaurant Financial Basics41586

that this occurs. Thorough understanding of the restaurant’s financial condition helps managers to make operating decisions that positively influence

Restaurant Financial Basics41586

their guests’ dining experiences.■Employees: Employees are the focus of many accounting procedures. Payroll taxes, wages and salaries, and benefits ar

RESTAURANTFINANCIAL BASICSCONTENTSPrefaceix1Introduction to Financial Management12Debits and Credits—The Mechanics of Accounting173The Balance Sheet57

Restaurant Financial Basics41586 its managers must be very knowledgeable about accounting.■Vendors/Suppliers: The individuals and organizations that sell the products and services ma

nagers need to run their businesses need to know about the creditworthiness of the restaurants with which they do business. Questions regarding the op Restaurant Financial Basics41586

eration’s financial health must be answered using standard financial reports that can easily be understood and interpreted by outside groups such as v

Restaurant Financial Basics41586

endors.■Owners/lnvesiors: If managers work for a publicly held company (one that is owned by stockholders) its investors will require that the financi

RESTAURANTFINANCIAL BASICSCONTENTSPrefaceix1Introduction to Financial Management12Debits and Credits—The Mechanics of Accounting173The Balance Sheet57

Restaurant Financial Basics41586 esent the financial condition of the business. T his is the only way investors can monitor the value of their investment. Banks and other lending inst

itutions also require the use of standard accounting procedures. If they did not, a business could misrepresent its financial strength to acquire more Restaurant Financial Basics41586

loan proceeds than it is qualified to receive. Such a business might then be unable to repay its loans, and the funds of the bank and its depositors

Restaurant Financial Basics41586

would unfairly and needlessly be at risk.■Governmental Agencies: There are numerous federal, state, and local governmental agencies that require the r

RESTAURANTFINANCIAL BASICSCONTENTSPrefaceix1Introduction to Financial Management12Debits and Credits—The Mechanics of Accounting173The Balance Sheet57

Restaurant Financial Basics41586 s used to determine sales taxes, governmental agencies require the regular and precise reporting of a wide range of financial data. The taxes paid on

the restaurant’s profits are determined in large measure by financial operating results presented annually in a manner acceptable to the Internal Reve Restaurant Financial Basics41586

nue Service (IRS). Foodservice managers whose operations have nonprofit status (e.g., schools, hospitals, military institutions) must also submit repo

Restaurant Financial Basics41586

rts to comply with governmental regulations.■The Hospitality Industry: One of the advantages to the use of generally accepted accounting principles is

RESTAURANTFINANCIAL BASICSCONTENTSPrefaceix1Introduction to Financial Management12Debits and Credits—The Mechanics of Accounting173The Balance Sheet57

Restaurant Financial Basics41586 ity costs can be compared when the operators of two (or more) units consistently use the same accounting procedures to report results. The National Re

staurant Association (NRA) regularly publishes financial data about the restaurant industry that managers can best interpret if they record their own Restaurant Financial Basics41586

financial data in a comparable way.

RESTAURANTFINANCIAL BASICSCONTENTSPrefaceix1Introduction to Financial Management12Debits and Credits—The Mechanics of Accounting173The Balance Sheet57