Great recipes are only one aspect of a great restaurant. Business skills and financial know-how are absolutely critical to a successful restaurant. Brush up on your knowledge or educate yourself on a variety of financial topics.
- Basic Restaurant Accounting Concepts
Restaurant businesses need to make money to survive, and in order to make money, restaurant owners, operators and managers need to know basic restaurant accounting systems to control cash-flow, reduce losses and maximize their profits. Learn more about basic restaurant accounting information in this article.
- The Restaurant Profit and Loss (P&L) Statement
A restaurant’s profit and loss statement, or P&L, is much like an income statement for the restaurant. This document is an essential report used to summarize income, expenses and inventory, illustrating a restaurant’s total profits and losses over a period of time.
- Restaurant Cost of Good Sold (COGS) Made Simple
Cost of Good Sold, or COGS, represents the expense the restaurant incurs for the inventory used in a given time period. Managing COGS is essential for minimizing losses and making a profit in any restaurant.
- Restaurant Taxes
Restaurant owners owe taxes on many aspects of their operation, including property, payroll and tips. This article outlines owners’ obligations for the major types of restaurant taxes.
Financial Management
One of the most important tasks in restaurant management is to keep accurate financial records of your costs. Keeping expenses in check will aid managers in budgeting funds and guarding profits.
- Tips for Creating and Using an Annual Budget
Your annual budget keeps you aware of the expenses and income your operation sees on a monthly basis. Create an annual budget to maintain your finances and plan for the future.
- How to Price Restaurant Menu Items
Your restaurant’s menu prices directly affect your restaurant’s profitability, so it is important to spend time to get it right. Follow the guidelines in this article to reap the most benefit from your menu pricing decisions.
- Controlling Food Cost in the Restaurant
Food cost is usually the biggest expense in the restaurant. Without controls in place, this expense can get out of control and damage your profitability. In this article, learn some common ways that restaurants control their food costs.
- How to Control Labor Costs
Labor is an operational expense in any restaurant. Learn to control your labor cost by improving worker productivity and mindfully scheduling employees to stay within your budget.
- Employee Wages and Benefits
Restaurant employee wages and benefits can vary from restaurant to restaurant. If you are a manager hiring people for the first time, or simply assessing wages in order to make changes to your current payroll, check out the average national statistics.
- How to Choose a Payroll Service Provider for Your Restaurant
Employees in any business want to know they will be paid accurately and on time. Choose a payroll service that will set your mind at ease and let you manage the business. Learn how in this article.
Cash Handling
Procedures for handling cash are an important aspect of financial management in any restaurant. Workers dealing directly with cash must learn proper procedures in order to keep track of incoming money, maintain accountability and avoid major overages or shortages.