How Restaurant Operators Handle Accounting and Reporting
Proven accounting processes are an essential building block toward achieving profitability. Timely financial reporting, paying bills on time, and knowing where you stand financially require accounting practices that are efficient and accurate.
In this survey, we asked operators to share how they accomplish various accounting-oriented tasks. The results were quite revealing as they showed that operators who adopted good accounting practices were more profitable than those that didn't.
Some of the more common accounting best practices include:
Of this list, there were three accounting best practices that were common to profitable operators.
1. Having a Financial Profit & Loss statement at least monthly.
2. Weekly food and labor cost reporting.
3. Counting and computing inventory on a weekly or monthly basis.
The bottom-line is that operators that incorporate accounting best practices are more likely to be profitable than those that don't:
The intent of this survey is to provide our members with helpful insight as to the best way to handle accounting practices by seeing how other restaurants operate. Hopefully, you'll discover some tips and best practices that you can apply to your operation to help you become more profitable.
You can view the results and analysis for the following questions: