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Restaurant Accounting
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Restaurant Accounting Resources
Seasoned restaurant operators know that to be successful they must do more than simply provide great food and service - they must also make a profit. If you want to turn your good restaurant into a great business then you have to have systems in place to ensure timely and accurate financial reporting. Our array of restaurant accounting resources provide restaurant operators with valuable downloads, how-to videos, spreadsheets, checklists, articles and more to help them organize and implement their financial reporting systems.
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How to Use Weekly Prime Cost Tracking in Your Restaurant
by Joe Erickson
Operators who monitor their prime cost - the combined cost of food, beverage and labor - on a weekly basis, as opposed to just once a month, typically add anywhere from 2 to 5 percent or more to their bottom line. Restaurants that use daily and weekly systems to control costs create a culture of awareness that permeates throughout the staff. . . .
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DOWNLOAD: Weekly Prime Cost Worksheet
Independents who calculate and analyze their food and labor each week instead of just monthly, report a prime cost savings of 2-5% of sales. Get your weekly food and labor costs quickly and efficiently with this series of Excel worksheets. . . .
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Restaurant Business Plan Resources
A well-conceived, professional restaurant business plan is your greatest single asset for turning your restaurant dreams into reality. It's the key to convincing anyone to invest money, make a loan, lease space, essentially do business with you prior to opening. In our Restaurant Business Plan department you'll find an assortment of business plan resources all pertaining specifically and totally focused on creating a winning "restaurant" business plan. That includes in-depth, how-to articles, downloadable templates, detailed instructions, financial models, complete sample plans and more. . . .
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How to Manage Your Restaurant's Critical Numbers and Avoid Financial Loose Ends
by Chris Tripoli and Jim Laube
Too many owner/operators are not tracking sales accurately, not posting costs by category correctly, and/or vewing a cash balance at the end of the month as profit. In this article, we discuss how to setup and interpret your financial reports to help you identify how your restaurant is really performing. . . .
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DOWNLOAD: Tip Pooling Worksheet
Use this form for calculating tip pooling distributions. This flexible, multi-plan tip sharing worksheet simplifies the process of calculating and distributing tips based on jobs and hours worked. . . .
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DOWNLOAD: Newly-Revised Uniform System of Accounts: Restaurant Specific Chart of Accounts
MEMBERS ONLY SNEAK PREVIEW - Using a restaurant industry standard chart of accounts is one of the smartest things an independent operator can do. An industry standard chart of accounts will give you financial information in a much more useful format and enable you to compare your P&L numbers with other restaurants. Also included is a detailed Cost Coding Guide that will help you determine where nearly every type of cost you incur should be charged. . . .
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Prime Cost Wizard - Web-Based Financial Tracking
Restaurant operators that track their prime cost weekly routinely increase their bottom-line 2% - 5% or more! Here's an easier, more efficient way to get your prime cost numbers and not have to re-enter your sales & purchases into Quickbooks or Peachtree . . .
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DOWNLOAD: Restaurant Accounting Checklist
The more organized and efficient your period end accounting process is, the more accurate your statements will be and the quicker you'll get them. Give your bookkeeper or accountant a tool that will help them do a better job of crunching your numbers. . . .
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Why You Must NEVER, EVER Let Your Bookkeeper Handle Cash
All too many restaurant operators have lost small and even large fortunes to a dishonest bookkeeper. Here's an example of what can (and does) happen when owners lose sight of following basic internal controls associated with this important function. . . .
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ONLINE SEMINAR: Cash Flow Competence
Restaurant Numbers: Part 3 features understanding your balance sheet; what your P&L isn't telling you (that you need to know); how to anticipate cash shortfalls and not get "surprised"; creative ways to keep cash flow challenges from becoming major problems. . . .
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ONLINE SEMINAR: Serving & Settlement Controls
Don't let poor cash and internal controls make it easy for people to steal the most desirable commodity you've got, CASH. This program examines the most common ways servers, cashiers, bartenders and bookkeepers steal and what controls you should have in place to protect your business. . . .
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Why Prime Cost Is the Most Important Number (That Should Be) on Your P&L
by Jim Laube
Prime cost (food, beverage & labor) consumes in excess of 60% of sales in most restaurants. They are your largest and most volatile costs. Without good Prime Cost controls even high volume restaurants can have profitability problems. Learn what your Prime Cost should run and how to keep excess Prime Cost from choking your profit. . . .
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