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Successful restaurants are consistent in many areas, including service, food and atmosphere, but one area is critical to continued success: successful financial management.
There are many ways by which operators can control costs and therefore retain control over the business. What follows are a few suggestions:
• Base your accounting system on a recognised system used in the country of work.
• Ensure your accountant understands the restaurant industry and gives you valuable feedback on a regular basis.
• Charge costs and expenses to the period in which they are purchased.
• Break your food cost down into categories, such as meat, seafood, dairy, poultry, and grocery, to identify problems and/or irregularities.
• Incorporate daily inventory checks.
• Keep your managers up-to-date with food cost numbers.
• Make sure managers know their sales, cost of sales, and labour costs every week.
• Tie part of managers’ compensation to profit and loss results to motivate them to keep all in check.
• Understand your balance sheet and review it each period.
• Compare profit and loss statements to a budget or prior period.
• Calculate and track your inventory turnover on food and beverages.
• Consider the impact of customer counts and check averages when reviewing sales trends.
• Calculate your break-even point.
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