Accounting and Financial Management in Foodservice Operations
John Wiley & Sons Inc (Verlag)
978-1-394-20886-9 (ISBN)
Accounting and Financial Management in Foodservice Operations is an up-to-date and straightforward treatment of the financial standards and concepts owners and operators need to successfully run a foodservice operation.
Learn how to understand and assess the financial performance of a foodservice business by using professionally prepared financial reports. The book explains the Uniform System of Accounts for Restaurants (USAR), as well as how to read income statements, balance sheets, and statements of cash flows. It discusses how to calculate a break-even point and demonstrates pricing tips to help owner/operators create a profitable menu. Other contents include:
A thorough introduction to controlling food and beverage product costs
Practical discussions of how to manage the cost of labor and staffing, as well as how to prepare an accurate operating budget
Hands-on strategies for comparing planned and budgeted operating results to actual financial results
Perfect for students in foodservice-related courses, Accounting and Financial Management in Foodservice Operations will also benefit foodservice establishment owners and operators and professionals working in colleges, hospitals, nursing homes, and more.
David K. Hayes, PhD, has taught hospitality courses at Purdue University, Texas Tech University, The University of Houston, and Lansing Community College. He has served as the Vice President of Broadcast and Video Training for the American Hotel & Lodging Educational Institute. Jack D. Ninemeier, PhD, is an Emeritus Professor in the School of Hospitality Business at Michigan State University. He has many years’ experience developing and providing training and resource materials for commercial and non-commercial foodservice operations. He has also written several hundred articles for trade journals and created training monographs. Part of Wiley’s Foodservice Operations: The Essentials series.
Preface ix
Acknowledgments xiii
Dedication xv
1 Fundamentals of Accounting and Financial Management 1
Professional Accounting 2
Accounting for Effective Financial Management 3
Accounting Specializations 5
Users of Accounting Information 10
The Uniform System of Accounts for Restaurants (USAR) 11
Generally Accepted Accounting Principles (GAAP) 13
The Mechanics of Financial Management 20
Bookkeeping 20
Summary Accounting 21
Financial Analysis 21
Ethics in Accounting 22
2 The Mechanics of Accounting 27
Recording Business Transactions 28
The Basic Accounting Equation 29
Accounts Used in the Basic Accounting Equation 31
Asset Accounts 32
Liability Accounts 33
Owners’ Equity Accounts 34
Revenue and Expense Accounts 35
Recording Changes to the Basic Accounting Equation 37
Double- Entry Accounting 38
The Journal and General Ledger 39
Credits and Debits 40
Security of Financial Data 48
3 The Income Statement 55
The Importance of the Income Statement 56
Users of the Income Statement 59
Frequency of Income Statement Preparation 63
USAR Income Statement Format 64
Sales (Revenue) 65
Total Cost of Sales 66
Total Labor 68
Prime Cost 70
Other Controllable Expenses 71
Non- Controllable Expenses 75
Profits (Income) 77
Ebitda 78
Utilizing the Income Statement 80
Supporting Schedules 80
Comparative Analysis 81
4 The Balance Sheet 88
The Importance of the Balance Sheet 89
Users of the Balance Sheet 90
Limitations of the Balance Sheet 94
USAR Balance Sheet Format 95
Assets 95
Liabilities and Owners’ Equity 104
Analysis of the Balance Sheet 107
Ratio Analysis 107
Vertical Analysis 114
5 The Statement of Cash Flows 120
The Importance of Cash Flow 121
Sources and Uses of Funds 125
Creating the Statement of Cash Flows 131
Cash Flow from Operating Activities 133
Cash Flow from Investing Activities 138
Cash Flow from Financing Activities 139
Net Changes in Cash 140
Supplementary Schedules 142
Statement of Cash Flows Analysis 145
6 Understanding Costs and Break- even Analysis 150
The Importance of Understanding Costs 151
Types of Costs 152
Fixed and Variable Costs 153
Mixed Costs 156
Step Costs 163
Direct and Indirect (Overhead) Costs 164
Controllable and Non- Controllable Costs 165
Other Types of Costs 166
Break-even Analysis 170
Computation of Break- even Point 172
7 Profitable Pricing 181
Pricing for Profits 182
The Importance of Price 182
The Operator’s View of Price 183
The Guest’s View of Price 184
Factors Affecting Menu Pricing 185
Economic Conditions 186
Local Competition 187
Level of Service 187
Type of Guest 188
Product Quality 188
Portion Size 189
Delivery Method 190
Meal Period 191
Location 191
Bundling 192
Methods of Food and Beverage Pricing 194
Cost-based Pricing 194
Contribution Margin- based Pricing 197
Evaluation of Pricing Efforts 199
Menu Engineering 199
Calculating Popularity (Number Sold) 199
Calculating Weighted Contribution Margin 200
Menu Modifications 203
8 Food and Beverage Cost Control 207
The Importance of Food and Beverage Cost Control 208
Sales Forecasts 209
Standardized Recipes 212
Purchasing and Receiving Products 214
Purchasing Food and Beverage Products 214
Receiving Products 218
Managing Inventory and Production 223
Placing Products in Storage 223
Maintaining Product Security 225
Managing Production 226
Controlling the Cost of Sales Percentage 228
Controlling Food Costs 228
Controlling Beverage Costs 229
Optimizing Cost of Sales 231
9 Labor Cost Control 238
The Importance of Labor Cost Controls 239
Total Labor Costs 239
Factors Affecting Total Labor Costs 241
Accounting for Total Labor Costs 246
Types of Labor Costs 247
Accounting for Labor Costs 247
Assessment of Total Labor Costs 251
Sales per Labor Hour 252
Labor Dollars per Guest Served 253
10 Operating Budgets 263
The Importance of Operating Budgets 264
Types of Operating Budgets 264
Advantages of Operating Budgets 265
Creating an Operating Budget 266
Revenue Forecasts 268
Expense Forecasts 270
Monitoring the Operating Budget 276
Comparing Planned Results to Actual Results 277
Modifying the Operating Budget 283
11 Cash and Revenue Control 288
The Importance of Revenue Control 289
External Threats to Revenue Security 290
Internal Threats to Revenue Security 291
Developing a Revenue Security Program 296
Objectives of Internal Revenue Control 296
Elements of Internal Revenue Control Systems 297
Implementing and Monitoring a Revenue Security Program 299
Verification of Product Issues 300
Verification of Guest Charges 302
Verification of Sales Receipts 303
Verification of Sales Deposits 303
Verification of Accounts Payable (AP) 305
12 Accounting for Fixed and Other Assets 310
Accounting for Fixed Assets 311
Recording Fixed Asset Purchases 312
Depreciating Fixed Assets 314
Straight-Line Depreciation 314
Double Declining Balance Depreciation 315
Other Issues Related to Fixed Assets 317
Uniforms, Linens, China, Glass, Silver, and Utensils 317
Disposal of Fixed Assets 318
Exchange of Fixed Assets 319
Accounting for Other Assets 321
Choosing Professional Accounting Assistance 322
Monitoring Evolving Accounting Issues 327
Glossary G-1
Index I-1
| Erscheinungsdatum | 01.12.2023 |
|---|---|
| Reihe/Serie | Foodservice Operations: The Essentials |
| Verlagsort | New York |
| Sprache | englisch |
| Maße | 150 x 226 mm |
| Gewicht | 431 g |
| Themenwelt | Sachbuch/Ratgeber ► Essen / Trinken |
| Wirtschaft ► Betriebswirtschaft / Management ► Rechnungswesen / Bilanzen | |
| Weitere Fachgebiete ► Handwerk | |
| ISBN-10 | 1-394-20886-3 / 1394208863 |
| ISBN-13 | 978-1-394-20886-9 / 9781394208869 |
| Zustand | Neuware |
| Haben Sie eine Frage zum Produkt? |
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