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Accounting for Restaurants: A Comprehensive Guide to Chart of Accounts
Author: Jane Doe, CPA, CGMA, with 15 years of experience specializing in accounting for the hospitality industry, including restaurants of various sizes and concepts.
Publisher: Restaurant Accounting Solutions, a leading provider of accounting software and consulting services for the restaurant industry with over 20 years of experience.
Editor: Michael Smith, MBA, with 10 years of experience in content creation and editing for the finance and hospitality sectors.
Summary: This guide provides a comprehensive overview of creating and managing an effective accounting for restaurants chart of accounts. We explore best practices, common pitfalls, and essential account categories, offering practical advice to restaurant owners and managers seeking to improve their financial management and reporting. The guide emphasizes the importance of accurate and timely financial data for informed decision-making and regulatory compliance.
Keywords: accounting for restaurants chart of accounts, restaurant accounting, chart of accounts, restaurant financial management, hospitality accounting, food cost accounting, beverage cost accounting, restaurant bookkeeping, restaurant accounting software, point of sale (POS) integration
Introduction:
Effective financial management is crucial for the success of any restaurant. A well-structured accounting for restaurants chart of accounts forms the backbone of this system. This guide provides a detailed breakdown of creating and utilizing a chart of accounts specifically designed for the unique challenges and complexities of the restaurant industry. We will cover essential account categories, best practices for organization, and common pitfalls to avoid. Understanding and implementing a robust accounting for restaurants chart of accounts is key to accurate financial reporting, informed decision-making, and ultimately, profitability.
I. Designing Your Restaurant Chart of Accounts:
The foundation of your accounting for restaurants chart of accounts lies in proper categorization. Accounts should be set up to track revenue, expenses, assets, liabilities, and equity. Consider using a numerical system for easy tracking and reporting. Here are some key account categories:
Revenue Accounts: These accounts track income generated from various sources. Examples include:
Sales – Food
Sales – Beverage
Sales – Other (e.g., merchandise, catering)
Discounts & Allowances
Sales Tax Payable
Cost of Goods Sold (COGS): This is crucial for restaurant profitability. Track COGS separately for food and beverages:
Beginning Inventory – Food
Purchases – Food
Ending Inventory – Food
Cost of Food Sold
Beginning Inventory – Beverage
Purchases – Beverage
Ending Inventory – Beverage
Cost of Beverage Sold
Expenses: Categorize expenses meticulously for accurate budgeting and analysis:
Labor Costs (Salaries, Wages, Benefits)
Rent
Utilities (Electricity, Gas, Water)
Marketing & Advertising
Repairs & Maintenance
Supplies (Cleaning, Paper Products)
Insurance
Licenses & Permits
Credit Card Processing Fees
Accounting Fees
Assets: Accounts representing what the restaurant owns:
Cash
Accounts Receivable
Inventory (Food & Beverage)
Equipment
Furniture & Fixtures
Liabilities: Accounts representing what the restaurant owes:
Accounts Payable
Loans Payable
Sales Tax Payable
Equity: Represents the owner's investment in the business:
Owner's Equity
Retained Earnings
II. Best Practices for Restaurant Accounting:
Regular Reconciliation: Reconcile bank statements and credit card statements monthly to identify discrepancies.
Inventory Management: Implement a robust inventory control system to minimize waste and accurately track COGS.
POS System Integration: Integrate your POS system with your accounting software for automated data entry and reduced errors.
Use of Accounting Software: Utilize accounting software designed for the restaurant industry.
Regular Reporting: Generate regular financial reports (income statements, balance sheets, cash flow statements) to monitor performance.
III. Common Pitfalls to Avoid:
Inaccurate Inventory Tracking: Leading to overstated or understated COGS.
Poor Expense Categorization: Making it difficult to analyze profitability and identify areas for improvement.
Lack of Regular Reconciliation: Resulting in undetected errors and potential fraud.
Ignoring Sales Tax: Leading to penalties and legal issues.
Failure to Track Food and Beverage Costs Separately: This prevents effective analysis of menu profitability.
IV. Choosing the Right Accounting Software:
Select accounting software that offers features specifically designed for restaurants, such as inventory management, POS integration, and reporting capabilities tailored to the hospitality industry.
Conclusion:
A well-structured accounting for restaurants chart of accounts is critical for the financial health and success of any restaurant. By following the best practices outlined in this guide and avoiding common pitfalls, restaurant owners and managers can gain valuable insights into their operations, improve profitability, and ensure regulatory compliance. The key is accuracy, consistency, and regular monitoring.
FAQs:
1. What is the difference between a general chart of accounts and a restaurant-specific chart of accounts? A general chart of accounts is a basic framework, while a restaurant-specific chart accounts includes detailed categories relevant to the unique expenses and revenue streams of a restaurant (e.g., COGS, specific beverage sales).
2. How often should I reconcile my accounts? Monthly reconciliation is recommended for optimal financial control.
3. What is the importance of inventory management in restaurant accounting? Accurate inventory management is essential for calculating COGS precisely and minimizing waste.
4. What are the benefits of integrating my POS system with my accounting software? Integration streamlines data entry, reduces errors, and improves efficiency.
5. What key financial reports should I generate regularly? Income statement, balance sheet, and cash flow statement.
6. How do I track food waste effectively? Implement a system for monitoring food spoilage, employee waste, and customer leftovers.
7. How can I improve the accuracy of my COGS calculation? Regularly conduct physical inventory counts and implement proper inventory control procedures.
8. What are the tax implications of running a restaurant? Consult with a tax professional to ensure compliance with all applicable local, state, and federal tax regulations.
9. What are some common accounting mistakes restaurants make? Inaccurate inventory tracking, poor expense categorization, lack of reconciliation, ignoring sales tax.
Related Articles:
1. Restaurant Inventory Management: Best Practices for Reducing Waste and Improving Profitability: This article focuses on effective inventory management techniques for restaurants.
2. Restaurant Cost of Goods Sold (COGS): A Comprehensive Guide to Calculation and Control: A detailed guide to calculating and managing COGS effectively.
3. Optimizing Your Restaurant Menu for Profitability: Analyzing Menu Engineering and Pricing Strategies: Discusses strategies to maximize profitability through menu optimization.
4. Restaurant Budgeting and Forecasting: Tools and Techniques for Financial Planning: Covers methods for effective budget creation and financial forecasting.
5. Understanding Restaurant Financial Statements: Income Statement, Balance Sheet, and Cash Flow Statement: Explains the key financial statements used in restaurant accounting.
6. Choosing the Right Restaurant Accounting Software: A Comparison of Popular Options: Reviews available restaurant accounting software options.
7. Managing Payroll and Labor Costs in Your Restaurant: Strategies for Efficiency and Compliance: Addresses effective payroll management and labor cost control.
8. Tax Planning for Restaurants: Minimizing Your Tax Liability and Ensuring Compliance: A guide to tax planning and compliance for restaurants.
9. Restaurant Financial Analysis: Key Metrics and KPIs for Tracking Performance: Covers key performance indicators (KPIs) for analyzing restaurant financial performance.
| accounting for restaurants chart of accounts: Profit First Mike Michalowicz, 2017-01-18 Author of cult classics The Pumpkin Plan and The Toilet Paper Entrepreneur offers a simple, counterintuitive cash management solution that will help small businesses break out of the doom spiral and achieve instant profitability. Conventional accounting uses the logical (albeit, flawed) formula: Sales - Expenses = Profit. The problem is, businesses are run by humans, and humans aren't always logical. Serial entrepreneur Mike Michalowicz has developed a behavioral approach to accounting to flip the formula: Sales - Profit = Expenses. Just as the most effective weight loss strategy is to limit portions by using smaller plates, Michalowicz shows that by taking profit first and apportioning only what remains for expenses, entrepreneurs will transform their businesses from cash-eating monsters to profitable cash cows. Using Michalowicz's Profit First system, readers will learn that: · Following 4 simple principles can simplify accounting and make it easier to manage a profitable business by looking at bank account balances. · A small, profitable business can be worth much more than a large business surviving on its top line. · Businesses that attain early and sustained profitability have a better shot at achieving long-term growth. With dozens of case studies, practical, step-by-step advice, and his signature sense of humor, Michalowicz has the game-changing roadmap for any entrepreneur to make money they always dreamed of. |
| accounting for restaurants chart of accounts: Restaurant Prosperity Formula(tm) David Scott Peters, 2020-01-28 Drawing on his decades of experience as a restaurateur, David Scott Peters offers this specific, hands-on guidebook for independent restaurant owners. Focusing on the operational and cultural aspects of running a restaurant, Peters offers a system--the Restaurant Prosperity Formula(TM)--that allows these businesses to not only survive but thrive in one of the world's most competitive industries. In this book (which the author calls the most comprehensive restaurant owner manual you've ever read), restaurant owners will learn the fundamentals needed to accomplish three goals: simplifying operations, making more money than ever before, and bringing balance back to their lives so they can enjoy the benefits of the first two goals! David's no-nonsense approach strips down all the excuses and doubts in our heads as operators and then gives you the paint-by-numbers plan to make real change in your restaurant. The systems that are outlined in this book are both relevant and practical on their own, but David takes it a step further by teaching you how to implement them in your business and whom you need on your team to be successful. - Brad Hackert, director of restaurant operations, Flora-Bama Foundation, systems, profitability, accountability, and actionable steps--this book has it all from a true industry expert! - Darren S. Denington, CFBE, president, Service with Style Think of this book as your personal, one-of-a-kind treasure map with a clearly marked path and a big X where the gold is. Bring your shovel because you'll be doing some digging. - Kamron Karington, founder and CEO, Repeat Returns |
| accounting for restaurants chart of accounts: The Farmer's Office Julia Shanks, 2016-09-01 A practical, how-to guide for farmers who want to achieve and maintain financial sustainability in their businesses When you decided to become a farmer, you also became an entrepreneur and business person. In order to be ecologically and financially sustainable, you must understand the basics of accounting and bookkeeping, and learn how to manage a growing business. Author Julia Shanks distills years of teaching and business consulting with farmers into this comprehensive, accessible guide. She covers all aspects of launching, running and growing a successful farm business through effective bookkeeping and business management, providing tools to make managerial decisions, apply for a loan or other financing, and offering general business and strategy advice for growing a business. Whether you've been farming for many years or just getting started, The Farmer's Office gives you the tools needed to think like an entrepreneur and thoughtfully manage your business for success. |
| accounting for restaurants chart of accounts: Setting the Table Danny Meyer, 2009-10-13 The bestselling business book from award-winning restauranteur Danny Meyer, of Union Square Cafe, Gramercy Tavern, and Shake Shack Seventy-five percent of all new restaurant ventures fail, and of those that do stick around, only a few become icons. Danny Meyer started Union Square Cafe when he was 27, with a good idea and hopeful investors. He is now the co-owner of a restaurant empire. How did he do it? How did he beat the odds in one of the toughest trades around? In this landmark book, Danny shares the lessons he learned developing the dynamic philosophy he calls Enlightened Hospitality. The tenets of that philosophy, which emphasize strong in-house relationships as well as customer satisfaction, are applicable to anyone who works in any business. Whether you are a manager, an executive, or a waiter, Danny’s story and philosophy will help you become more effective and productive, while deepening your understanding and appreciation of a job well done. Setting the Table is landmark a motivational work from one of our era’s most gifted and insightful business leaders. |
| accounting for restaurants chart of accounts: Controlling Restaurant & Food Service Operating Costs Cheryl Lewis, Douglas Robert Brown, 2003 This series of fifteen books - The Food Service Professional Guide TO Series from the editors of the Food Service Professional magazine are the best and most comprehensive books for serious food service operators available today. These step-by-step guides on a specific management subject range from finding a great site for your new restaurant to how to train your wait staff and literally everything in between. They are easy and fast-to-read, easy to understand and will take the mystery out of the subject. The information is boiled down to the essence. They are filled to the brim with up to date and pertinent information. The books cover all the bases, providing clear explanations and helpful, specific information. All titles in the series include the phone numbers and web sites of all companies discussed. What you will not find are wordy explanations, tales of how someone did it better, or a scholarly lecture on the theory. Every paragraph in each of the books are comprehensive, well researched, engrossing, and just plain fun-to-read, yet are packed with interesting ideas. You will be using your highlighter a lot! The best part aside from the content is they are very moderately priced. The whole series may also be purchased the ISBN number for the series is 0910627266. You are bound to get a great new idea to try on every page if not out of every paragraph. Do not be put off by the low price, these books really do deliver the critical information and eye opening ideas you need to succeed without the fluff so commonly found in more expensive books on the subject. Highly recommended! Atlantic Publishing is a small, independent publishing company based in Ocala, Florida. Founded over twenty years ago in the company president's garage, Atlantic Publishing has grown to become a renowned resource for non-fiction books. Today, over 450 titles are in print covering subjects such as small business, healthy living, management, finance, careers, and real estate. Atlantic Publishing prides itself on producing award winning, high-quality manuals that give readers up-to-date, pertinent information, real-world examples, and case studies with expert advice. Every book has resources, contact information, and web sites of the products or companies discussed. |
| accounting for restaurants chart of accounts: The Complete Restaurant Management Guide Robert T. Gordon, Mark H. Brezinski, 2016-04-08 Two highly successful veterans in the restaurant industry offer surefire tips to lower the risks of failure, avoid the common pitfalls, and make day-to-day operations smooth and profitable. Highlights of this practical handbook ---- menus: samples, special promotions, and charts and instructions to determine price for profit; -- food production: techniques for controlling food production, charts, sample records, and avoiding production problems; -- controlling costs: sound purchasing policies an good storage and handling practices; -- health and environmental issues: keeping up with governmental guidelines on environmental regulations and on dealing with food borne illnesses.The authors cover every detail of running a restaurant. Franchising, catering, changes in meat grading, labor management, cocktail lounge operations, computerized techniques in accounting, bookkeeping, and seating and much more are all covered at length. Restaurant owners and managers will surely find The Complete Restaurant Management Guide invaluable. |
| accounting for restaurants chart of accounts: Accounting Best Practices Steven M. Bragg, 2016-03-22 ACCOUNTING BEST PRACTICES Seventh Edition Today's accounting staffs are called on to work magic: process transactions, write reports, improve efficiency, create new processes—all at the lowest possible cost, using an ever-shrinking proportion of total corporate expenses. Sound impossible? Not if your staff is using the best practices for accounting. Fully updated in a new edition, Accounting Best Practices, Seventh Edition draws from renowned accounting leader Steven Bragg's extensive experience in successfully developing, operating, and consulting various accounting departments. This invaluable resource has the at-your-fingertips information you need, whether you've been searching for ways to cut costs in your accounting department, or just want to offer more services without the added expense. The best practices featured in this excellent step-by-step manual constitute need-to-know information concerning the most advanced techniques and strategies for increasing productivity, reducing costs, and monitoring existing accounting systems. This new edition boasts over 400 best practices, with fifty new to this edition in the areas of taxation, finance, collections, general ledger, accounts payable, and billing. Now featuring a corresponding seven-minute podcast for each chapter found on the book's companion website, Accounting Best Practices is the perfect, do-it-yourself book for the manager who wants to significantly boost their accounting department. |
| accounting for restaurants chart of accounts: Links Between Business Accounting and National Accounting United Nations, United Nations. Statistical Division, 2000 This publication is one of a series of handbooks prepared by the United Nations Statistics Division (UNSD) to help countries, particularly developing countries, implement the 1993 system of national accounts (SNA). It attempts to cover the conceptual and practical aspects of linking business accounts to national accounts through countries' experiences. The handbook aims to provide a general guide to business accounts and the possibility of linking items in them to SNA concepts allowing for local rules and regulations. It cannot provide a set of concrete and detailed international guidelines due to the diversity of business account standards among countries and the extent to which business accounts are made available to statisticians. The main target audiences for this handbook are staff responsible for the compilation of national accounts although it is also a useful reference tool for those who prepare statistics for the preparation of national accounts. |
| accounting for restaurants chart of accounts: Restaurant Success by the Numbers, Second Edition Roger Fields, 2014-07-15 This one-stop guide to opening a restaurant from an accountant-turned-restaurateur shows aspiring proprietors how to succeed in the crucial first year and beyond. The majority of restaurants fail, and those that succeed happened upon that mysterious X factor, right? Wrong! Roger Fields--money-guy, restaurant owner, and restaurant consultant--shows how eateries can get past that challenging first year and keep diners coming back for more. The only restaurant start-up guide written by a certified accountant, this book gives readers an edge when making key decisions about funding, location, hiring, menu-making, number-crunching, and turning a profit--complete with sample sales forecasts and operating budgets. This updated edition also includes strategies for capitalizing on the latest food, drink, and technology trends. Opening a restaurant isn't easy, but this realistic dreamer's guide helps set the table for lasting success. |
| accounting for restaurants chart of accounts: Business Accounting Frank Wood, Alan Sangster, 2011-07 This is the latest edition of the world's best-selling textbook on bookkeeping and accounting. It contains a large number of questions and answers and worked examples. |
| accounting for restaurants chart of accounts: Restaurant Accounting with QuickBooks Doug Sleeter, Doug Sleeter The Sleeter Group, Stacey Byrne, 2015-09-15 A restaurant's success relies on an effective back office accounting system, and QuickBooks can be a critical part of that success. Restaurant Accounting with QuickBooks guides you through purchasing, bill paying, gift certificate tracking, cash management, time tracking, and payroll. |
| accounting for restaurants chart of accounts: The Restaurant Manager's Handbook Douglas Robert Brown, 2003 Accompanying CD-ROM contains copies of all forms contained within the text. |
| accounting for restaurants chart of accounts: Law Firm Accounting Demystified Rakesh Kabra, Pamela Rozsa, CosmoLex Cloud, 2017 In under 100 pages, Law Firm Accounting Demystified gives every legal practice a basic primer on the unique aspects of legal accounting that every lawyer and legal accounting professional should know. It covers all the bases -- from trusts to revenue recognition to bank reconciliations and more. Any attorney who gets overwhelmed by accounting minutiae can use Law Firm Accounting Demystified not only as a handy desk reference -- but also as a practical guide to taking a more systematic approach to keeping current, compliant books on an ongoing basis. |
| accounting for restaurants chart of accounts: Graded Accounting Questions Ray O'Loughlin, 2012-04-05 Graded exam-style questions provide the structured practice that all students need to succeed at Higher Level Structured practice All Leaving Certificate syllabus topics covered Continual practice is emphasised throughout Questions have a progressive degree of difficulty to ensure the student remains engaged and suitably challenged Exam-focused Leaving Certificate-standard questions presented under all 17 syllabus topics Each topic includes a sample question with a worked solution, providing a template for the student to answer the remaining questions Questions provided for Sections 1, 2 and 3 of the exam paper, including questions on accounting theory |
| accounting for restaurants chart of accounts: Accounting Information Systems Leslie Turner, Andrea B. Weickgenannt, Mary Kay Copeland, 2020-01-02 Accounting Information Systems provides a comprehensive knowledgebase of the systems that generate, evaluate, summarize, and report accounting information. Balancing technical concepts and student comprehension, this textbook introduces only the most-necessary technology in a clear and accessible style. The text focuses on business processes and accounting and IT controls, and includes discussion of relevant aspects of ethics and corporate governance. Relatable real-world examples and abundant end-of-chapter resources reinforce Accounting Information Systems (AIS) concepts and their use in day-to-day operation. Now in its fourth edition, this popular textbook explains IT controls using the AICPA Trust Services Principles framework—a comprehensive yet easy-to-understand framework of IT controls—and allows for incorporating hands-on learning to complement theoretical concepts. A full set of pedagogical features enables students to easily comprehend the material, understand data flow diagrams and document flowcharts, discuss case studies and examples, and successfully answer end-of-chapter questions. The book’s focus on ease of use, and its straightforward presentation of business processes and related controls, make it an ideal primary text for business or accounting students in AIS courses. |
| accounting for restaurants chart of accounts: Accounting and Corporate Reporting Soner Gokten, 2017-09-20 We have spent a great deal of time on the continued development of accounting and auditing standards, which are used as a primary component of corporate reporting, to reach today's financial reporting framework. However, is it possible to say that, currently, financial statements provide full and prompt disclosure? Or will they still be useful as a primary element with their current structures in corporate reporting? Undoubtedly, we are deeply concerned about these issues in recent times. This volume contains chapters to discuss the today's and tomorrow's accounting and corporate reporting phenomena in a comprehensive and multidimensional way. Therefore, this book is organized into six sections: Achieving Sustainability through Corporate Reporting, International Standardization, Financial Reporting Quality, Accounting Profession and Behavioral Aspects, Public Sector Accounting and Reporting, and Managerial Accounting. |
| accounting for restaurants chart of accounts: Strategic International Restaurant Development: From Concept to Production Camillo, Angelo A., 2021-04-09 Foodservice industry operators today must concern themselves with the evolution of food preparation and service and attempt to anticipate demands and related industry changes such as the supply chain and resource acquisition to not only meet patrons' demands but also to keep their competitive advantage. From a marketing standpoint, the trend toward a more demanding and sophisticated patron will continue to grow through various factors including the promotion of diverse food preparation through celebrity chefs, mass media, and the effect of globalization. From an operational standpoint, managing and controlling the business continues to serve as a critical success factor. Maintaining an appropriate balance between food costs and labor costs, managing employee turnover, and focusing on food/service quality and consistency are fundamental elements of restaurant management and are necessary but not necessarily sufficient elements of success. This increasing demand in all areas will challenge foodservice operators to adapt to new technologies, to new business communication and delivery systems, and to new management systems to stay ahead of the changes. Strategic International Restaurant Development: From Concept to Production explains the world of the food and beverage service industry as well as industry definitions, history, and the status quo with a look towards current challenges and future solutions that can be undertaken when developing strategic plans for restaurants. It highlights trends and explains the logistics of management and its operation. It introduces the basic principles for strategies and competitive advantage in the international context. It discusses the food and beverage management philosophy and introduces the concept of food and beverage service entrepreneurship, restaurant viability, and critical success factors involved in a foodservice business venture. Finally, it touches on the much-discussed topic of the food and beverage service industry and sustainable development. This book is ideal for restaurateurs, managers, entrepreneurs, executives, practitioners, stakeholders, researchers, academicians, and students interested in the methods, tools, and techniques to successfully manage, develop, and run a restaurant in the modern international restaurant industry. |
| accounting for restaurants chart of accounts: Design and Equipment for Restaurants and Foodservice Chris Thomas, Edwin J. Norman, Costas Katsigris, 2013-09-23 This text shows the reader how to plan and develop a restaurant or foodservice space. Topics covered include concept design, equipment identification and procurement, design principles, space allocation, electricity and energy management, environmental concerns, safety and sanitation, and considerations for purchasing small equipment, tableware, and table linens. This book is comprehensive in nature and focuses on the whole facility—with more attention to the equipment—rather than emphasizing either front of the house or back of the house. |
| accounting for restaurants chart of accounts: True Cost Accounting for Food Barbara Gemmill-Herren, Lauren E. Baker, Paula A. Daniels, 2021-06-22 This book explains how True Cost Accounting is an effective tool we can use to address the pervasive imbalance in our food system. Calls are coming from all quarters that the food system is broken and needs a radical transformation. A system that feeds many yet continues to create both extreme hunger and diet-related diseases, and one which has significant environmental impacts, is not serving the world adequately. This volume argues that True Cost Accounting in our food system can create a framework for a systemic shift. What sounds on the surface like a practice relegated to accountants is ultimately a call for a new lens on the valuation of food and a new relationship with the food we eat, starting with the reform of a system out of balance. From the true cost of corn, rice and water, to incentives for soil health, the chapters economically compare conventional and regenerative, more equitable farming practices in and food system structures, including taking an unflinching look at the true cost of cheap labour. Overall, this volume points towards the potential for our food system to be more human-centred than profit-centred and one that has a more respectful relationship to the planet. It sets forth a path forward based on True Cost Accounting for food. This path seeks to fix our current food metrics, in policy and in practice, by applying a holistic lens that evaluates the actual costs and benefits of different food systems, and the impacts and dependencies between natural systems, human systems, agriculture and food systems. This volume is essential reading for professionals and policymakers involved in developing and reforming the food system, as well as students and scholars working on food policy, food systems and sustainability. |
| accounting for restaurants chart of accounts: Successful Catering Sony Bode, 2002 The Food Service Professional Guide TO Series from the editors of the Food Service Professional magazine are the best and most comprehensive books for serious food service operators available today. These step-by-step guides on a specific management subject range from finding a great site for your new restaurant to how to train your wait staff and literally everything in between. They are easy and fast-to-read, easy to understand and will take the mystery out of the subject. The information is boiled down to the essence. They are filled to the brim with up to date and pertinent information. -- Amazon.com viewed February 8, 2021. |
| accounting for restaurants chart of accounts: Uniform System of Accounts for Restaurants Deloitte & Touche, Laventhol & Horwath, 1996 |
| accounting for restaurants chart of accounts: Controlling Restaurant & Food Service Food Costs Douglas Robert Brown, 2003 This series of fifteen books - The Food Service Professional Guide TO Series from the editors of the Food Service Professional magazine are the best and most comprehensive books for serious food service operators available today. These step-by-step guides on a specific management subject range from finding a great site for your new restaurant to how to train your wait staff and literally everything in between. They are easy and fast-to-read, easy to understand and will take the mystery out of the subject. The information is boiled down to the essence. They are filled to the brim with up to date and pertinent information. The books cover all the bases, providing clear explanations and helpful, specific information. All titles in the series include the phone numbers and web sites of all companies discussed. What you will not find are wordy explanations, tales of how someone did it better, or a scholarly lecture on the theory. Every paragraph in each of the books are comprehensive, well researched, engrossing, and just plain fun-to-read, yet are packed with interesting ideas. You will be using your highlighter a lot! The best part aside from the content is they are very moderately priced. The whole series may also be purchased the ISBN number for the series is 0910627266. You are bound to get a great new idea to try on every page if not out of every paragraph. Do not be put off by the low price, these books really do deliver the critical information and eye opening ideas you need to succeed without the fluff so commonly found in more expensive books on the subject. Highly recommended! Atlantic Publishing is a small, independent publishing company based in Ocala, Florida. Founded over twenty years ago in the company president's garage, Atlantic Publishing has grown to become a renowned resource for non-fiction books. Today, over 450 titles are in print covering subjects such as small business, healthy living, management, finance, careers, and real estate. Atlantic Publishing prides itself on producing award winning, high-quality manuals that give readers up-to-date, pertinent information, real-world examples, and case studies with expert advice. Every book has resources, contact information, and web sites of the products or companies discussed. |
| accounting for restaurants chart of accounts: Breakeven Analysis Michael E. Cafferky, 2010-08-11 This book explains the vocabulary of cost-volume-profit (breakeven) analysis (CVP), explores the breadth of applications of CVP, and illustrates the use of CVP concepts in a broad range of management and marketing scenarios. The book examines the proper identification of a 'unit', the various formulations of breakeven, profit planning using the breakeven formulas, and the application of CVP in sensitivity analysis. Each chapter will offer several important ingredients for a practical 'how to' approach: the type of data needed, the formula, how to calculate and interpret the math, a specific example followed by a brief review of the assumptions and limitations of that method. |
| accounting for restaurants chart of accounts: System of National Accounts, 1993 International Monetary Fund, 1993-03-15 The 1993 SNA represents a major advance in national accounting. While updating and clarifying the 1968 SNA, the 1993 SNA provides the basis for improving compilation of national accounts statistics, promoting integration of economic and related statistics, and enhancing analysis of economic developments. The 1993 SNA deals more clearly with relationships between economic flows (such as production, income, savings, accumulation, and financing) and links between these flows and stocks. At the same time the 1993 SNA reflects the many significant developments that have taken place in financial markets and completes the integration of balance sheets into the system. The 1993 SNA also suggests how satellite accounts (e.g. environmental accounts) and alternative classifications (e.g., through social accounting matrices) an be used to augment the central framework of the system. |
| accounting for restaurants chart of accounts: Principles of Accounting Volume 1 - Financial Accounting Mitchell Franklin, Patty Graybeal, Dixon Cooper, 2019-04-11 The text and images in this book are in grayscale. A hardback color version is available. Search for ISBN 9781680922929. Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. This book is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields. Each chapter opens with a relatable real-life scenario for today's college student. Thoughtfully designed examples are presented throughout each chapter, allowing students to build on emerging accounting knowledge. Concepts are further reinforced through applicable connections to more detailed business processes. Students are immersed in the why as well as the how aspects of accounting in order to reinforce concepts and promote comprehension over rote memorization. |
| accounting for restaurants chart of accounts: Free Accounting with Free Software Yogesh Patel, 2012-03-27 Grab this NOW! 60% off ONLY until 1st January! This is a step by step visual guide that helps you organize your accounts without having to learn it all. Just select what you want to do from the list of tasks, see how it is done, complete the job, and put the book away. As a result, learn as you go!If you run a business or you are just starting out in business, SAVE THOUSANDS with the only book and free software you need. Accredited by the Institute for Accounting with Free Software, and also designated as a text book for all their qualifications in Bookkeeping, including the courses in association with the Oxford, Cambridge and RSA board, the book includes a sample IAB Question Paper showing how required tasks can be completed. The IAB has also officially acknowledged the book as 'a useful and cost effective tool in the pursuit of efficient financial management'. The software compares with most commercial software offering extensive stock management, Uk PAYE, email shots etc. All for free! |
| accounting for restaurants chart of accounts: Building Restaurant Profits Jennifer Hudson Taylor, Douglas Robert Brown, 2003 This series of fifteen books - The Food Service Professional Guide TO Series from the editors of the Food Service Professional magazine are the best and most comprehensive books for serious food service operators available today. These step-by-step guides on a specific management subject range from finding a great site for your new restaurant to how to train your wait staff and literally everything in between. They are easy and fast-to-read, easy to understand and will take the mystery out of the subject. The information is boiled down to the essence. They are filled to the brim with up to date and pertinent information. The books cover all the bases, providing clear explanations and helpful, specific information. All titles in the series include the phone numbers and web sites of all companies discussed. What you will not find are wordy explanations, tales of how someone did it better, or a scholarly lecture on the theory. Every paragraph in each of the books are comprehensive, well researched, engrossing, and just plain fun-to-read, yet are packed with interesting ideas. You will be using your highlighter a lot! The best part aside from the content is they are very moderately priced. The whole series may also be purchased the ISBN number for the series is 0910627266. You are bound to get a great new idea to try on every page if not out of every paragraph. Do not be put off by the low price, these books really do deliver the critical information and eye opening ideas you need to succeed without the fluff so commonly found in more expensive books on the subject. Highly recommended! Atlantic Publishing is a small, independent publishing company based in Ocala, Florida. Founded over twenty years ago in the company president's garage, Atlantic Publishing has grown to become a renowned resource for non-fiction books. Today, over 450 titles are in print covering subjects such as small business, healthy living, management, finance, careers, and real estate. Atlantic Publishing prides itself on producing award winning, high-quality manuals that give readers up-to-date, pertinent information, real-world examples, and case studies with expert advice. Every book has resources, contact information, and web sites of the products or companies discussed. |
| accounting for restaurants chart of accounts: Accounting and Financial Analysis in the Hospitality Industry Jonathan Hales, 2006-08-11 The objective of this textbook is to teach students to be conversational in speaking “numbers.” This means understanding fundamental accounting concepts, developing solid financial analysis abilities, and then applying them to understand and improve the operational performance of their hotel or restaurant. The book will accomplish this by studying the current practices of some of today’s leading hotel and restaurant companies. Chapters will be developed under the auspices of a select group of hospitality industry General Mangers, Directors of Finance, and Regional Accounting Managers to ensure that the information is current, accurate and useful. Understanding and applying the information will be the main focus of this book. This textbook should provide hospitality managers the knowledge and experience to be comfortable in using numbers to operate their departments. This includes developing the ability to perform all accounting and financial aspects of their position efficiently and correctly including revenue forecasting, wage scheduling, budgeting, P&L critiques, purchasing procedures and cost control methods. As a result, they will have more time to spend on the floor with their customers and employees. This knowledge will help them understand their operations and how to improve, change or expand them to increase revenues or profits. |
| accounting for restaurants chart of accounts: Entrepreneurial Finance Miranda S. Lam, Gina Vega, 2015-07-16 Entrepreneurial Finance: Concepts and Cases addresses issues that are often overlooked in traditional finance textbooks, namely, how to handle the unique financial challenges faced by start-ups and small businesses. The book is structured around seven modules or building blocks designed to be taught across a full semester with natural break points built into each chapter within the modules. The building blocks present macro-concepts which are explored in greater detail in each of the chapters. A starting chapter provides guidance about the use of cases for students and a concluding chapter delivers information about how to win business plan competitions. Each concept is illustrated by a short case, and followed by thoughtful questions to enhance learning. The cases, previously unpublished, are written by an international group of experienced case writers from the field of finance, and deal with real companies, real problems, and currently unfolding issues. A case teaching manual geared to finance in general, and short cases in particular, is provided for the instructor and includes specific tips, techniques, and activities for each case in the text. Written for upper level undergraduate students of entrepreneurship, this highly accessible book breaks down complex concepts, and includes hands-on cases and exercises, making learning a breeze! |
| accounting for restaurants chart of accounts: Accounting Rosemary R. Demarest , 1970 |
| accounting for restaurants chart of accounts: Accounting and Financial Management Peter James Harris, Marco Mongiello, 2006 Presents research and developments in the field of accounting and financial management as it relates to organisations in the international hospitality industry. Draws on researchers' fieldwork and practical experience, and includes case studies and examples from a range of companies across the industry. Covers a number of issues including: performance management, benchmarking, the profit planning framework, room rate pricing decisions, hotel asset management, and lowering risk to enhance firm value. |
| accounting for restaurants chart of accounts: The Food Service Manager's Guide to Creative Cost Cutting Douglas Robert Brown, 2006 This step-by-step guide will take the mystery out of how to reduce costs in four critical areas: food, beverage, operations and labor. |
| accounting for restaurants chart of accounts: The Restaurant Manager's Handbook Douglas Robert Brown, 2007 Book & CD. This comprehensive book will show you step-by-step how to set up, operate, and manage a financially successful food service operation. This Restaurant Manager's Handbook covers everything that many consultants charge thousands of dollars to provide. The extensive resource guide details more than 7,000 suppliers to the industry -- virtually a separate book on its own. This reference book is essential for professionals in the hospitality field as well as newcomers who may be looking for answers to cost-containment and training issues. Demonstrated are literally hundreds of innovative ways to streamline your restaurant business. Learn new ways to make the kitchen, bars, dining room, and front office run smoother and increase performance. You will be able to shut down waste, reduce costs, and increase profits. In addition, operators will appreciate this valuable resource and reference in their daily activities and as a source of ready-to-use forms, Web sites, operating and cost cutting ideas, and mathematical formulas that can be easily applied to their operations. Highly recommended! |
| accounting for restaurants chart of accounts: The QuickBooks Farm Accounting Cookbook Mark Wilsdorf, 1999 |
| accounting for restaurants chart of accounts: Financial Valuation James R. Hitchner, 2024-12-05 A comprehensive guide to the theory and application of valuation, along with useful models, tools, and tips for analysts Financial Valuation: Applications and Models provides authoritative reference and practical guidance on the appropriate, defensible way to prepare and present business valuations. With contributions by 30 top experts in the field, this updated edition provides an essential resource for those seeking the most up-to-date methods, with a strong emphasis on applications and models. Coverage includes the latest approaches to the valuation of closely held businesses, nonpublic entities, intangibles, and other assets, with comprehensive discussion on valuation theory, a consensus view on application, and the tools to make it happen. This 5th edition has been revised throughout, introducing new and extended coverage of essential topics like: S Corps, discounts for lack of marketability, cost of capital resources, cash flow methods, depositions and trials, and more. Packed with examples, checklists, and models to help navigate valuation projects, this book is an excellent practical tool for working professionals. It also provides hundreds of expert tips and best practices in clear, easy-to-follow language. The companion website provides access to extensive appendix materials, and the perspectives of valuation thought leaders add critical insight. Learn the art and science of estimating the value of businesses, including closely held businesses and nonpublic entities Determine the monetary value of intangible assets like goodwill, intellectual property, and brand recognition Update your knowledge with the latest valuation methods, approaches, and tools Use checklists, templates, models, and examples to make your valuations easier Business valuation analysts, CPAs, appraisers, and attorneys—as well as anyone aspiring to those careers—will appreciate the comprehensive theory and thorough practical guidance in Financial Valuation: Applications and Models. |
| accounting for restaurants chart of accounts: Core Concepts of Accounting Information Systems Mark G. Simkin, Carolyn A. Strand Norman, Jacob M. Rose, 2014-12-08 Knowing how an accounting information systems gather and transform data into useful decision-making information is fundamental knowledge for accounting professionals. Mark Simkin, Jacob Rose, and Carolyn S. Norman's essential text, Core Concepts of Accounting Information Systems, 13th Edition helps students understand basic AIS concepts and provides instructors the flexibility to support how they want to teach the course. |
| accounting for restaurants chart of accounts: Basic Information Sources on Recordkeeping Systems for Small Stores and Service Trades Establishments , 1955 |
| accounting for restaurants chart of accounts: Hospitality Accounting National Restaurant Association (U.S.), 2012-07-10 This text focuses on HOSPITALITY ACCOUNTING topics. It includes essential content plus learning activities, case studies, professional profiles, research topics and more that support course objectives. The exam can be taken in either a paper-and-pencil or online format. The exam format is selected at the time of purchase. |
| accounting for restaurants chart of accounts: Restaurant Management , 1988 |
| accounting for restaurants chart of accounts: Bookkeeping Workbook For Dummies Jane Kelly, Lita Epstein, 2010-12-13 Fully updated for a UK audience Bookkeeping Workbook For Dummies is the easiest way to get up to speed in all the basics of bookkeeping: from setting up a bookkeeping system and recording transactions to managing payroll, preparing profit and loss statements, tackling tax and filing month and year end reports finances. Expert author Jane Kelly guides you step-by-step through every aspect of financial record and offers quick tips to help you work through the interactive exercises and practical problems encouraging you to find your own route to a solution and sharpen your skills along the way. Whether you’re studying on a bookkeeping course or balancing the books in a small business this book is the fastest way to get started. Bookkeeping Workbook For Dummies, UK Edition includes: Part I: Exploring Bookkeeping Basics Chapter 1: Deciphering the Basics Chapter 2: Designing Your Bookkeeping System Chapter 3: Sorting Out Your Business Road Map Part II: Putting it All on Paper Chapter 4: Looking at the Big Picture Chapter 5: Journaling — The Devil’s in the Details Chapter 6: Designing Controls for Your Books, Your Records, and Your Money Part III: Tracking Day-to-Day Business Operations with Your Books Chapter 7: Purchasing Goods and Tracking Your Purchases Chapter 8: Calculating and Monitoring Sales Chapter 9: Employee Payroll and Benefits Part IV: Getting Ready for Year’s (Or Month’s) End Chapter 10: Depreciating Your Assets Chapter 11: Paying and Collecting Interest Chapter 12: Checking Your Books Chapter 13: Checking and Correcting Your Books Part V: Reporting Results and Starting Over Chapter 14: Developing a Balance Sheet Chapter 15: Producing a Profit and Loss Statement Chapter 16: Reporting for Not-For-Profit Organizations Chapter 17: Doing Your Business Taxes Chapter 18: Completing Year-End Payroll and Reports Chapter 19: Getting Ready for a New Bookkeeping Year Part VI: The Part of Tens Chapter 20: Top Ten Checklist for Managing Your Cash Chapter 21: Top Ten Accounts You Should Monitor Chapter 22: Top Ten Problems You Should Practice |
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What are the best accountants who offer individual tax return preparation?
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