Accounting and Financial Management in Foodservice Operations
Foodservice Operations: The Essentials
1. Edition December 2023
384 Pages, Softcover
Wiley & Sons Ltd
Accounting and Financial Management in Foodservice Operations
A concise and easy-to-follow guide to the principles of accounting and finance as they apply to running foodservice operations
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.
Chapter 1: Fundamentals of Accounting and Financial Management
* Professional Accounting
* Accounting for Effective Financial Management
* Accounting Specializations
* Users of Accounting Information
Chapter 2: The Mechanics Of Accounting
* Recording Business Transactions
* The Basic Accounting Equation
* Accounts Used in the Basic Accounting Equation
* Asset Accounts
Chapter 3: The Income Statement
* The Importance of the Income Statement
* Users of the Income Statement
* Frequency of Income Statement Preparation
* USAR Income Statement Format
Chapter 4: The Balance Sheet
* The Importance of the Balance Sheet
* Users of the Balance Sheet
* Limitations of the Balance Sheet
* USAR Balance Sheet Format
Chapter 5: The Statement of Cash Flows
* The Importance of Cash Flow
* Sources and Uses of Funds
* Creating the Statement of Cash Flows
* Cash Flow from Operating Activities
Chapter 6: Understanding Costs and Break-even Analysis
* The Importance of Understanding Costs
* Types of Costs
* Fixed and Variable Costs
* Mixed Costs
Chapter 7: Profitable Pricing
* Pricing for Profits
* The Importance of Price
* The Operator's View of Price
* The Guest's View of Price
Chapter 8: Food and Beverage Cost Control
* The Importance of Food and Beverage Cost Control
* Sales Forecasts
* Standardized Recipes
* Purchasing and Receiving Products
Chapter 9: Labor Cost Control
* The Importance of Labor Cost Controls
* Total Labor Costs
* Factors Affecting Total Labor Costs
* Accounting For Total Labor Costs
Chapter 10: Operating Budgets
* The Importance of Operating Budgets
* Types of Operating Budgets
* Advantages of Operating Budgets
* Creating An Operating Budget
Chapter 11: Cash and Revenue Control
* The Importance of Revenue Control
* External Threats to Revenue
* Internal Threats to Revenue
* Developing a Revenue Security Program
Chapter 12: Accounting for Fixed and Other Assets
* Accounting For Fixed Assets
* Recording Fixed Asset Purchases
* Depreciating Fixed Assets
* Traight-line Depreciation
Index
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.
