Operations

7 restaurant internal controls?

By September 14, 2021 No Comments
Financial controls for a restaurant business. Learn how to understand financial controls for a restaurant business to make a profit.Get financial guide now!

As the owner of a restaurant, what internal controls should you keep?  Should you employ a part-time bookkeeper?  Should you rely on your accountant?  Or, should you do some of the bookwork yourself?

RECIPE FOR SUCCESS INGREDIENT CARDS

Ingredient 3: Financial Controls

Question:

7 restaurant internal controls to improve your business?

Answer:

Keep accurate, up-to-date records such as:

Bank accounts and statements, cash receipts, cash payments, petty cash book, sales journal, purchase journal and financial statements.

With the proper internal controls, you will be able to answer important questions such as these:

  • How much cash do I have at the moment?
  • How much do I owe?
  • How much do people owe me?
  • Can I afford to spend funds on new equipment?
  • What is my net profit after taxes?
  • What are my sales and expenses this month, quarter, or year?
  • What were my sales and expenses last month, quarter, or year?
  • How do my sales and expenses compare to last year?
  • Are my sales and expenses normal for this type of business?
  • Can I compare my results with industry averages?
  • What are my assets, debts and net worth?

Want to learn more about 7 restaurant internal controls to improve your business ?

Why not download a copy of

How to Cook the Books eGuide

for ONLY $19.95

Money matters!

Leave a Reply