Accounting for a Restaurant
Scenario
I have just been assigned as the new system analyst at a restaurant
called 'Venice' that specialises in Italian food. Up until now all the
accountancy was done manually, so it took a lot of time to keep it up
to date. To make it easier and more efficient I have been assigned to
introduce a spreadsheet system to help calculate the annual profit the
restaurant makes. This will save hours of paper work. The new method
will save all finance information into a spreadsheet that can be
easily accessed. Information could be searched for and found at the
click of a button. Formulas will enable me to automatically work out
the annual profit of the restaurant and other important calculations.
As I edit things like prices, the rest of the information in the
database linked to them will also change. Hopefully, the new
computerised system will help me get the accountancy of 'Venice' back
on track in no time.
Interview
To find out the exact requirements for the new spreadsheet system I
decided to carry out an interview with the manager of the restaurant,
asking his opinion. This is how it went:
Manager: I am really glad you've accepted to introduce a
computer-based system for our annual profit calculating. Lately, our
employees have been spending long hours trying to record outgoings and
income. Not only have they been wasting time (in which they could have
been doing other useful jobs) but they have also struggle with keeping
the accuracy of the any mathematical calculations they carry out.
Also, the accountancy tends to fall behind on keeping information up
to date. For example if we start buying a new type of drink, then our
accountants have to go through all the paper work and try to include
it where relevant. Then they need to manually calculate and change the
new outgoings total.
Me: I see the problem. Well the new spreadsheet system will allow this
whole process to be automated.
[Accessed: 20 Feb 2014]. Appendix Interview questions How long have you been a manager at this business for? Do you have a degree in management or a qualification in it? Have you received any managerial training in this job or a previous job? How long did it take you to become a manager?
No need to hire or pay a bookkeeper. 2.) Takes time to train people to work
Within the Brookfield’s Restaurant organization there is a problem of having a high turnover rate, which is dependent on employee’s motivation as well as how much they feel they are involved in the company culture. Since the restaurant is a fast paced food service industry that requires employees to be capable of handling the pressure of dealing with many customers’ demands while also providing a high level of service to each guest which can be hard for many, making them less motivated to work. Also, the company culture is important by making the employees feel welcomed in the company and to help support them while on the job, so as to the employees want to stay on the job and not wanting to leave. We will provide an analysis showing employee’s work motivations and involvement in the company culture to determine if these factors are the cause of the high turnover rate.
A restaurant’s success is often dependent on its location. Restaurant’s that are located near other restaurants can enough synergistic benefits due to their location (Parsa, Self, Njite, & King, 2005). However, choosing the wrong location can also spell certain doom for the establishment. In general, restauranteurs must ensure that they are making enough profit to justify the demands put forth by their landlord and the local government. For this reason, the restaurant’s deed or rental agreement is one of the most important document in determining a restaurant’s fate. This paper seeks to examine the issues associated with leasing restaurant property; in particular Harlequin and Brine, an upscale casual restaurant.
Expanding sales to foreign countries can offer a Multinational Company (MNC) higher profit margins, unique products, and technological advantages. One of the major issues that an MNC will face is analyzing foreign financial statements, due to the diversity of accounting guidelines across the world. It’s imperative that companies that decide to go international learn and understand the tax laws and guidelines of other countries, in order to minimize the accounting issues involved in business activities. One of the top coffee producing companies in the world, Starbucks Corp has grown to be a powerful MNC. Their investment in foreign operations and foreign trade requires them to understand international accounting concepts and international financial reporting standards (IFRS). In this report, GAAP concepts used by Starbuck’s will be compared to IFRS.
Accounting/Finance application systems like Peachtree, Net Suite and QuickBooks let you manage your business with a little or no experience. All three application systems allow the users to manage the companies' capital including bookkeeping, inventory, non-inventory & service items, sales orders, purchase orders, and reports. It allows the companies to keep tracking of the financial assets and at the same time have the information the accountant needs. Using the accounting/finance application system, makes it easier to enter and process the data rather than manually enter and process the data.
“I’ve been here for ten minutes and my server hasn’t taken my order yet!” This is a direct quote from me before I worked at a restaurant. I never looked to see how many tables my server actually had or how much running I made them do. The sad truth is most people do not notice these details either, which may affect the tip their server will receive. By looking at the attitude and maintenance of restaurant customers, you can classify them into three categories according to their tipping patterns: the “hmm…how good were they? tippers,” “the “stick-to-the-fifteen-percent tippers,” and the “I-am-or-once-was-a-server tippers”.
Tipping is not just pushing cows down but also an amount of pay for servers in the restaurant industry. In today's society, tipping is a social norm; you go out to eat and tip a certain percentage to your server. What many do not know is how much to tip or even why they should tip their server. Servers in many states have an income of two- four dollars hourly on their checks. Of course, tipping is part of their income but it can be a problem when not making enough. Every night differs from the next on how much a server makes overall. Basically, servers solely depend on the tips they receive at the end of the night. Many would think that eventually the two- four hourly pay would add up, but that money is taxed. Therefore, paychecks are usually zero to a few dollars; clearly, the system is complicated. Overall, servers do not have a stable income and many issues come with it.
For my evaluation essay I wrote about the restaurant Clocked, a small diner located in downtown Athens. Clocked has good food, wonderful customer service, and a sci-fi vibe that will send many people back to their childhood. Athens is a large city, and the University of Georgia is a large school with over 36,000 students. It can be easy to get lost in such a large city. In my evaluation, I spoke about how Clocked can help Athens seem more like a small community. For my paper remix I wanted to send the same message as my original paper, that a large city like Athens can become a home. Instead of sending my message through words, I created a poster board filled with pictured from different points in my life. By using different pictures from Rome and Athens, I show that both cities can become home with the help of a small diner like Clocked.
Mired in dread by most and oft an exercise in futility, business owners spend agonizing hours tracking and paying obligations, calculating payroll, balancing checkbooks, and soliciting payments from past due accounts. From a place of naiveté, most business owners initially deny delegating these fundamental tasks to a seasoned bookkeeping professional whereby reasoning this method of business operation will improve their bottom line. Furthermore, each year a growing number of business owners find themselves scrambling in a near panic, sometimes successfully, sometimes not, to assimilate records in order to present to a CPA to meet tax deadlines. According to Jason Nazars’ article “16 Surprising Statistics
Running a restaurant can be one of the most stressful jobs as well as the most fun and rewarding jobs. If the manager is a good leader with excellent leadership skills and has great followers the restaurant will be rewarded. If not the restaurant will plummet in sales and no one will be pleased. While developing a business. staff is important to running a successful restaurant, it is also essential that management focus on its public relations as well as its sales and marketing strategies.
The restaurant industry is a multibillion dollar industry that continues to grow each day and change the community that they are in forever. Opening a new restaurant will improve the economy dramatically because it will increase the amount of money that is spent in the community. There are many positive factors to opening a new restaurant in a community that boast economic, social, and political remuneration. A new restaurant will create jobs, it will support local food producers and it will help a community economically because the restaurant is giving money back through paying taxes. Socially it will create a new business market with business partners and create “Smart Growth” which focuses on changing the atmosphere of the community and where everything is located (Bealocalist.org, 3). Lastly, a restaurant must abide by certain government regulations because it will have to follow certain rules and regulations that will have to be approved by the health department. Opening a restaurant will have a positive and lasting impact on the community as long as restaurant owners abide by the legal requirements and adapt to the community.
The revenue/cost period-: Revenue and the cost period in accounting that the company get income from normal business activities. It’s referred to normal business income that the company got by selling their product and service.
Today, there is a range of computerised systems in the market that business can use to keep track of their finances; few of the most recognised for their performance are Sage, Microsoft Dynamics, Oracle, QuickBooks, SA...
...nd more employers prefer employees with some knowledge of bookkeeping and accounting. There are other some examples of accounting job are required in different business: