Restaurants and bars typically produce low profit margins, so they need a strong accounting system to help identify ways to improve those profits. In the Accounting for Restaurants and Bars course, we cover all aspects of the necessary accounting systems, as well as the controls needed to keep fraud in check. Course materials include the accounting for inventory, fixed assets, leases, revenues, expenses, and payroll, as well as a discussion of how to close the books and produce performance metrics.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Cite the accounts that can be included in the chart of accounts for a restaurant or bar.
Specify the structure and content of the financial statements for a restaurant or bar.
Identify how a similar unit comparison can be employed by the manager of a restaurant or bar.
Specify how the par level is used in inventory monitoring.
State the main characteristics of a system of fixed asset depreciation.
Identify the accounting for a leasehold improvement.
Identify the accounting for a lease by the lessee.
Specify how guest checks and house accounts are used.
Define expendable items in a restaurant.
Specify the accounting for mandatory gratuity charges.
Identify the accounting for a restaurant's web site.
Specify the accounting for a payroll, including the treatment of tips.
Recognize the types of fraud found in a restaurant or bar.
Specify the metrics used by restaurants and bars, and how they can be misleading.
Major Topics
Characteristics of Restaurants and Bars
Inventory Accounting
Accounting for Fixed Assets
Accounting for Leases
Restaurant and Bar Revenues
Restaurant and Bar Expenses
Accounting for Payroll
Restaurant and Bars Fraud
The Hubbart Formula
Menu Engineering
