Implementing a well-designed system of financial controls and processes in your restaurant is arguably one of the most important steps you can take to assure success. I offer guidance and support beginning with a review of your current status, and ending with a fully implemented system that you can count on to insure cost savings throughout the restaurant, as well as providing accurate financial reporting that you can rely on to evaluate performance and take appropriate actions.
Here is a summary overview of the systems and representative processes I am able to address:
- Does the chart of accounts “mirror” the Uniform System of Accounts for Restaurants?
- Is the owner managing cash flow based on the balance sheet or by checking the online bank balance?
- Are transactions posted properly to the correct General Ledger Accounts?
- Are cash accounts reconciled to bank statements on a timely basis?
- Are Daily Sales and Deposits recorded properly to reflect Sales Tax, Discounts, Comps, Gift Cards Sold and Redeemed, and other forms of payment?
- Is one assigned manager in charge of setting up the till and preparing cash out reports?
- Do individuals handling cash have access to the reconciliation of tills?
- Are cash counting and sorting done in a dedicated area?
- Are pay-outs from the till recorded on a form or deducted from a separate petty cash float?
- Are cash tips and credit card tips are given to staff according to set procedures?
- Are separate deposit slips prepared for each shift and banked daily?
- Are bank deposit slips cross-checked with daily cash reports?
Point of Sale System
- Is the POS used to Control of food leaving the kitchen?
- Does it perform a breakdown by menu category and menu items?
- Do you use the Time & Attendance features for Sales Forecasting & Tracking Clock In/Out?
- Are Tip Reporting for Payroll and IRS Reporting utilized?
- Does the POS have a Labor Scheduling module?
- Is the POS configured to “map” sales by category or group to match the chart of accounts of your accounting software?
Daily/Weekly Financial Information
- Do you create daily and weekly sales and labor reports?
- Is this key financial data reviewed daily & discussed in weekly meetings?
- Are findings/trends acted upon?
- Are perpetual inventories used for key food and beverage items?
- Are par levels established and used to place vendor orders?
- Do you control pricing by receiving bids from multiple vendors, ask for specials, consider freight costs, and have advance knowledge of price increases?
- Are deliveries checked for product specification, weight, quality, and pricing?
- Do you use menu costing software to maintain accurate plate costs as inventory prices fluctuate?
- Are there standards in place to insure consistency and accurate portion sizes?
- Do you take period ending physical inventory counts and use them calculate cost of goods sold for Food , Beer, Wine and Liquor categories?
- How frequently is your menu updated and repriced, and how are new prices implemented?
- Do you know how your competitions’ pricing compares?
- Are menu items changed for seasonal increases?
- Are menus priced to accomplish profit goals?
- Are menu design & engineering techniques utilized?
- Is a weekly & perpetual (on some items) bar inventory utilized?
- Are spotting services used periodically?
- Does the Point of Sale system give a detailed bar breakdown?
- Do you have a recipe file?
- Is labor scheduled considering sales trends by day and hour?
- Are blind staffing techniques used?
- Do you budget and monitor weekly overtime & split shifts?
- Have you considered cutting 1/4 hour a day from the hourly staff?
- Do you have a Front of the House incentive program?
- Do you have a Back of the House incentive program?
- Do you have a Manager incentive program based upon controllable results?
Controllable Overhead Expenses
- Have you developed an overhead expense budget?
- Did you negotiate a good lease?
- Are “replacements” or smallwares bills analyzed?
- Are linen & laundry bills analyzed?
- Are credit card rates reviewed & bid out?
- Do you bid out your insurance rates & have your coverage reviewed?
- Are utility bills reviewed & trends analyzed?
HERE ARE FIVE WAYS I CAN HELP YOU START GROWING YOUR BUSINESS TODAY
1. Join my BizWorx™ Coaching program and start growing your business the very day you start. I help business leaders rapidly grow their businesses with sustainability. If this fast growth interests you, call me at +1 817-797-2929 and talk to me about your opportunity at no charge.
2. Engage me in a GrowthWorx™ Consulting Project and finally set your business on the road to rapid and sustainable growth.
3. Conduct an Onsite Review in order to create a blueprint for growing your business in the coming year.
4. Have me Facilitate A Strategy Session for your leadership team. Most of our clients now do this every 6 months and it has provided the needed focus and accountability necessary to achieve sustainable growth.
5. Have questions? Let’s Talk! Contact me to discuss your opportunity with no obligation to you for the first conversation.