How to Understand Restaurant Accounting without Being an Accountant скачать в хорошем качестве

How to Understand Restaurant Accounting without Being an Accountant

How to Understand Restaurant Accounting without Being an Accountant - Does restaurant accounting make you feel like you're 10 years old sitting at your school desk and it was the first time you were asked to solve for X? Can you remember the feeling? Like, this has got to be a foreign language and all these years later you still struggle to speak it? Restaurant accounting can throw you for the same loop, and like algebra, it can be learned well enough to pass the class, meaning you may not be able to be a restaurant accountant, but you will be able to read your financial statements and use them to run your business. Stay with me, and I’ll break restaurant accounting down into its most simple form so that you'll be able to make accounting work for you. ****How to Solve Your Restaurant's Cost and Management Challenges: https://dsp.coach/transformation-opt-in 📖 I wrote a book for restaurant owners and managers: https://amzn.to/2ZYlL7Y 🔔 Be sure to subscribe to this channel to get alerts when I post a new tip: http://bit.ly/2Yk484P 🎧 Take me on the go and listen to my podcast: https://dsp.coach/podcast ********************************** Welcome to my YouTube Channel. I am David Scott Peters, a restaurant coach and speaker who teaches restaurant operators how to cut costs and increase profits with my trademark Restaurant Prosperity Formula. Known as THE expert in the restaurant industry, I apply my no-BS style to teach and motivate restaurant owners to take control of their businesses and finally realize their full potential. Thousands of restaurants have used my formula to transform their businesses. To learn more about me and my coaching program, visit http://www.davidscottpeters.com. ********************************** Let's start with the balance sheet. On one side you have assets and on the other side you have liabilities. For instance, you may own the building, but really, the bank owns it. When your broadband distributor drops off food and you haven’t paid for it, you now have food, but the purveyor owns it until you pay for it. You have assets and liabilities. Who owns what? Going back to the building, as you pay down your balance on your building at some point in time, you own a portion of your building and that's something called owner's equity. Again, the thing about a balance sheet is the stuff and who owns the stuff should balance. They should be the exact same amount of money. And that's what a balance sheet is. I often compare the balance sheet to a polaroid picture. You take a picture, wave it in the air until it develops, and you have a picture of the health of your business. It's the health of your business. You profit and loss statement is the in between: What happened in between the monthly pictures is the profit and loss statement. It is how much money you made or lost. Now it's important to understand it doesn't always tie to your cash flow. You have things like amortization, depreciation, interest expense, all of which are not true cash flow items. For instance, if you buy a piece of equipment, the government says, “Hey, you spent $20,000 on it, but you are going to write off equal monthly amounts of that over the next five years for the use of that that item.” This means you may be out $20,000, but you've got this $1,000 payment that goes in and that's all you show for expenses. So don't tie your profit and loss to how much money you should have in the bank. The general ledger is the next step. If the balance sheet is a picture in time, and the profit and loss statement is a movie, then guess what your general ledger is . It’s the script, the line by line by line. As I mentioned, we had the broad line distributor show up and drop off $3,000 in product, but $2,500 was food. Other items could be paper, janitorial, small wares, or equipment on that same truck. And so that has to be put in the right bucket. You may have payroll, but we had servers and busters and hosts and prep cooks and dishwashers and line cooks and barbacks and bartenders, managers, salaried and hourly. You get the picture. It makes sure that line by line by line, what was said, what happened, when you watched the movie? When you really think about, this accounting thing, it's a pretty simple picture in time. It’s the health of your business from one picture to the next, the movie of what happened in between and the line by line script that was followed. ********************************** Find more about how to run a restaurant business on my other platforms: 👍 Facebook:   / davidscottpetersbiz   📸 Instagram:   / davidscottpeters   📱 Twitter:   / restaurantxpert   🔔 Subscribe to YouTube: http://bit.ly/2Yk484P 🎧 Podcast page: https://dsp.coach/podcast