Five Restaurant Accounting Tips for Non-Accountants

We all know that being a restaurant manager is tough. When we think of a restaurant manager, we think of common traits such as a high-energy, service-oriented individual with strong people skills who can stay calm under immense pressure. While strong accounting skills may not be at the top of what comes to mind, every good restaurant manager must have at least a basic knowledge of accounting to be successful.

Restaurants face distinct accounting challenges that require a restaurant-specific approach. While many of the concepts are similar to other industries, restaurants must rely on accurate, real-time data in order to be profitable in an industry that is notorious for having slim margins. 

The key to operating a profitable restaurant is understanding your profits and losses, knowing how to manage food and labor costs and making strategic decisions about expenses and investments. While there is a lot involved in these processes, there are some strategies that can be applied by…