Running a catering business involves more than cooking great tasting food. You also need to have some accounting knowledge. One of the top five reasons a restaurant will fail is because of the owner’s lack of accounting skills, says Business Insider. As a restaurant owner, you are responsible for keeping your business in the black. After all, part of the reason you created this business is so that you can pay yourself and that involves staying on top of your finances.
When you’re running a catering business, you need to keep your food and labor costs in check, know what you’re taking in each month, and monitor your profit margins. Not just one time either, on an ongoing basis. It doesn’t matter if you’re just getting started, or trying to clean up your books, here are six of the restaurant accounting equations you need to know.
Copy and Paste the Code Below
Looking to grow your catering business? Sign up with ezCater.