COGS, or the Cost of Goods Sold, is a vital metric for restaurants that directly impacts profitability. By carefully tracking COGS, restaurants can make data-driven decisions to reduce operational expenses. Key factors influencing COGS include menu pricing, accurate inventory management, and efficient purchasing practices.
Author Archives: Paperchase Team
16
Oct
Oct
The fast-paced hotel industry handles many financial operations, staff management, and tight rule-following, among other aspects. Hotel audits are thus essential to ensure that everything is working as it should.
11
Oct
Oct
Expo events attract many visitors from all across the globe, which can be very beneficial for the hotel sector. For hotels, restaurants, and other leisure businesses looking to increase revenue, trade events, conferences, and international expos are fantastic methods. However, they also present financial issues, which should be appropriately considered and managed.
27
Sep
Sep
COGS, or the Cost of Goods Sold, is a vital metric for restaurants that directly impacts profitability. By carefully tracking COGS, restaurants can make data-driven decisions to reduce operational expenses. Key factors influencing COGS include menu pricing, accurate inventory management, and efficient purchasing practices.
27
Sep
Sep
Key Performance Indicators (KPIs) are essential tools for measuring a restaurant’s financial health. Two crucial KPIs are Labor Cost and Cost of Goods Sold (COGS). Labor Cost tracks the percentage of sales spent on staff, while COGS measures the direct costs of ingredients and beverages.
19
Sep
Sep
Learn how to use your P&L statement as a guide identifying areas for improvement in your restaurant. Discover how to analyze your revenue, COGS, labor, and operating expenses. Dive into your restaurant’s average check and how to maximize profits through upselling.
18
Sep
Sep
UAE hotels are known worldwide for their high-end service, lavish amenities, and robust tourist sector. However, handling this business’s finances is challenging behind the scenes.
03
Sep
Sep
In the hotel industry, controlling money is very challenging and time-consuming. To process payments, manage expenses, and provide thorough financial records, the financial side of a hotel company must be exact and fast.
19
Aug
Aug
Importance of financial management in Restaurants
In the fast-paced hospitality industry, where delicious food meets happy customers, there’s a crucial element often overshadowed: financial management. It’s the backbone of every thriving restaurant, silently supporting its success.
17
Jul
Jul
Balancing books is as important as welcoming guests and providing exceptional services. However ,money management has never been easy, especially in the hotel industry.
18
Jun
Jun
Comprehensive Financial Planning for Your New Restaurant
24
May
May
Hotel payroll management is tricky compared to other sectors. Labor law compliance and complicated departmental pay programs are only two variables to consider. Precise payroll processing is necessary for legal compliance, employee satisfaction, and firm financial health.
13
May
May
Paperchase, a leading global hospitality accounting firm, is thrilled to announce its sponsorship of the prestigious 2024 James Beard Awards.
17
Apr
Apr
Building a bar business can be a difficult task but with correct financial planning you can attract customers towards your business.
21
Mar
Mar
Hotel accounting is a specialized field aimed at recording, managing, and analysis of the financial activities of a hotel business.
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