Category Archives: Management

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.

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.

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.

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.

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.

In the competitive landscape of the restaurant market, maximizing revenue is paramount for success, but what about the hidden profitability metrics that go unnoticed by even the most experienced restauranteurs?

Budgeting is a crucial part of operating a restaurant. A good budget provides directions and guidance for your team to achieve benchmarks. Your budget allows owners not to operate blindly while sustaining cash flow, especially if you have big expenditures on the horizon.

A successful restaurant isn’t just about delicious food – it’s about creating a memorable experience for every guest while maximizing profitability. At the helm of this experience stands the general manager, the leader who orchestrates every aspect of the operation.

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.

Ever ordered delicious food online but wondered where it came from? That might be a ghost kitchen! Ghost kitchens, sometimes called virtual or dark kitchens, are restaurant concepts that focus solely on delivery and takeout.

In the ever-changing hospitality landscape, restaurant owners are always looking for ways to stay ahead of the curve. Whether through implementing the most advanced POS system or utilizing a new marketing strategy, the industry is always evolving.

Your restaurant’s profit and loss (P&L) statement is more than just a financial record; it’s an essential tool that guides strategic decision-making.

Partnering with specialized hospitality finance accountants like Paperchase gives your business insight into these KPIs so you can run your restaurant with ease.

Paperchase’s hospitality accountants deliver valuable, detailed reporting, on a weekly and monthly basis to guide operational efficiency, and guide operations to achieve key performance metric goals like COGS.