As a restaurant owner, you know that managing your finances is critical to the success of your business. But with so many different accounts and expenses to keep track of, it can be difficult to know where to start. In this video, I finally demystify restaurant financials by breaking down the differences between cost of goods sold, sub-accounts, and direct operating expenses.
I answer questions like…
- When is merchandise a CoGS?
- Why can I track draft and bottle beer but not chicken and beef?
- Should I include my take-out containers in the cost of goods sold?
- Is catering, off-site sales, or 3rd party delivery a CoGS account?
Whether you’re a new restaurant owner or a seasoned pro, this video is a must-watch for anyone looking to take their financial management skills to the next level.