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Published byJorunn Clausen Modified over 5 years ago
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Financial Management Budget = financial plan used to forecast needs, allocate resources, and track progress set goals and objectives record what is accomplished evaluate progress take corrective action quickly Based on past experience or industry-wide data
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Kinds of Budgets Operating: day-to-day guide
for statistics, estimate volume indicators expense revenue Capital = long-term planning equipment renovation construction Master = overall coordinating budget
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Types of budgets fixed flexible zero-based cash
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Budget Planning Evaluation of past performance and likely changes
Preparation: Forecast, draft List all sources of income and projected amounts List all expenses food, labor, overhead, operating expenses Add other volume indicators Justify requests for new funds Justification: review, revise Implementation: use it! Control: ongoing monitoring
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Types of Records/Reports
Purchasing and receiving Storage and inventory Food production Operating and maintenance
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Types of Records/Reports
Service records use categories as needed schools hospitals commercial enterprises Cash transactions Personnel records
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Important Calculations (N321)
Per portion food costs food AP; food EP Selling price Raw-food cost method Demand-oriented pricing Prime-cost pricing Competitive pricing Inventory turnover rate
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Important Calculations
Daily Food Cost Report Profit and Loss Statement Break-even point (BEP)
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