Successfully closing out a period starts the domino effect for proactively operating a restaurant versus missed opportunities in the following periods. The purpose of the Period End Financial Close is accuracy verification to highlight where your money is going. This enables you to make quicker, more educated business decisions. To close out a period, begin with a review of the financial statements; The Profit & Loss Statement, The Balance Sheet, and The Cash Flow Statement. Within each statement, defined areas of focus should pop out to an operator as a must-watch for success. In this episode of The Tip Share, RASI Director of Education, Brittany Ward discusses a few key items to concentrate on when conducting a Period End Financial Close: Accounts Receivable and House Accounts.

Watch the full Video: https://www.youtube.com/watch?v=P21jgZlgNhI

Read the full Blog Post: https://rasiusa.com/blog/top-restaurant-accounting-tips-closing-out-accounts-receivable-and-house-accounts-for-period-end

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Cost of Goods (COGS) 101: The Basics

The Tip ShareBy RASI - Restaurant Accounting Services Inc.Aug 01, 2022