Management of food cost in restaurant business.

Authors

  • V. Lymar Vasyl’ Stus Donetsk National University
  • O. Gumeniuk Vasyl’ Stus Donetsk National University

DOI:

https://doi.org/10.31558/2307-2318.2019.3.15

Keywords:

food cost, restaurant accounting, cost control, maximizing profit, operating expenses, revenue, restraint prime cost, menu price, restaurant budget, food waste, overall restaurant sales, inventory management

Abstract

This article addresses the issue of managing food cost in restaurant business. The main reason most restaurants are not able to manage their finances and suffer losses is that they are not able to keep their restaurant costs in check. Restaurant Cost Control is essential as it allows to identify the area of expenses and take corrective and preventive measures to keep a healthy ratio between expenses and finances. In this article, we look at how to better manage food costs and menu pricing so the manager can increase profits and encourage diners. This article explains the depth explanation of what is food cost as well as how to accurately calculate food costs at a restaurant.

Author Biographies

V. Lymar, Vasyl’ Stus Donetsk National University

PhD in Economics, associate professor

O. Gumeniuk, Vasyl’ Stus Donetsk National University

Master’s degree student

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