This new book, Restaurant Financial Management: A Practical Approach, provides valuable guidance on how to apply the concepts of accounting and finance to real-life restaurant business activities. This book is unique because it provides an understandable framework that breaks it down into three clear steps of applying techniques of accounting and finance to evaluate a restaurant business: It introduces how to consolidate major activities of a restaurant business into useful accounting information. It explains how accounting information is analyzed and then used to forecast the future. And it introduces the methods of projecting the future and determining the current value of a restaurant business. Using this approach, readers can develop useful knowledge on how to relate accounting and finance to a real-life restaurant business.
Using an imaginary restaurant business (based on a real restaurant) as an example to demonstrate a series of relevant business activities, the book walks the reader through provides the restaurant accounting activities and shows how they provide meaningful information, giving the reader a bird's eye view.
The book introduces various business transactions in simple formats and provides a few necessary sets of analytic tools (or ratios) to measure the effectiveness and the efficiency of the business activities. It covers how those tools are used in forecasting and planning. In the last section of the book, the concept of cash flows is introduced with the techniques of valuing a business. The reason for introducing the concept of cash flows in the last part is that the true value of a business is always determined by its capability of generating cash for its owners.
With this practical book in hand, restaurant managers, owners, and students will be able to make ultimate use of accounting information in a financial framework that measures the value of the restaurant business. The volume can also be used as a self-study guide to restaurant accounting and finance. Its aim is to make accounting and finance easy for restaurant managers.
Hyung-il Jung, PhD, has been teaching at the Rosen College of Hospitality Management of the University of Central Florida since 2005. Before joining the Rosen College, he taught at Roosevelt University in Chicago. Throughout his academic career, he has been emphasizing for students the qualitative interpretation of quantitative data by teaching hospitality financial and managerial accounting, hospitality finance, and the feasibility studies.
His interest in this line was developed during his days at Florida International University when he was studying for his master’s degree, after which he spent almost ten years in the industry to practice and cultivate his ideas further, working as a systems designer, an operations analyst, and the controller of a few nationwide foodservice companies that served convention centers and big sporting events, such as ball games, Winston Series Stock Car Races, and National Final Rodeo games. His industry career helped him advance his specialty of liaising between operators and the back of the house with structured assistance that combined accounting information and operational data.
Dr. Jung earned his PhD degree from Virginia Tech.
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