“If someone asked you about your cost of goods sold (COGS), prime costs, overhead rate, or sales per square foot, could you tell them your current numbers? What about your food costs? Not just your overall monthly costs, but which is your lowest cost item, or which item nets the highest profit dollars?”

“According to recent studies done by Professor Dr. HG Parsa, 59 percent of hospitality businesses fail in the first three years, and 26 percent fail in the first year alone. One of the largest contributing factors is a lack of both accounting skills and a basic understanding of important restaurant matrixes for costing.”

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