Financial Management for F&B Business #3 – Roles and Responsibilities

Let’s examine the financial management responsibilities in eateries and restaurants. These responsibilities need to be in place to ensure that financial information is provided accurately and within the specified time frame.

Small Eateries and Restaurants

In small eateries and restaurants, financial management tasks are usually performed by the owner who also serves as the manager. The owner provides financial information to monitor and make decisions related to their establishment.

More complex accounting processes, such as preparing financial statements for tax purposes, often require external expertise. This information needs to be prepared by a qualified external accountant.

Financial Management Responsibilities

The scope of financial management responsibilities will increase as your eatery or restaurant grows. With the growth of the restaurant and the addition of staff, the responsibilities may include:

• Bookkeeper: Organizes records and documents such as hours worked, invoices, data from sales registers or POS systems, and more.
• Accountant: Designs and monitors data collection and source documents, summarizes financial information into financial statements, creates reports for management, coordinates budget planning, collects tax information, and reports to relevant authorities (e.g., SSM). Accountants typically report to the controller.
• Controller: In larger companies, this role is often referred to as Chief Accounting Officer or Chief Financial Officer. This position oversees the accounting department.
• F&B Controller: Develops operating and control reports, including product receipts, storage, and inventory management for food preparation, among other tasks.
• Internal Auditor: Assesses the effectiveness of the financial management system. Essentially, this involves performing audits.
• External Accountant & External Auditor: External parties who provide independent evaluations, audits, and opinions on the operations and finances of your eatery or restaurant.