{"id":15724,"date":"2020-01-20T16:15:11","date_gmt":"2020-01-20T08:15:11","guid":{"rendered":"https:\/\/gerbangbisnes.com\/?p=15724"},"modified":"2024-10-09T15:24:15","modified_gmt":"2024-10-09T07:24:15","slug":"introduction-to-financial-management-for-a-fb-business","status":"publish","type":"post","link":"https:\/\/gerbangbisnes.com\/en\/introduction-to-financial-management-for-a-fb-business\/","title":{"rendered":"Financial Management for F&#038;B Business #1 &#8211; Introduction"},"content":{"rendered":"<p>Systematic financial management for a food and beverage (F&amp;B) business aims to give us a comprehensive understanding of revenue, expenses, and profit. This data reflects the overall financial health of the business and involves accounting processes and procedures. Funny how we used to take accounting lightly in school, right?<\/p>\n<h3><strong>Who is this important for?<\/strong><\/h3>\n<p>Financial management\/accounting is crucial and involves everyone connected to the food and restaurant industry:<\/p>\n<ul>\n<li><strong>Guests\/Customers<\/strong> \u2013 We can monitor the costs involved in serving customers to ensure the restaurant remains profitable. Understanding the restaurant\u2019s financial status helps us plan for customer satisfaction.<\/li>\n<li><strong>Employees<\/strong> \u2013 We need to account for employee costs such as wages, taxes, EPF (Employee Provident Fund), SOCSO (Social Security Organization), and the benefits they are entitled to (like healthcare benefits).<\/li>\n<li><strong>Suppliers\/Vendors<\/strong> \u2013 We need to assure them of the business&#8217;s creditworthiness, earning their trust!<\/li>\n<li><strong>Owners\/Investors<\/strong> \u2013 This is especially important if we are the owners or investors. Financial information must be accurate and accessible when needed. We need to understand the overall financial state of the business for monitoring and decision-making. Financial reports are also required for submission to relevant authorities (like SSM, customs, and the tax department) and for bank loans.<\/li>\n<li><strong>Government Agencies<\/strong> \u2013 There are legal requirements to provide proper financial reports.<\/li>\n<\/ul>\n<h3><strong>Don&#8217;t we have accountants for this?<\/strong><\/h3>\n<p>Maybe you have other responsibilities and think:<\/p>\n<p>&#8220;No need to worry about all these accounting matters, just leave it to the accountant!&#8221;<\/p>\n<p>Right? But hold on\u2026 read this first\u2026<\/p>\n<h3><strong>Why is financial management important?<\/strong><\/h3>\n<p>We need to understand financial management in order to:<\/p>\n<ul>\n<li>Have the necessary information to control the restaurant in both the short and long term.<\/li>\n<li>Understand the financial reports being prepared.<\/li>\n<li>Correct certain situations to improve the restaurant\u2019s profitability.<\/li>\n<li>Make informed decisions based on the potential or impact the financial reports show on the business.<\/li>\n<\/ul>\n<h3><strong>How can we learn about this?<\/strong><\/h3>\n<p>The easiest way to understand financial management is by learning and doing it! Maybe, in the beginning, we do it ourselves. Once we understand it, we can hand it over to the accountant. After all, it\u2019s a small business. But eventually, hiring an accountant becomes necessary! And once you understand it, you\u2019ll know exactly what to do with the accountant\u2019s reports!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Systematic financial management for a food and beverage (F&#038;B) business aims to give us a comprehensive understanding of revenue, expenses, and profit. This data reflects the overall financial health of the business and involves accounting processes and procedures. Funny how we used to take accounting lightly in school, right?<\/p>\n","protected":false},"author":1,"featured_media":14248,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"limit_modified_date":"","last_modified_date":"","footnotes":""},"categories":[226,225],"tags":[],"class_list":["post-15724","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting-en","category-accounting-finance-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Financial Management for F&amp;B Business #1 - Introduction &#187; Gerbang Bisnes<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gerbangbisnes.com\/en\/introduction-to-financial-management-for-a-fb-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financial Management for F&amp;B Business #1 - Introduction &#187; Gerbang Bisnes\" \/>\n<meta property=\"og:description\" content=\"Systematic financial management for a food and beverage (F&amp;B) business aims to give us a comprehensive understanding of revenue, expenses, and profit. This data reflects the overall financial health of the business and involves accounting processes and procedures. Funny how we used to take accounting lightly in school, right?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gerbangbisnes.com\/en\/introduction-to-financial-management-for-a-fb-business\/\" \/>\n<meta property=\"og:site_name\" content=\"Gerbang Bisnes\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/gerbangbizlearn\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-20T08:15:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-09T07:24:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/gerbangbisnes.com\/wp-content\/uploads\/2020\/01\/restaurant-interior-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1706\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nazri Ahmad\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nazri Ahmad\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/introduction-to-financial-management-for-a-fb-business\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/introduction-to-financial-management-for-a-fb-business\\\/\"},\"author\":{\"name\":\"Nazri Ahmad\",\"@id\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/#\\\/schema\\\/person\\\/efb9873a96f3c4d06342f4bcaa9d6136\"},\"headline\":\"Financial Management for F&#038;B Business #1 &#8211; Introduction\",\"datePublished\":\"2020-01-20T08:15:11+00:00\",\"dateModified\":\"2024-10-09T07:24:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/introduction-to-financial-management-for-a-fb-business\\\/\"},\"wordCount\":388,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/introduction-to-financial-management-for-a-fb-business\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/gerbangbisnes.com\\\/wp-content\\\/uploads\\\/2020\\\/01\\\/restaurant-interior-scaled.jpg\",\"articleSection\":[\"Accounting\",\"Accounting &amp; Finance\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/introduction-to-financial-management-for-a-fb-business\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/introduction-to-financial-management-for-a-fb-business\\\/\",\"url\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/introduction-to-financial-management-for-a-fb-business\\\/\",\"name\":\"Financial Management for F&B Business #1 - Introduction &#187; Gerbang Bisnes\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/introduction-to-financial-management-for-a-fb-business\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/introduction-to-financial-management-for-a-fb-business\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/gerbangbisnes.com\\\/wp-content\\\/uploads\\\/2020\\\/01\\\/restaurant-interior-scaled.jpg\",\"datePublished\":\"2020-01-20T08:15:11+00:00\",\"dateModified\":\"2024-10-09T07:24:15+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/introduction-to-financial-management-for-a-fb-business\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/introduction-to-financial-management-for-a-fb-business\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/introduction-to-financial-management-for-a-fb-business\\\/#primaryimage\",\"url\":\"https:\\\/\\\/gerbangbisnes.com\\\/wp-content\\\/uploads\\\/2020\\\/01\\\/restaurant-interior-scaled.jpg\",\"contentUrl\":\"https:\\\/\\\/gerbangbisnes.com\\\/wp-content\\\/uploads\\\/2020\\\/01\\\/restaurant-interior-scaled.jpg\",\"width\":2560,\"height\":1706,\"caption\":\"Restaurant interior\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/introduction-to-financial-management-for-a-fb-business\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial Management for F&#038;B Business #1 &#8211; Introduction\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/\",\"name\":\"Gerbang Bisnes\",\"description\":\"Learn . Unlearn . Relearn\",\"publisher\":{\"@id\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/#organization\",\"name\":\"Gerbang Bisnes\",\"url\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/gerbangbisnes.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/logo.png\",\"contentUrl\":\"https:\\\/\\\/gerbangbisnes.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/logo.png\",\"width\":409,\"height\":55,\"caption\":\"Gerbang Bisnes\"},\"image\":{\"@id\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/gerbangbizlearn\\\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/gerbangbisnes.com\\\/en\\\/#\\\/schema\\\/person\\\/efb9873a96f3c4d06342f4bcaa9d6136\",\"name\":\"Nazri Ahmad\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/1e7dcaf8115d63c674a83ff80c2811696305d2bae6010dc2917ef81bba819fd3?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/1e7dcaf8115d63c674a83ff80c2811696305d2bae6010dc2917ef81bba819fd3?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/1e7dcaf8115d63c674a83ff80c2811696305d2bae6010dc2917ef81bba819fd3?s=96&d=mm&r=g\",\"caption\":\"Nazri Ahmad\"},\"sameAs\":[\"https:\\\/\\\/gerbangbisnes.com\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Financial Management for F&B Business #1 - Introduction &#187; Gerbang Bisnes","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/gerbangbisnes.com\/en\/introduction-to-financial-management-for-a-fb-business\/","og_locale":"en_US","og_type":"article","og_title":"Financial Management for F&B Business #1 - Introduction &#187; Gerbang Bisnes","og_description":"Systematic financial management for a food and beverage (F&B) business aims to give us a comprehensive understanding of revenue, expenses, and profit. This data reflects the overall financial health of the business and involves accounting processes and procedures. Funny how we used to take accounting lightly in school, right?","og_url":"https:\/\/gerbangbisnes.com\/en\/introduction-to-financial-management-for-a-fb-business\/","og_site_name":"Gerbang Bisnes","article_publisher":"https:\/\/www.facebook.com\/gerbangbizlearn\/","article_published_time":"2020-01-20T08:15:11+00:00","article_modified_time":"2024-10-09T07:24:15+00:00","og_image":[{"width":2560,"height":1706,"url":"https:\/\/gerbangbisnes.com\/wp-content\/uploads\/2020\/01\/restaurant-interior-scaled.jpg","type":"image\/jpeg"}],"author":"Nazri Ahmad","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Nazri Ahmad","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/gerbangbisnes.com\/en\/introduction-to-financial-management-for-a-fb-business\/#article","isPartOf":{"@id":"https:\/\/gerbangbisnes.com\/en\/introduction-to-financial-management-for-a-fb-business\/"},"author":{"name":"Nazri Ahmad","@id":"https:\/\/gerbangbisnes.com\/en\/#\/schema\/person\/efb9873a96f3c4d06342f4bcaa9d6136"},"headline":"Financial Management for F&#038;B Business #1 &#8211; Introduction","datePublished":"2020-01-20T08:15:11+00:00","dateModified":"2024-10-09T07:24:15+00:00","mainEntityOfPage":{"@id":"https:\/\/gerbangbisnes.com\/en\/introduction-to-financial-management-for-a-fb-business\/"},"wordCount":388,"commentCount":0,"publisher":{"@id":"https:\/\/gerbangbisnes.com\/en\/#organization"},"image":{"@id":"https:\/\/gerbangbisnes.com\/en\/introduction-to-financial-management-for-a-fb-business\/#primaryimage"},"thumbnailUrl":"https:\/\/gerbangbisnes.com\/wp-content\/uploads\/2020\/01\/restaurant-interior-scaled.jpg","articleSection":["Accounting","Accounting &amp; Finance"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/gerbangbisnes.com\/en\/introduction-to-financial-management-for-a-fb-business\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/gerbangbisnes.com\/en\/introduction-to-financial-management-for-a-fb-business\/","url":"https:\/\/gerbangbisnes.com\/en\/introduction-to-financial-management-for-a-fb-business\/","name":"Financial Management for F&B Business #1 - Introduction &#187; Gerbang Bisnes","isPartOf":{"@id":"https:\/\/gerbangbisnes.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/gerbangbisnes.com\/en\/introduction-to-financial-management-for-a-fb-business\/#primaryimage"},"image":{"@id":"https:\/\/gerbangbisnes.com\/en\/introduction-to-financial-management-for-a-fb-business\/#primaryimage"},"thumbnailUrl":"https:\/\/gerbangbisnes.com\/wp-content\/uploads\/2020\/01\/restaurant-interior-scaled.jpg","datePublished":"2020-01-20T08:15:11+00:00","dateModified":"2024-10-09T07:24:15+00:00","breadcrumb":{"@id":"https:\/\/gerbangbisnes.com\/en\/introduction-to-financial-management-for-a-fb-business\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/gerbangbisnes.com\/en\/introduction-to-financial-management-for-a-fb-business\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/gerbangbisnes.com\/en\/introduction-to-financial-management-for-a-fb-business\/#primaryimage","url":"https:\/\/gerbangbisnes.com\/wp-content\/uploads\/2020\/01\/restaurant-interior-scaled.jpg","contentUrl":"https:\/\/gerbangbisnes.com\/wp-content\/uploads\/2020\/01\/restaurant-interior-scaled.jpg","width":2560,"height":1706,"caption":"Restaurant interior"},{"@type":"BreadcrumbList","@id":"https:\/\/gerbangbisnes.com\/en\/introduction-to-financial-management-for-a-fb-business\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/gerbangbisnes.com\/en\/"},{"@type":"ListItem","position":2,"name":"Financial Management for F&#038;B Business #1 &#8211; Introduction"}]},{"@type":"WebSite","@id":"https:\/\/gerbangbisnes.com\/en\/#website","url":"https:\/\/gerbangbisnes.com\/en\/","name":"Gerbang Bisnes","description":"Learn . Unlearn . Relearn","publisher":{"@id":"https:\/\/gerbangbisnes.com\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/gerbangbisnes.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/gerbangbisnes.com\/en\/#organization","name":"Gerbang Bisnes","url":"https:\/\/gerbangbisnes.com\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/gerbangbisnes.com\/en\/#\/schema\/logo\/image\/","url":"https:\/\/gerbangbisnes.com\/wp-content\/uploads\/2021\/06\/logo.png","contentUrl":"https:\/\/gerbangbisnes.com\/wp-content\/uploads\/2021\/06\/logo.png","width":409,"height":55,"caption":"Gerbang Bisnes"},"image":{"@id":"https:\/\/gerbangbisnes.com\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/gerbangbizlearn\/"]},{"@type":"Person","@id":"https:\/\/gerbangbisnes.com\/en\/#\/schema\/person\/efb9873a96f3c4d06342f4bcaa9d6136","name":"Nazri Ahmad","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/1e7dcaf8115d63c674a83ff80c2811696305d2bae6010dc2917ef81bba819fd3?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/1e7dcaf8115d63c674a83ff80c2811696305d2bae6010dc2917ef81bba819fd3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/1e7dcaf8115d63c674a83ff80c2811696305d2bae6010dc2917ef81bba819fd3?s=96&d=mm&r=g","caption":"Nazri Ahmad"},"sameAs":["https:\/\/gerbangbisnes.com"]}]}},"_links":{"self":[{"href":"https:\/\/gerbangbisnes.com\/en\/wp-json\/wp\/v2\/posts\/15724","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gerbangbisnes.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gerbangbisnes.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gerbangbisnes.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gerbangbisnes.com\/en\/wp-json\/wp\/v2\/comments?post=15724"}],"version-history":[{"count":7,"href":"https:\/\/gerbangbisnes.com\/en\/wp-json\/wp\/v2\/posts\/15724\/revisions"}],"predecessor-version":[{"id":17228,"href":"https:\/\/gerbangbisnes.com\/en\/wp-json\/wp\/v2\/posts\/15724\/revisions\/17228"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gerbangbisnes.com\/en\/wp-json\/wp\/v2\/media\/14248"}],"wp:attachment":[{"href":"https:\/\/gerbangbisnes.com\/en\/wp-json\/wp\/v2\/media?parent=15724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gerbangbisnes.com\/en\/wp-json\/wp\/v2\/categories?post=15724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gerbangbisnes.com\/en\/wp-json\/wp\/v2\/tags?post=15724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}