Top 10 Restaurant Accounting Terms You Need to Know - Does looking at your restaurant financial statements give you a headache? Do you ever wonder what some of the terms your accountant throws at you mean? If you feel like you should already know what key accounting terms mean, and you're a little afraid to ask your accountant for clarification, you're not alone. I'm going to share with you what I think are the top 10 restaurant accounting terms you need to know as a restaurant operator.

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Term number one, accounts payable.

Term number two, accounts receivable.

Term number three, cost of goods sold.

Term number four, gross profit.

Term number five, net income.

Term number six, GAP, or generally accepted accounting principles.

Number seven, balance sheet.

Term number eight, journal entry.

Number nine, fixed expenses.

Number 10, variable expenses.

While there's a whole laundry list of accounting terms you will ultimately need to know, these are a great starting point. I teach my members the importance of outsourcing their accounting, I think that is really something you shouldn't be doing. You should be working on budgets, marketing, leading the team, developing your team, leading the business forward. Accounting is one of those things that can take up hours and hours of time.

But understanding the ins and outs of accounting is important so you can get the most out of your accountant client relationship.

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