Successfully closing out a period starts the domino effect for proactively operating a restaurant versus missed opportunities in the following periods. The purpose of the Period End Financial Close is accuracy verification to highlight where your money is going. This enables you to make quicker, more educated business decisions. To close out a period, begin with a review of the financial statements; The Profit & Loss Statement, The Balance Sheet, and The Cash Flow Statement. Within each statement, defined areas of focus should pop out to an operator as a must-watch for success. In this episode of The Tip Share, RASI Training & Education Manager, Brittany Ward focuses on two critical accounts to review for accuracy prior to closing out the period: Vendor Payables, and Credit Card Liabilities.

Watch the full Video: https://www.youtube.com/watch?v=iwB0F_Fk668

Read the full Blog Post: https://rasiusa.com/blog/top-restaurant-accounting-tips-closing-out-vendor-payables-and-credit-card-liabilities

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