Food and Beverage Operations : Assignment

   

Added on  2020-07-23

14 Pages3777 Words41 Views
FOOD-AND-BEVERAGE
Food and Beverage Operations : Assignment_1
Table of ContentsIntroduction......................................................................................................................................1.........................................................................................................................................................12.1 Use of financial statement in food and beverage operations.................................................22.3 Analyses of purchasing process of food and beverage operations........................................44.3 Major factors to success of the services making recommendations for improvement..........1CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................4
Food and Beverage Operations : Assignment_2
IntroductionFood and Beverages are comes under catering industry, they prepared meal outside thehome and it gives services through institutions and companies . This types of industries includesrestaurants, school and hospital cafeterias, operations of catering, etc. Person who supplies food-service are known as distributors of food-service. Along with this, One of the major purpose ofthis report is to analyse purchasing process of food and Beverage operations. This industries arehighly growing as the report says that in 2010 food retailing supplied more than $1.24 trillionworth of food in US (Hill and Hill, 2012) On the other hand Food and Beverage Service involves many activities like preparingfood and beverage, keeping the inventory of material, maintaining service quality, managingcatered events, purchasing raw materials and at the end analysing the revenues from selling. Sothis can be demonstrate in below diagram:1PurchasingReceivingConsumingStoringServingPresentingIssuingPreparing
Food and Beverage Operations : Assignment_3
Hence in the above diagram of Food and beverage product cycle, the purchasingdepartment is responsible for purchasing, storing and issuing of raw food items, etc. Purchasingdepartment works with accounts department to make the strategies in allocated budget(Gastineau, 2013) 2.1 Use of financial statement in food and beverage operationsA financial statement can support food and beverages operations through suggesting themeasures to control its costs, improving its revenues, etc. Thus food industries requires tocompare its performance within a week, month and year.(Food and beverages sector takingenergy management seriously: Report, 2017) This can be possible only through financialstatement, which will show the sales figures of the business. To calculate the profit, every foodand beverage companies requires to know the total cost of its operations. Costs are of two typesfixed cost and variable costs, fixed expenses are regular cash outflows which every company hasto pay to run its business (Kilcast and Subramaniam, 2011) Some of the examples of fixed costsare factory rent, COGS (Cost of goods Sold), electricity bills, etc. On the other hand variablecosts are those expense which are variable in nature, means it varies with the numbers ofproduction units. Some of the examples of variable costs are: raw materials cost, labour wages,order cost, etc. Therefore financial statement is very necessary to see whether the food andbeverages company is running in profit or not (Canning, 2011) And if it is running in loss, thanfinancial statement helps in knowing about how long it can run in losses. There are various usesof financial statements in food and beverage operations which are described as follows: Helps in taking purchasing decision: Financial statement helps food and beverageoperations by supporting it in the decision about how much quantity of raw materials hasto purchase. Through financial statement, company can know its sales revenue whichindicates how many products is sales by company during a week, month and year. So ifthe sale is going down, than the purchase department will not order more raw materials offood. Because the gap between demand and supply of product will increase themaintenance cost of the company for holding the raw material. (Davis and Farmer, 2013) Helps in decide about the price of the product: No food and beverage industries candecide the price of the finished food without analysing its financial statement. Because toprice should cover desired profit, labour cost, operating cost, administrative cost, cost ofproduction and all types of expenses whether fixed or variables. Hence price can be2
Food and Beverage Operations : Assignment_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Food and Beverage Operations Management: Doc
|13
|3941
|226

Food and Beverage Operations Management
|12
|3338
|161

Food and Beverages Introduction 3 Task B Financial Controls Used in Food and Beverages Operations
|12
|4031
|109

Food and Beverage Operation: Supply Chain Effectiveness and Production Principles
|12
|3597
|87

Financial Analysis of Australian Agricultural Projects Limited
|15
|2803
|81

Food & Beverage Operations Management Assignment
|12
|2209
|122