This new book, Restaurant Financial Management: A Practical Approach, provides valuable guidance on how to apply the concepts of accounting and finance to real-life restaurant business activities. This book is unique because it provides an understandable framework that breaks it down into three clear steps of applying techniques of accounting and finance to evaluate a restaurant business: It introduces how to consolidate major activities of a restaurant business into useful accounting information. It explains how accounting information is analyzed and then used to forecast the future. And it introduces the methods of projecting the future and determining the current value of a restaurant business. Using this approach, readers can develop useful knowledge on how to relate accounting and finance to a real-life restaurant business.
Using an imaginary restaurant business (based on a real restaurant) as an example to demonstrate a series of relevant business activities, the book walks the reader through provides the restaurant accounting activities and shows how they provide meaningful information, giving the reader a bird's eye view.
Hyung-il Jung, PhD, has been teaching at the Rosen College of Hospitality Management of the University of Central Florida since 2005. Before joining the Rosen College, he taught at Roosevelt University in Chicago. Throughout his academic career, he has been emphasizing for students the qualitative interpretation of quantitative data by teaching hospitality financial and managerial accounting, hospitality finance, and the feasibility studies.
His interest in this line was developed during his days at Florida International University when he was studying for his master's degree, after which he spent almost ten years in the industry to practice and cultivate his ideas further, working as a systems designer, an operations analyst, and the controller of a few nationwide foodservice companies that served convention centers and big sporting events, such as ball games, Winston Series Stock Car Races, and National Final Rodeo games. His industry career helped him advance his specialty of liaising between operators and the back of the house with structured assistance that combined accounting information and operational data.
Dr. Jung earned his PhD degree from Virginia Tech.
The Role of Accounting in a Business. Adjusting Entries for Missing Information. Analyzing Business Progress Presented in the Financial Statements. Ratio Analysis: Advanced Tools to Analyze Business Performance. Cost Analysis and Control. Forecasting and Planning. The Concept of Cash and the Cash Flow Statement. Long-Term Projection of a Business. Risk, Return, and the Time Value of Money (TVM). Valuation of R&B Grill.
"Finally we have an accounting/finance book that takes a practical approach. . . . What Dr. Jung has done is give us a textbook that emphasizes the practical skills that operators need to have to be leaders in the industry. I wish that I had this book to learn from when I was a young restaurant manager. It would have made my journey as an operator much easier. It wasn't until I learned the language of the finance world that I really became successful. Having been an executive with three major corporations (almost twenty years with Walt Disney World Co.), I can tell you that the lessons of this text are crucial for every leader's ability to achieve their goals. Dr. Jung has laid out the book in an easy-to-follow manner that allows the student to understand the building blocks of accounting and finance. The case study approach allows the learner to absorb the information and realize how to apply it in the world that they will soon be entering. Whether it be revenue, expenses, ROI, or budgeting, the lessons of this text will soon become everyday living for our students. They need this information."
-From the Foreword by Duncan R. Dickson, EdD, Associate Professor, Tourism, Events, and Attractions, Rosen College of Hospitality Management, University of Central Florida, Orlando
"A fresh and pioneering effort to provide business practitioners and/or students who have limited knowledge of accounting or finance with a framework that develops a bird's eye view over business operations by consolidating necessary financial aspects. . . . The book's strength is the gradual progress that connects the concepts of financial accounting to managerial accounting, and finally to that of financial management. By doing so, this book introduces the entire apparatus of concepts and relevant techniques as tools to use in management decision-making process. For this reason, although it is titled Restaurant Financial Management, this book can also be applied to other types of business."
- Gil Sung Kim, PhD, Dean and Professor, College of Culture and Social Sciences, Chonnam National University Yeosu, Korea