Financial Controls Used in Food and Beverage Operations

Write an article on financial controls used in food and beverage operations Paper must be at least 1500 words. Please, no plagiarized work! Among the most important financial records that influence the operations of food and beverage businesses among many others are balance sheets, cash flow statements, statements of retained earnings and income statements (Barnhart & Indiana, 1968). The above statements are fundamental financial records that influence the daily operations of any food and beverage company.The balance sheet, one of the most vital documents in a company carries important financial information about a company at any given time. The balance sheet provides the financial situation of a company at any given time by stipulating the value of both its assets and liabilities. Such contents of the balance sheet thus portray the size of a company influencing its investment decisions. A company’s assets have financial value and the company can use such as collateral in obtaining loans from different financial institutions operating in the country. This way, it obtains increased liquidity to enhance its investment decisions. Liabilities on the other hand are financial obligations that a company must meet. The difference between the liabilities and assets thus is the position of a company.Besides the balance sheet, a company must have an income financial statement. This refers to a record that lists the company’s revenue for a specified duration. Additionally, the record shows the company’s expenses in relation to the revenues. This refers to the amount of money obtained from the revenue that a company uses. By tabulating the two, the record thus either provides the profits or losses of a company. This document is essential in the daily operations of a company since it informs the amount of money a business can reinvest from its profits. Additionally, by providing the profits at the end of a financial period the document shows the viability of a company’s products thus the lucrativeness of the market. With such information, the business thus invests either more or less.

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