5.2. Financial Records and Statements 

Knowledge of daily financial transactions and awareness of money movements are ongoing responsibilities of the foodservice manager. To keep all this on track and readily available is essential to the use of records. The type, numbers and frequency of records depend on the size and type of organization.  Most of the financial records and reports in foodservices are computerized. This is often a part of a comprehensive management information system that links up with other functions that influence the financial well-being of the operations. These functions include purchasing, receiving, inventory, and production. ​(Grim & Roberts, 2023)​

A record of daily transactions is essential for preparation of monthly financial statements. Managers must know the sources and amounts of income and where the income goes. Business procedures are needed to account the amount of cash received in foodservice operations. Cash registers provide a relative safe place for money during serving hours and provide an accurate data on number of sales made and total cash received. Larger organizations can use cash registers of varying degrees of sophistication, including electronic point-of-sales (POS) computer terminals, that can be programmed to provide as much information and details as the manager desires. ​(Egan, 2012; Gregoire, 2017)​