Simple Step to Success: Reconciling Vendor Statements
Wednesday, July 15, 2015
The Massachusetts Restaurant Association (MRA) and RealFood President Ed Doyle surveyed MRA members on how they execute various operating procedures. When it comes to good restaurant business practices, some members confirmed they follow them, and some admitted they don’t. Find out how you fit into the landscape of best practices.
When you’re reconciling vendor statements, you re making sure you re paying for what you got. Failing to do this means potentially missing errors that affect your bottom line. This survey question came back with pretty good results, probably because reconciling vendor statements is a comparable activity to everyday life things like checking personal receipts, monitoring bank statements, and so on.
It s a simple task with tangible results. After all, why go out for dinner and pay for the person next to you, too? Reconcile vendor statements, and reconcile them often to keep costs in line.