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'Effective Finance Management in Small Business Restaurant in Ireland'
Finance & Accounting
Pages 80 (20080 words)
Effective Finance Management in Small Business Restaurant in Ireland Executive Summary This research study aims at identifying the effectiveness of financial management in the small restaurants of Ireland. The objective was to understand and identify the ways in which financial management plays a significant role in small restaurant businesses, and discuss the financial management practices that make it so effective for small businesses.
The literature review section reveals a comprehensive discussion on financial management and its role in small restaurant business. The role of The Restaurant Association of Ireland has been also included in order to several its contribution in context of financial management. The research methodology section has evaluated the ways of data collection for this study. For this research, questionnaire survey and focus group discussion has been used for collecting primary data from the financial managers in the chosen restaurants of Ireland and restaurant owners. It was found that these restaurants do maintain systematic accounting statements and the restaurant owners closely monitor the financial statements, transaction records, and inventory that remains in the restaurant. Due to fewer funds, the owners forecast sales per unit and cost and accordingly allocate their funds. Though it was found that the small restaurant owners in Ireland do follow financial management approaches to make the business a success, but it was recommended that yearly audit is done through external auditor to maintain transparent financial records and also involve the employees while taking financial management decisions, which affects all the other departments in the restaurant. ...
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