Recording and verifying transactions Processing transactions Reporting information as required by managers of departments or functional areas. Described below is the way in which catering objectives and requirements are integrated into each of these three functions, with recording and processing considered together. Recording and processing revenue and costs The financial control system must feature appropriate controls to ensure that transactions that affect revenue and costs from catering operations are recorded accurately, reliably and in a timely manner. This is achieved in the following ways. POS systems POS terminals should be in place in food service operations that are interfaced or integrated with other computer systems in the establishment. For example, when sales are recorded for a meal period, inventory is updated with the products used alerting kitchen staff that orders may need to be made. Also, staff responsible for banking the cash received can access independent verification of the amount that should be received from the terminal As sales are recorded, sales histories are updated providing quick and easy access to utilise this information Information from POS terminals also provides menu forecasting information that contributes to controlling costs. Separation of duties Duties are separated in recording transactions to minimise the risk of fraud or theft and offer independent verification of the accuracy and authenticity of transactions. The financial control system integrates the requirements of catering operations as follows:
Recording and verifying transactions Processing transactions Reporting information as required by managers of departments or functional areas. Described below is the way in which catering objectives and requirements are integrated into each of these three functions, with recording and processing considered together. Recording and processing revenue and costs The financial control system must feature appropriate controls to ensure that transactions that affect revenue and costs from catering operations are recorded accurately, reliably and in a timely manner. This is achieved in the following ways. POS systems POS terminals should be in place in food service operations that are interfaced or integrated with other computer systems in the establishment. For example, when sales are recorded for a meal period, inventory is updated with the products used alerting kitchen staff that orders may need to be made. Also, staff responsible for banking the cash received can access independent verification of the amount that should be received from the terminal As sales are recorded, sales histories are updated providing quick and easy access to utilise this information Information from POS terminals also provides menu forecasting information that contributes to controlling costs. Separation of duties Duties are separated in recording transactions to minimise the risk of fraud or theft and offer independent verification of the accuracy and authenticity of transactions. The financial control system integrates the requirements of catering operations as follows:
TM_Monitor_catering_revenue_&_costs_Final.docx