Financial Management Practices of Restaurant Employees in Cabanatuan City

Abstract

Financial management practices plays a vital role in the whole restaurant operations and services. Financial manager of a restaurant should take financial management seriously and need to be focused on the best approaches towards planning, monitoring, allocating, and budgeting monetary resources based on the availability of funds to provide high quality services standards. Restaurant business needs to have a good financial managers that could really focus and understand food service industry leading to media brand. The findings meant that restaurant employees in Cabanatuan City had high level of financial management practices especially in management of working capital and investment appraisal techniques. Highest educational attainment (r= 1.135) and major field of specialization (r=.173) had found a positive correlation with the level of financial management practiced. Other variables like age, gender, marital status, and training and seminars had no relationships with the financial management practices. The most challenging part of financial manager is the operating expenses and restaurant operations and services as a whole. These challenges are the menu, customer service experiences, uniqueness from other restaurant, marketing strategies operational challenges, inventory and hiring and training staffs. It is recommended to plan programs for the improvement and enhancement of restaurant employees performance and financial management towards restaurant operations.