Cyprus-Forum.com

by **Pyrpolizer** » Fri Jun 08, 2018 3:14 pm

miltiades wrote:Sometime back a friend of mine who owned a shop in St Andrews street was insisting that he works on 100% profit.
I asked him what his entire stock's retail value was. He gave an approximate figure. I then said to him, since you claim to make 100% profit if I was to offer to buy your entire stock and asked you for a 51% discount would you accept. Of course he replied. Now go figure it out.
All businessess operate on GP based on sales less cost of sales. Hence you never make 100%. When you double your money you make 50% on the return.

Accountants are not Mathematicians, they simply apply very elementary mathematics/arithmetic and at best some statistical formulae for which they understand nothing as e.g.variance reduction in forecasts.
If Mathematicians were to serve the accountants alone, they would all go commit suicide. :lol:

by **Pyrpolizer** » Fri Jun 08, 2018 3:21 pm

Sotos wrote:
B25 wrote:I am with Pyro on this one. Employers have taken and are still taking advantage (read the piss) of their employees, they used the crisis as an excuse to pay less and continue to do so.

It is a F farce, that these wages are being paid today in Cyprus and the Government and their employer buddies are doing very well out of it.

What pisses me off even more is when the owners/employers also want their share of the miserly tips the staff get.

And this is not unique to waiters (and no offence to them), degree qualified staff are also offer BS money of 1000E or so. After spending some 50-60k to get educated to come to Cyprus and make some employer MF richer.

Time the government stepped in on this one, oh but wait, the government don't run the country the unions do ha ha F ha! Its no wonder we are still called a BANANA REPUBLIC.

And Milti, you are just playing with semantics, we know what Pyro was trying to say, even if you didn't.

If employer takes shares of tips then that is fucked up and I agree with you. But other than that, as you said degree qualified staff can be offered €1000. A waiter with €700+tips would certainly make more than a €1000, so that is not too little relatively speaking. Obviously SOME companies can afford to pay more, but other companies can't and many of them closed down. The level of salaries is not set just by the successful businesses, but by the industry as a whole and even the economy as a whole.

If I remember correctly some 15-20 years ago they introduced the 10% service fee on the bill, which was supposed to be tips for the personnel (not the waiter alone but for all personnel). I think this is the part that most employers in restaurants/cafes refuse to share between their personnel not the tips the waiters get directly.

by **miltiades** » Fri Jun 08, 2018 3:29 pm

Without exemption all companies P& L accounts will start with TOTAL SALES
Less cost of Sales, on occasions less some other items ie consumables in order to arrive at GP which is ALWAYS expressed as a percentage on Sales.
You can not rewrite accountancy because you and others do not understand the Principles of accounting. If you buy something for 1000 euros and sell for 10, 000 then your GP on your sales is 90 % regardless of the fact that your mark up is 10 fold. In accountancy there is no provision for " mark up" only total sales less cost of sales.

by **Pyrpolizer** » Fri Jun 08, 2018 3:49 pm

miltiades wrote:Without exemption all companies P& L accounts will start with TOTAL SALES
Less cost of Sales, on occasions less some other items ie consumables in order to arrive at GP which is ALWAYS expressed as a percentage on Sales.
You can not rewrite accountancy because you and others do not understand the Principles of accounting. If you buy something for 1000 euros and sell for 10, 000 then your GP on your sales is 90 % regardless of the fact that your mark up is 10 fold. In accountancy there is no provision for " mark up" only total sales less cost of sales.

Here's what a non elementary accountant says though:
http://eve-resurrection.blogspot.com/20 ... wrong.html

I use both numbers in my own work and find both of them have value. Profit margin is a quick and easy way to apply a general scale across all items and is a good low-end baseline. I'll look at ROI more closely when it comes to more profitable items of like ~70%+. ROI can be more telling in those places because as the profitability of an item scales higher, the profit margin increases by smaller and smaller amounts.

by **Kikapu** » Mon Jun 11, 2018 8:37 am

Paphitis wrote:Waiters in America, earn very little but you are forced to make a tip which is added to the Bill automatically to ensure the Waiter gets their tip even from those who don't tip. But in America it is customary so most people add another top on top apart from the tip that is already factured into the Bill. Waiting in America can be quite lucrative if you are working for a lavish establishment with fine dining and you are good at your job.

Only recently more and more restaurants started to add the tip to the bill in the states for all customers, especially in tourist locations. In the past, it was only to groups of 6 or more. About 20 years ago, the US government wanted to collect taxes from those tip earned workers, so what they did, they imposed 10% tax on everyone on the tips they earned or did not earned, whichever the case may be. It was a flat rate based on the total bill in which the server made. In another words, if a server's total bill was $100 dollars to the customer, the expected tip would have been around 15% ($15), which the government would take 10% of the $15 tip ($1.50) regardless whether the server got 5 dollars, 10 dollars or 50 dollars as a tip. In many times, the servers got burnt by the government because the customer either did not pay any tip or not paid enough. The best is to include all the charges into the price of the meal as we have here in Switzerland, but in the US, they always want to show the lowest price of the meal in the menu, then hit you with a 10% tax and another 15%-20% tips, which is extra 1/3rd of the total bill.