Table of contents:
Profit And Loss Statement For Restaurant Template – In this article, not only will I show you how to learn to read a restaurant’s income statement like a boss, but I’ve created
You will love it and can use it to manage your finances for your bar/restaurant. It has everything you need to track your expenses, including month-to-date, which means it’s a 12-month P&L template. With sources. And nice colors.
Profit And Loss Statement For Restaurant Template
Now, for those of you who are new to me and Bar Patrol and my style of working, I am obsessed with organization. Like a serious obsession. I organize everything in my business, I also help other bar and restaurant owners organize their businesses, but I fantasize about it in other areas of my life too.
Restaurant Income Statement Template
“If you mention the word ‘system’ one more time in this house,” he once told me, “I’ll kick you straight out.”
Which is funny because he’s actually better at it than I am. Organize, don’t bother people. Although in reality he probably has me on both accounts.
Despite my passion, there’s no denying that organizing your business has huge consequences, from finances to inventory management for your employees, from marketing to checklists and work tasks.
Well, let me just say this: the system is amazing!!! It gives you a clear idea of what you do on a daily basis, gives everyone job responsibilities, saves your time and keeps your business and your life away from clutter.
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You are here to learn. In fact, I get enough comments and requests about where I can find a good profit/loss template that I’ve created myself. Amazing, specially designed for bars and restaurants.
In addition to showing all 12 months of the year in one template, this template also gives you information on your main expenses for the month, which you rarely find in restaurant P&L templates, for reasons I can’t imagine. .
If you want to check it out yourself, you can click on the Sources tab above, or you can click here and I’ll take you to the source page myself. there you will find
With other gifts. The pattern is $19.99 because I had to put a lot of time and effort into it, and I know you’d rather work for free, but I’m a selfish capitalist who likes the idea of feeding my kids and buying them shoes. Trust me, it’s worth $20.
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The P&L is often run on a monthly basis, but if you’re one of those multi-thing type owners, you might decide to run it once a week, or if you’re the big lazy-indifferent-and- Don’t hate the about-your-business-owner type, you can run it once a year. I don’t recommend it, but it’s your choice.
It’s best to keep weekly profit/loss, but most owners and managers have a thousand chainsaws to juggle, so I recommend monthly as it gives you a good overview of your business. For weekly analysis, we use the weekly reports of sales and raw costs, as well as the weekly cash flow template, which can also be found on the resources page.
The result of these three will determine whether you made a profit or a loss, and after adding (and subtracting) everything, it will appear at the end. It’s important to understand that these three parts tell the story of what’s going on in your business, not just numbers appearing in columns and rows.
In the middle of that statement are the reasons why you have a profit or loss, and you need to analyze it.
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So let’s discuss the three main parts in detail. In the first part we talk about income or all the money coming in.
Sales – As I mentioned earlier, it’s about money. Many places will only have two categories: food and bar, but the more you analyze them, the easier it will be to identify problem areas and problem areas that you can fix. Check out our sales schedule.
In this example, it breaks down into food and beverages, then four product categories, then retail and miscellaneous to include everything else. It’s your business, so you can break it down as you wish, but the more detailed your income statement is, the easier it will be to compare it to the standards you’ve set to see if you’re meeting those standards. .
In this example, the current period is February, and all the numbers for the entire year since the beginning of the year are listed, which in this case only represents two months’ worth.
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Where did you get all those numbers? Of course from your POS system. If you only have a cash register, you’ll probably have limited categories, unless it’s one hell of a cash register. From the POS sales report, you enter all your sales for the month for each category. In this example, you can see that total sales for the month are $101,281 and year-to-date (YTD) sales are $213,449. The percentage column shows the percentage of total sales for each category (i.e. 31.7% of their total sales came from food).
Cost of Sales (COGS) – Again, this is the money you make or the money you spend on the products you sell. Yes, those are expenses, but they’re separate from the expenses section, which focuses on operating expenses. These are the expenses for the products you buy and sell.
As you can see, the COGS categories match the sales categories, so we can take the cost percentages and compare them to industry standards. I’ve listed them to the right of each category so you can compare them on the spot. Can. We also need to remember that industry averages can vary by restaurant style, but this will give you an idea of how far above the mark your boat is. Check this:
In this slide, we can see both the current month and YTD to see how we compare to the industry average. This is only two months of data (January and February) so YTD is a bit similar, but let’s see.
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The industry average for food is 28-32% and based on this report we are consistently around 35%. a bit steep. We either have to order less, raise prices, reduce wastage, or find new suppliers to get better prices. But you can see that year-to-date for food is up 28.5%, so we’re doing well overall over the two months. This is why it’s so important to have YTD on your P&L so you can see how you’re performing overall and not panic about a bad month.
The industry average for soft drinks is 10-15% and our rate in February was 7.4% and overall it is 10.2%, so all is well.
Here, you can scroll down the list and see how each category compares to the industry average so you can adjust spend, orders, pricing, and product tracking.
Labor costs – Labor includes money paid to management, hourly wages to employees, and employee benefits. Labor is the first expense we track in the P&L because now that we’ve taken care of sales and COGS, once we get into our labor we can look at our main costs, which are easy to track. One of the most important metrics for. ,
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, which is a shame because all the information is in front of us, so why not do the math?
What exactly is the base price? In short, it’s the money you spend on COGS + labor. To get a percentage of the original cost, you simply divide that total by sales. As you can see in this next example, the industry average for upfront costs is around 60-65%.
If you look at the green line, you can see where the main costs are determined. In this example, the total cost for February is about 70%, which is 5-10% higher than it should be. But again, you’ll see that year-over-year costs are up 63.3%, so overall we’re doing well.
When we go back and look at the job categories, you can see that again we have standards on the right so we can compare how we compare to the industry average for management, hourly, and employee benefits. . These three are a fair amount compared to the standards, so we know the work is good so far, although we are still trying to improve.
How To Manage Restaurant Business Projected Income Statement
Operating Expenses – The last part of the income statement includes operating expenses. Here we have controllable (normally another name for variable costs) and uncontrolled (like some fixed costs).
Now the pattern we are looking at is called a
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