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Restaurant Profit And Loss Statement Excel Template Free – If you run a restaurant, you’ve probably heard of the profit and loss statement (or “income statement”). The most important financial statement of all, your Profit and Loss (P&L), gives you a clear view of your restaurant’s profitability by listing all your sales and expenses.
But what exactly are the pros and cons? What are the pros and cons of a restaurant? How should you do a profit and loss analysis for a restaurant?
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Whether you are preparing financial projections for a restaurant business plan or simply interested in understanding your restaurant’s finances, this article will tell you everything you need to know about the profit and loss statement. Let’s dive in!
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Profit and loss (W&L), also known as “income statement”, is one of the 3 financial statements that a company must prepare and update regularly. 3 Financial statements:
Profit and loss is undoubtedly the most important of all financial statements because it shows the company’s income and expenses for a specific period (a month, a quarter or a year).
Therefore, we use P&L to understand a company’s ability to make a profit and, in general, to evaluate its financial health. For example, we can increase a restaurant’s profitability by increasing revenue or reducing its costs.
A restaurant P&L, like any other business, includes all income and expenses over a period of time. To create a P&L, we first add all revenue (gross income) minus all expenses (COGS, labor costs, rent, etc.) to net profit.
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This category includes all your restaurant sales. Therefore, you must include all customer fee receipts and any other income you earn during this period.
We recommend dividing sales into different categories for greater transparency into your restaurant’s key revenue streams. For example, you can segment sales by product (food and beverage). If you operate a takeaway restaurant, you can separate takeaway sales and dining.
The amount of variable costs you pay to prepare the food and beverages you serve to your customers. For a restaurant, this includes food items, beverages (bottles, beer, soft drinks, etc.) from restaurant suppliers.
COGS also includes variable costs when your customers pay by card, such as card payment processing fees (2-3% of what you pay for Visa, MasterCard, Amex, etc.).
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This includes all of your restaurant staff’s expenses: salaries, taxes and benefits (social security) as well as any bonuses. Labor costs can be divided among different groups (eg servers, kitchen, management).
A restaurant’s operating expenses include all the costs you incur to run the day-to-day operations of your restaurant. This includes marketing, rent, rental expenses, accounting, insurance, waste disposal, etc.
There is no right or wrong framework: choose the presentation that best suits you to analyze your restaurant’s finances. For example you: operations (garbage removal, cleaning services, etc.), marketing, rent (mortgage payments and utility bills) and others (insurance, accounting, etc.)
Non-operating expenses are expenses that are not part of the day-to-day operations of your business. For a restaurant, operating expenses often include: depreciation and amortization expenses, debt interest expenses, and corporate taxes.
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A restaurant P&L statement can take many forms. For example, your accountant can prepare a simplified form of your profit and loss to submit to the IRS as part of your annual tax return filing obligations.
Along with the mandatory annual tax return filing for any business, you must prepare and regularly update a detailed statement of your restaurant’s profit and loss to determine your business’s financial health and ability to generate profits.
Here are the key financial metrics and ratios you need to understand when analyzing your restaurant’s profit and loss (see the full list here):
Also known as EBIT (earnings before interest and taxes), operating profit is the sum of your sales, labor, operating expenses, and depreciation and amortization expenses.
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It is the sum of all sales and all operating and non-operating expenses. This is positive and your restaurant is profitable. Conversely, if it is negative, it is called a net loss (your restaurant is not profitable, ie you spend more than you earn).
Do you want to create solid financial plans for a restaurant? Are you preparing pro forma financial statements for your business plan? Whether you’re recruiting investors or applying for an SBA loan, download the restaurant financing example below:
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Installed by Google Analytics, the _gid cookie stores information about how visitors use the website, while also generating an analytical report on the website’s performance. Some of the data collected includes the number of visitors, their sources and the pages they view anonymously. Here’s a given: Your bar or restaurant needs to grow. And to grow it, you need to make decisions that encourage growth and increase profit margins so you can make more money with controllable costs—even with Valentine’s Day promotion ideas for your restaurants. You’ll spend a lot in the beginning learning how to get a liquor license, so from there you’ll need to focus on profitability and figuring out your primary costs and cost of goods sold (COGS) numbers.
Strategic decisions based on restaurant accounting, restaurant SEO promotion and SWOT analysis for the restaurant. The reality of your restaurant’s finances. This is what runs a successful bar and restaurant.
Enter the restaurant’s profit and loss statement. This is perhaps the most succinct measure of your restaurant’s financial health, and a huge part of knowing how to manage restaurant accounts.
All successful food service and hospitality operators are proficient in calculating, creating and reading restaurant profit and loss statements. Running a restaurant takes more than reading a few books.
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By knowing how they get all the information they need, they should slowly turn a profit. And that means a lot
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