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Restaurant Profit And Loss Statement Template Free – If you run a restaurant, you’ve probably heard of the income statement (or “income statement”). Arguably the most important financial statement, the profit and loss (P&L) provides a clear overview of your restaurant’s profitability by listing all sales and expenses.
But what exactly are the pros and cons? What is included in the restaurant’s profit and loss? How to analyze a restaurant’s profit and loss?
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Whether you’re creating financial projections for a restaurant business plan or just want to know your restaurant’s finances, this article tells you everything you need to know about the income statement. Let’s dive in!
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The profit and loss (P&L), also known as the income statement, is one of the 3 financial statements that a company must prepare and update regularly. 3 Financial statement:
Profit and loss is the most important of all financial statements because it shows a company’s income and expenses for a specific period (month, quarter, or year).
Therefore, the P&L is used to understand a company’s ability to generate profits and to assess its overall financial position. For example, we increase a restaurant’s revenue by increasing its revenue or decreasing its costs.
Like any other business, a restaurant P&L includes all revenues and expenses for a period of time. To create a P&L, we first add up all revenues (gross revenue) and subtract all expenses (COGS, labor costs, rent, etc.) to arrive at net profit.
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This section covers all restaurant sales. Therefore, you must include all customer receipts and any other income you received during this period.
In order to be transparent about your restaurant’s most important sources of income, we recommend that you break down sales into different categories. For example, you can break down sales by product (food and beverage). If you run a takeaway restaurant, you can also separate dine-in and takeaway sales.
You will incur variable costs for the preparation of food and beverages served to customers. For restaurants, this includes food and beverages (bottles, beer, soda, etc.) from restaurant suppliers.
COGS also includes variable costs when your customers pay by card, such as card payment processing fees (2-3% for Visa, MasterCard, Amex, etc.).
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This covers all restaurant employee expenses: salaries, taxes and benefits (social security) and any bonuses. Labor costs can also be separated between different teams (e.g. servers, kitchen, management).
The operating costs of the restaurant include all costs necessary for the daily operation of the restaurant. This includes marketing, recruiting, leasing costs, accounting, insurance, waste management and more. You can enter.
There is no right or wrong structure here: Choose the presentation that best suits your restaurant’s financial situation. For example, you may have operations (waste collection, cleaning services, etc.), marketing, rent (mortgage payments and utility bills), and other services (insurance, accounting, etc.).
Non-operating costs are expenses that are not part of the day-to-day running of your business. The restaurant’s non-operating expenses mainly include: amortization costs, debt interest expenses and corporate taxes.
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A restaurant’s P&L statement can take many forms. For example, your accountant can prepare a simplified version of your profit and loss that you can submit to the IRS as part of your annual tax return.
In addition to filing annual tax returns for each business, prepare and update a detailed income statement for your restaurant on a regular basis to assess the financial health and profitability of your business.
The most important financial indicators 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 sales minus all variables, labor, operating expenses, and depreciation and amortization expenses.
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This is the total amount of sales after deducting all operating and non-operating expenses. That’s good, your restaurant is profitable. Instead, if it’s negative, it’s called a net loss (your restaurant is inefficient, meaning it spends more than it earns).
Do you want reliable financial forecasts for your restaurant? Are you preparing pro forma financial statements for your business plan? If you are attracting investors or applying for an SBA loan, download the restaurant financing template below:
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The _gid cookie set by Google Analytics stores information about how visitors use the website and creates an analytical report on website performance. Some of the data collected includes the number of visitors, their sources and the pages they visit anonymously. In this article, I’ll show you how to learn to read your restaurant’s income/loss statement like a boss. , but I did
You can use it in your bar/restaurant that you really love and manage your finances. It includes everything you need to track your expenses, including monthly and yearly data, so this 12 month profit/loss template has it all in one. Through sources. And beautiful colors.
For those new to patrolling and my operating style, I am obsessed with organization. Like a strong passion. I organize everything in my business and help other bar and restaurant owners organize their businesses, but I also fantasize about it in other areas of my life.
“If you mention the word ‘organize’ one more time in this house,” he said the other day, “I’ll fire you.”
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It’s funny because he’s better than me. Systematization without disturbing people. Truth be told, I’m probably on both counts.
Contrary to what I think, there’s no denying that streamlining your business can bring big results, starting with your finances.
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