A restaurant’s profit and loss statement, also known as an income statement, measures a company’s total revenues, costs (expenses), and net profit over a specific period of time. Commonly abbreviated as a P&L, this statement can help track the overall financial health of your restaurant.
Restaurant P&L statements can be tracking weekly, monthly, quarterly, or yearly.
It’s recommended that you update a restaurant’s profit and loss statement every week. This will let you catch anything abnormal before it has a negative impact, and lets you make adjustments accordingly. It is also recommended to view monthly and yearly to track overall trends in your business.
Here’s how to make the most out of your restaurant P&L statement template:
Step 1. Add in your sales numbers
Step 2. Add in all of your costs: CoGS, labor, and operating expenses
Step 3. Calculate your total profits and losses
Step 4. Make adjustments accordingly to improve your restaurant’s financial health.
Staying on top of your profits and losses is key to restaurant success.
By downloading this profit and loss template, you’ll be able to identify new ways to increase profits, reduce expenses and run a thriving restaurant.
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