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What Is a Profit and Loss Statement?

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.

How Often Should You Update Your Restaurant P&L Statement?

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.

How To Use the P&L Template

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.

How 7shifts compares to the P&L Template

P&L Template

Easy schedule builder

Customizable to your restaurant


Sharable with your team

Free mobile apps

Robust labor, sales, and compliance reports

Communication tools (chat, announcement)

Easy manager note taking

Labor budgeting tool

Labor compliance tools

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Run your restaurant more effectively

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. 

If your business is growing, take your labor management to the next level and save $500/month on labor with 7shifts. Easily build staff schedules in minutes, integrate your POS to forecast your labor needs, and monitor your sales and labor performance over time with robust reports. 

Taking your restaurant’s labor management digital can save your business $1,000s every month and streamline your operations.

Restaurants save with 7shifts


Time saved on managing staff schedules


Labor costs saved


Reduction in phone calls and texts

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