(Restaurant Profit and Loss Statement) For every businessman, calculating the ratio of the profit and loss they have is the most important aspect of their business. The same goes for restaurant owners. The revenue their restaurant brings in through their customers and the loss their company goes through during this process is the most essential for them, so they have to keep track of it, which can be done in so many different ways and techniques. you can also find restaurant profit and loss statement sample.
But the most efficient way to evaluate your restaurant’s performance is through a “Restaurant Profit and Loss statement Template”.
What is Profit and Loss statement?
A “Profit and loss Statement”, also known as a P&L statement, is a tool you can use to evaluate the performance of your restaurant.
It can help you keep track of your restaurant’s earning, and all its loss throughout a specified period of time. This may look like a pretty obvious thing to do but if you look into it closely, you can use your profit and loss statement to understand your strengths and fix your weaknesses.
Restaurant Profit and Loss Statement
It is a financial statement that touches all the monetary aspects of your restaurant business which includes sales, expenses, costs, and everything in between. This will make your financial aspect so much more transparent and you will be able to clarify everything easily. In other words, it is a bank statement.
Restaurant Profit and Loss Statement Excel Balance Sheet
The name “Profit and Loss Statement” clearly suggests that there are two parts to this technique.
The first part involves “Profit”. This includes noting down your sales and the revenue your restaurant is bringing in.
Restaurant Profit and Loss Statement Sample
The second part involves “Loss”, or basically the expenses and costs of your restaurant. These costs could be employee payments, supply cost, and miscellaneous.
Step By Step Guide on How to make a Restaurant Profit and Loss Statement
As stated before, a profit and loss statement is so very simple, and it just requires you to be completely involved in your restaurant’s financial aspect.
Step 1: Step one is to make a list of all the items that add to your sales, and give you financial gain. This means the products you have sold and the money they have bought
Step 2: Step two is a slightly more detail oriented; it requires you to list down the things that you spend money on, in other words, your expenses. This may include the cost of the products you have sold, your labor cost, supplies, repair, marketing, rent and even taxes.
What This Microsoft Excel Template Offers
This Restaurant Profit and Loss Statement template excel has been made to make your profit and loss statement much more error free and time efficient. It includes everything you would require in a P&L statement. you may also like Cash Flow Forecast Template
It keeps track of your finances for a whole year; it includes space for all the days of every week of every month. It also has a list of different items that could potentially have an impact on you profit and loss statement. It has a section for a detailed version of the statement and a section for the general summary. And the best part is, it is absolutely free!