Restaurant Profit and Loss Sheets are a necessity for a restaurant owner. This is because this tool provides an accurate overview of the financial position of a restaurant. However, it is also an opportunity to get creative.
The first thing you need to do is get the numbers and look at your income statement and cash flow statements to see what the outcome of your income will be in the form of profit. Here are a few things you can add to your restaurant profit and loss spreadsheet that will give you even more value.
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What type of profit are you looking at? Are you looking at a sale? Make sure you get this information and then find out how much of that sale is included in your gross sales for a particular month. If it is not included, it is important to review your financial statement and cash flow statements to determine what portion of the sale will be included in your gross sales.
How are your expenses going? Some of your expenses may be recurring. If they are going to be one month of your gross sales, it is important to look at your expense categories to make sure they are an accurate reflection of your sales activity. In other words, are they consistent throughout the year?
Do you have extra costs for food preparation, back of the house, rent or property management? These types of expenses are part of your expenses and will not be a benefit to your business.
Are there any contingencies on your profit? You may include a contingency in your profit and loss spreadsheet but keep in mind the people who will be affected by these contingencies are not your customer.
Does your restaurant have any special needs that would affect the type of expense categories it requires? Find out if those types of expenses are included and if they are included, make sure they are accurate.
How does your business operate with regards to overtime? Are the employees working more than 40 hours per week? Is overtime included in your business plan?
What expenses are associated with your profit? Are there specific types of vendors that have large expenses associated with their purchase of goods?
How many times do you sell your gross sales? Are you selling five, ten or twenty-five percent of your gross sales? If not, make sure you look at your daily sales and make sure they are accurate.
Is your inventory less than fifteen percent less than your gross sales? If you are able to correct this discrepancy, it may not only improve your gross sales but also your restaurant profit and loss sheet.
These are just a few of the questions you can consider when you are creating your restaurant profit and loss spreadsheet. Take time to answer them and find the answers you need to create a restaurant profit and loss sheet that will provide you with some of the best value and information. PLEASE LOOK : restaurant liquor inventory spreadsheet