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For staters, what is a Profit and Loss Statement exactly? A Profit and Loss Statement (or income statement) summarizes company revenues, costs, and expenses incurred during a specific period of time. Profit and Loss Statements allow bar and restaurant operators to understand their net earnings or loss.
Need help creating your Profit and Loss Financial Statement, but don’t know where to begin? Don’t worry. With our easy-to-follow excel spreadsheet that will show you what to include, you’ll have your statement filled out in no time! Our guide will allow you to determine where your business is succeeding and where it is lacking, which will ultimately help you make better decisions for your business in the future.
Let’s breakdown a few of the key metrics that you’ll determine with this guide below…
Now that you’ve discovered the key metrics listed above, you are ready to analyze them to understand your gross profit and net earnings/profit loss.
Gross Profit is determined by subtracting the total cost of goods sold from the total revenue. Once you have figured out what your gross profit is, you will better understand how efficiently your business is in producing your goods and services.
To figure out whether you are operating at a profit or loss, you will need to subtract your expenses from your revenue. If your total revenue is more than the cost of your expenses, then you are operating at a profit. If your expenses are higher than your revenue, then you are operating at a loss.
Download the guide below and input these key metrics and you will be on your way to analyzing your Profit and Loss Statement. It’s as simple as that!
And as always, if you have any questions don’t hesitate to contact us at (312) 416-9989 or cheers@pourmybeer.com!
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