How is a restaurant income statement different from a balance sheet?

Also a type of financial statement, a balance sheet measures a businesses solvency, or the amount of assets it has versus its debt, whereas the income statement measures profitability, or revenue less expenses.

Are there restaurant profit and loss templates available?

There are a variety of profit and loss (or income statement) templates available online, in fact you can find one here.

Can a restaurant income statement be customized?

Yes you can absolutely customize these statements to fit your needs. Some owners prefer to add sections to the income statement to closely monitor those items, or align them closer to how they expect to file taxes; there is no right answer to format. 

How often should you update your restaurant income statement?

Frequency is up to owners but most businesses serious about their financial try to update their financial statements each month to show their month over month progress.

About the Author

Kal Salem

Kal Salem

MA Accounting - Arizona State University

A CPA and finance professional working with small businesses to educate owners and grow alongside their businesses. He holds a Masters in Accounting and a BS in Supply Chain Management. Owner at Salem CPA Services LLC.

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