Restaurant Business Plan Financial Projections

In this article, you’ll learn how to: First, a note to new restaurateurs: if you haven’t opened your doors yet, your startup budget is going to look a lot different from your operational budget.

Example: rent, property taxes, other occupancy costs Before we can create a restaurant budget breakdown, you’ll need to analyze your previous year’s events so you can include your sales forecast.

Use your POS to analyze past sales reports for trends and anomalies.

If you want to know how to draft a solid operational budget, however, here are the steps you’ll need to take with your restaurant accountant.

We’re going to guess accounting isn’t one of your core competencies.

(If you were an accountant in a past life, congratulations on the serious advantage!

) First, hire outside expertise to assist you with the budgeting process.An accountant and/or bookkeeper: Your restaurant accountant will perform in-depth analysis on your financials to ensure your operations are meeting industry standards.Your bookkeeper is in charge of keeping your financial records.Here’s the breakdown of the kinds of costs you’ll need to define for your budget. Examples: insurance, rent, loan payments Semi-fixed/semi-variable cost: Costs that are guaranteed but can vary every month.Examples: salaries, hourly pay, utility bills, food costs, smallwares replacements, take out supplies Non-fixed/variable costs: Costs that respond directly to changes in the restaurant and sales volume.When reviewing past performance, you’ll also want to consider the following factors: Create or access a chart in your accounting system that looks something like the one below.This chart is completed year-over-year, but you could dive deeper, comparing the four week periods in each month.You’ll thank yourself later when you’re not bogged down by general ledger maintenance or manual account reconciliation.Here’s what you’ll need before you start your operational budget: A point of sale: A mobile POS reduces reporting errors and can include accounting software integrations to simplify budgeting and forecasting.Your accounting system and POS can automate cost tracking, including your Cost of Goods Sold (Co GS), labor costs, and supplier invoices.Before you start budgeting, you’ll want to define your accounting period.

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Comments Restaurant Business Plan Financial Projections

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