Free Sample Restaurant Financial Audit Checklist

Financial audit checklists are documents used to analyze an entity’s financial information. They assess whether this data complies with specific criteria and offer assurances of accuracy and completeness. The goal of a financial audit should be providing assurances of accuracy and completeness that are reasonably secure.

There are various approaches to creating an effective checklist. First and foremost, ensure the subject of the list is crystal clear.

Chart of accounts

A restaurant chart of accounts (CoA) is an organized list that details all assets, liabilities and income entering and exiting an eatery. Simpler charts allow businesses to document all credits and debits while more detailed ones give them insight into monitoring operations through data, keeping audit-ready status in mind, as well as uncover inefficiencies costing money.

At the core of any restaurant CoA are two primary components: Asset accounts and Liabilities accounts. Asset accounts record assets such as cash and food and beverage inventory while liability accounts keep track of money owed to vendors, bank loans, credit card balances, taxes payroll benefits etc. Liability accounts record debt owed by vendors bank loans credit card balances taxes payroll benefits etc while expense accounts include the restaurant’s operating expenses such as utilities rent marketing etc.

A restaurant’s prime cost account provides more specific expense accounting details about goods sold and labor costs, helping the restaurant use this data to adjust menu prices or enhance marketing initiatives.

Profit and loss statement

Profit and loss statements (P&Ls), also known as profit/loss statements (PLSs), are financial documents which illustrate how much your restaurant earned and spent over a specific time period. They display whether your business made profit or loss and should be maintained regularly as one of three core financial documents to review for optimal business operations.

In order to create an accurate profit and loss statement for a restaurant, all of its income and expenses must be considered. This includes cash sales as well as invoices from payroll and utilities providers. You should also include any taxes owing as sales tax regulations vary significantly by state.

Inventory

Auditing a restaurant is an integral component of running any successful business, helping identify strengths and vulnerabilities while assuring customers receive food that is both hygienic and well-prepared. Furthermore, audits can enhance environmental safety. When conducting an audit it is recommended to utilize a checklist template so as to stay organized while not missing any crucial details.

An audit should comprise an examination of your company’s assets, liabilities, and equity as well as an examination of any major contracts or agreements made by it. A review of accounts payable register by customer and invoice can also provide valuable insights.

One component of a restaurant audit involves inspecting inventory. This should involve keeping track of products sold through their POS system as well as any voids, along with keeping track of how much inventory has been purchased or sold each week.

Sales reports

An audit report for a restaurant includes several key sections. The management section covers everything from business plans and employee management, financial transactions and specific funds; operations on food preparation, drive-thru service and customer services as well as quality and satisfaction in relation to them.

Sales tax regulations differ based on your location, so it’s essential that you become familiar with them in order to fully comprehend any additional taxes you may owe. Finally, cash flow statements demonstrate cash inflows and outflows over a set period, helping track profits and losses more accurately. Performing an audit with all necessary data readily accessible makes auditing easier – this is why bar inventory software such as BinWise Pro can be so invaluable as it keeps inventory real-time so you can easily locate all relevant figures quickly when conducting your financial audits.