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Restaurant financial audit checklist template

Restaurant financial audit checklist template

Gain clarity and control over your restaurant’s financial management with this audit checklist. It aids you in monitoring your establishment’s finances, including sales and cost of goods.

Use this template
or download pdf
Restaurant financial audit checklist template

Gain clarity and control over your restaurant’s financial management with this audit checklist. It aids you in monitoring your establishment’s finances, including sales and cost of goods.

Use this template
or download pdf

About the Restaurant financial audit checklist template

Managing a restaurant’s financial operations behind the scenes can be complex, with responsibilities like tracking sales and controlling expenses. If you’re responsible for financial operations, a comprehensive restaurant financial audit checklist is your go-to resource. This template provides a structured approach to evaluating key aspects of a restaurant’s finances, from daily sales to asset management.

By facilitating a thorough review of revenues, expenses, and liabilities, it allows your team to identify potential cost savings and areas for improvement. Use this checklist to transform complex financial data into actionable insights, enhancing your restaurant’s operational efficiency and profitability.

Key elements of the restaurant financial audit checklist

Each component of the checklist serves a specific purpose:

  1. Revenue and sales: It includes metrics like gross sales for the current and last fiscal year, average daily sales, and reviews of sales trends and menu prices. This data helps you gauge the effectiveness of your pricing strategy and promotional efforts.
  2. Expenses and cost of goods sold (COGS): Critical for financial health, this section aids you in tracking food, beverage, labor, and utility costs as percentages of gross sales, identifying potential areas for cost reduction.
  3. Asset management: From total assets recorded to depreciation schedules and disposal processes, this part ensures that all physical assets are accounted for and properly valued.
  4. Liability and debt management: This includes details on liabilities, accounts payable aging, and debt balances, which are essential for maintaining a healthy debt service coverage ratio.
  5. Financial reporting and controls: Finally, you’ll tackle the preparation and review of financial statements, budgets, and cash flow analyses. Strong internal controls and duties segregation are highlighted to prevent errors and fraud.

Best practices for using the restaurant financial audit checklist

You can maximize the restaurant financial audit checklist by following these practical tips.

Schedule regular audits. Establishing a routine for regular financial audits is crucial for maintaining a clear view of your restaurant’s financial standing. By scheduling audits consistently, you create a systematic approach to financial oversight.

Follow up on actions promptly. After each audit, it’s vital to promptly address any issues or discrepancies identified. Develop a clear plan for tackling each action item, assign responsibilities, and set deadlines. You’ll also need to do regular reviews of the progress on these action items.

Don’t forget to train your team on financial literacy, especially if they’ll be contributing to the checklist. Empowering your staff with knowledge about financial fundamentals is a transformative strategy for any restaurant. Conduct workshops or training sessions to teach your team about the basics of financial management.

Download Lumiform’s restaurant financial audit checklist today

Dive into a more streamlined audit process with our specialized checklist. It’s crafted to simplify your financial reviews, making it easier for you to monitor, analyze, and act on critical financial data. By incorporating this checklist into your routine, you’ll gain a clearer insight into your operations, spot potential issues before they escalate, and maintain consistent documentation for every audit.

Related categories

  • Risk management and compliance templates
  • Hospitality templates
  • Risk assessment templates
Preview of the template
Page 1
General Information
Restaurant Name
geolocation!!!
Audit Date
Audit Performed By
Revenue and Sales
Gross Sales for Last Fiscal Year
Gross Sales for Current Year-to-Date
Average Daily Sales
Sales Trends Analyzed
Menu Prices Reviewed
Promotions and Discounts Reviewed
Expenses and Cost of Goods Sold (COGS)
Total COGS for Last Fiscal Year
Total COGS for Current Year-to-Date
COGS as Percentage of Gross Sales
Food Cost Percentage
Beverage Cost Percentage
Labor Cost Percentage
Utility Cost Percentage
Rent/Occupancy Cost Percentage
Major Cost Drivers Identified
Cost Reduction Opportunities Identified
Asset Management
Total Assets Recorded
Asset Depreciation Schedule Reviewed
Asset Disposal Process Documented
Physical Inventory Counts Performed
Inventory Shrinkage Analyzed
Liability and Debt Management
Total Liabilities Recorded
Accounts Payable Aging Reviewed
Loan and Debt Balances Verified
Debt Service Coverage Ratio Calculated
Debt Covenants Reviewed
Financial Reporting and Controls
Monthly Financial Statements Prepared
Financial Statements Reviewed by Management
Budgets and Forecasts Prepared
Cash Flow Analysis Performed
Internal Controls Documented
Segregation of Duties Implemented

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Related resources

Access a complete set of resources aimed at maximizing safety, quality, and operational excellence, including detailed guides, related templates, and real-world use cases.

Topic guides

Read in-depth guides covering key topics related to this article.

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Frequently asked questions

How do I conduct a financial audit?

To conduct a financial audit in a restaurant, start by reviewing all financial statements and accounting records for accuracy. Cross-reference sales receipts, invoices, and payroll data, and make sure you observe internal controls. You can then fill out the template, concluding with a comprehensive report where you outline findings and suggest improvements.

What is a financial statement for a restaurant?

A financial statement for a restaurant includes three key components: the income statement, which shows revenue and expenses over a period; the balance sheet, which outlines assets, liabilities, and equity; and the cash flow statement, which records how cash enters and exits the business. Together, these provide a snapshot of the restaurant’s financial health.

How do I conduct a financial analysis of a restaurant?

To perform a financial analysis of a restaurant, compare current financial statements with previous periods to identify trends in revenue, costs, and profitability. Analyze key ratios such as gross profit margin, net profit margin, and current ratio to assess financial stability. Also, evaluate operational efficiency by looking at cost of goods sold and labor costs relative to revenue.

What are the key financial indicators every restaurant manager should monitor?

Restaurant managers should closely monitor several key financial indicators: daily sales, food and labor costs as a percentage of total sales, table turnover rates, and average revenue per customer. Keeping an eye on these metrics can give you insights on profitability, efficiency, and areas needing cost control.

How does seasonality affect restaurant financial audits?

Seasonality can have a major impact on a restaurant’s finances, influencing everything from inventory needs to staffing levels. During financial audits, it’s crucial to account for these seasonal variations to accurately assess the business’s performance. This includes adjusting for periods of high or low activity, which can affect cash flow and revenue projections.


This template, developed by Lumiform employees, serves as a starting point for businesses using the Lumiform platform and is intended as a hypothetical example only. It does not replace professional advice. Companies should consult qualified professionals to assess the suitability and legality of using this template in their specific workplace or jurisdiction. Lumiform is not liable for any errors or omissions in this template or for any actions taken based on its content.
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