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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 with Lumiform

  • Customize this template or build your own
  • Fill out templates via mobile app
  • Get reports and analyse your data
Prices start from ░░░ per month
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Learn more
or Download template as 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 with Lumiform

  • Customize this template or build your own
  • Fill out templates via mobile app
  • Get reports and analyse your data
Prices start from ░░░ per month
Book a demo
Learn more
or Download template as PDF

This restaurant financial audit checklist delivers an organized system for monitoring your establishment’s financial performance across revenue, expenses, assets, and liabilities. Unlike basic profit and loss reviews, it helps you connect financial indicators to operational decisions, revealing opportunities to improve profitability.

When your beverage cost percentage exceeds targets, for instance, this checklist prompts you to investigate inventory controls and pricing strategies for course correction. Independent restaurants operate on narrow 3-5% profit margins, according to Dr. Anne McBride, so regular financial audits can mean the difference between thriving and merely surviving in the restaurant business.

Related categories

Created by

Author Name Ima Ocon
Preview of the template
Page 1
General Information
Restaurant Name
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

Frequently asked questions

How can I use this checklist to identify theft or fraud in my restaurant?

Look for discrepancies between physical inventory counts and recorded inventory, unusual patterns in voided transactions, and inconsistencies between sales reports and deposits. The checklist’s sections on internal controls and segregation of duties will help you establish preventative measures while the financial reporting section reveals potential red flags.

What should I do if the financial audit reveals my restaurant is unprofitable?

First, identify whether the issue is revenue-related or cost-related using the checklist’s breakdown. For revenue issues, examine your pricing strategy and marketing effectiveness. For cost problems, target your highest percentage costs first. Create an action plan with specific goals and timeline for improvement, then conduct weekly mini-audits to track progress.

How can this financial audit checklist help me reduce my restaurant’s costs?

The checklist systematically walks you through analyzing each cost category as a percentage of sales, helping you identify which areas exceed industry benchmarks. By examining cost drivers and reviewing vendor contracts through the guided process, you’ll discover specific opportunities to negotiate better terms or adjust operations for improved efficiency.

Author
Ima Ocon
Ima is a writer and editor who specializes in technology, with experience crafting content for companies like Canva and FluentU. She's passionate about startups, remote work, and language learning, as well as the applications of AI in marketing. Currently, she is based in Asia, and she previously studied in Taiwan and Singapore.
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.