MRA Members Weigh In: Closing Out Your P&L

The Massachusetts Restaurant Association (MRA) and RealFood President Ed Doyle surveyed MRA members on how they execute various operating procedures. When it comes to good restaurant business practices, some members confirmed they follow them, and some admitted they don’t. Find out how you fit into the landscape of best practices.

When is Your P&L Closed Out?

The MRA symposium where this survey was taken focused on using a P&L as a management tool. A P&L needs to be closed out as early as possible, certainty in less than 2 weeks. If it’s later, you’re not reacting to issues in time. How can you find the problem if it’s buried in the P&L from two months ago? At that point, the undetected problem has already eaten away at your bottom line.

If you aren’t getting a P&L closed out quickly enough, you need to shorten the cycle time. Make sure you are ready to be closed out– get invoices into AP, and get payroll posted. Oftentimes, delays are a function of accounting and bookkeeping. Help them streamline the process and get the data you need to drive profitability.