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4-4-5 is a commonly used accounting period in the restaurant industry. It refers to a fiscal year comprising 4 quarters of 13 weeks each. Each quarter is divided into 3 periods, the first two of which have 4 weeks each, and the last one has 5 weeks. This method of accounting is used to simplify financial reporting and budgeting, as it aligns with the typical business cycles of the industry.
Using a 4-4-5 fiscal year can make it easier for restaurant owners and managers to compare financial performance for the same period for different fiscal years or the different periods in the same fiscal year, as each quarter is the same length and contains the same number of weekends. This can help with forecasting sales and expenses and managing inventory and staffing levels.
LiveFlow’s Restaurant Standard Weekly 4-4-5 Profit and Loss Template helps you compare your financial performance in the current fiscal year against the previous fiscal year or actual performance with the budget every week. With LiveFlow, you can keep all data refreshed and updated according to your preferences.
There are some reasons you should use the Restaurant Standard Weekly 4-4-5 Profit and Loss Template:
On this sheet, you can see the comparison of weekly income statement data for the current fiscal year against the one in the same week for the previous fiscal year. Also, you can see the financial performance for the specific thirteen weeks (and its comparison with the same period for the last fiscal year). You can change the starting week for the thirteen-week comparison.
Like the Weekly P&L CY vs. PY Actuals, you can see profit and loss for a certain thirteen-week period weekly on Weekly P&L Budget vs. Actuals. The difference is that you can observe a variance between the actual performance and the budget for P&L items. This template also allows you to change the starting week of the thirteen weeks on this tab.
The data input on this sheet is reflected in Weekly P&L Budget vs. Actuals. Although you need to input, import or paste (from somewhere else) all budget numbers on this sheet, once you enter the necessary figures, you don’t need to update this sheet anymore unless you want to revise the forecast numbers due to the changes in the business plan or environment.