What is a budget? Discuss the steps involved in budget making for a restaurant.

A budget is a calculation plan, usually but not always financial, for a defined period, often one year or a month. A budget may include anticipated sales volumes and revenues, resource quantities including time, costs and expenses, environmental impacts such as greenhouse gas emissions, other impacts, assets, liabilities and cash flows. Companies, governments, families, and other organizations use budgets to express strategic plans of activities in measurable terms.

A budget expresses intended expenditures along with proposals for how to meet them with resources. A budget may express a surplus, providing resources for use at a future time, or a deficit in which expenditures exceed income or other resources.

Steps involved in budget making for a restaurant:--

Step 1: Record and Categorize Everything

The first step in creating your restaurant budget is to get all the necessary data. You need to implement ways to organize all types of revenue and expenses the restaurant makes. The most commonly used methods are a spreadsheet in Microsoft Excel or advanced accounting software.

The next step is to do category management on all your entries. We’ve broken down the most common entries into subcategories. See which lines fit your restaurant and add them to your tracking system.

Sales

• Food sales
• Beverage sales
  • Liquor sales
  • Bottled beer sales
  • Draft beer sales
• Retail sales
• Event sales

Cost of Goods Sold

• Food cost
• Beverage cost
  • Liquor cost
  • Bottled beer cost
  • Draft beer cost
• Retail cost
• Event cost
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