ABSTRACT
This is the most important chapter in the book for a hospitality manager. The Profit and Loss (P&L) Statement is the financial statement that hospitality managers need to understand completely. It is the financial statement that they will use to measure the financial performance of their departments and to monitor and improve the daily operations of their departments. The P&L provides a way for managers to measure the financial performance of their departments by comparing actual monthly operations to the budget established for the month, to last year’s monthly performance, to the previous month’s performance, and to the most recent forecast.
