Hello,
Can somebody help me find the industry average ratios for Restaurant and Bar industry.

Thank you

there are lots of sources but each will vary because their equations are different when calculating ratios. You should look into morningstar and see if they have it (I'm pretty sure they do).

Google finance has it, Yahoo finance as well. Here's a link for the restaurant industry on Yahoo finance:

Restaurants Overview: Industry Center - Yahoo! Finance (http://biz.yahoo.com/ic/712.html)

Restaurant and bar industry in itself is complex and has a lot of variety, depends on the branding, location and pricing model...

You may need the services of a consultant who knows the ins and outs of the business or find a benchmark's financial reports and from there you should be able to compare and satisfy your purpose...

To begin with let me tell you that you must be able to accept 35-40% food cost for restaurant and 18-25% bar cost for bars, of course it's a composite since you cannot apply standard mark-ups in the industry... your energy costs and payroll costs are also high ticket items you should look out for

Most especially, you need a secure POS and Inventory as well as AP system to ensure nobody is making a quick buck without you knowing it...