Manage Inventory with the Right Tools
If you’re still using paper-based processes and spreadsheets for inventory, you’re leaving money on the table. Using the right tools can help you understand your food and beverage costs by viewing pricing trends and identifying waste. Plus, this insight properly integrated with your Point of Sale (POS) system can create a powerful tool to transform your business.
Here’s a look at some of the ways you can improve operations using the right inventory management solution.
Modern Inventory Management
Successful restaurant operators know that taking accurate inventories is critical to controlling costs, reducing waste, and minimizing theft. So why do many restaurants struggle with this critical process?
Common excuses we hear include, “counting inventory is too time-consuming”, or “my spreadsheets don’t produce accurate numbers”, or “my inventory control system is too complicated”.
If you’re still taking inventory by looking through the walk-in with a paper count sheet and manually updating spreadsheets, you’re likely wasting time and not getting accurate results.
If you’re not taking inventory at all, you’re definitely wasting money.
Fortunately, modern inventory management software can help automate calculations and streamline the count process. By eliminating paper and spreadsheets, you can reduce human error and save hours per month of time.
Even better, integrating purchasing data means that your inventory values will always reflect your actual costs – without any time spent digging through invoices and updating price tables in Excel. And integrating sales data from the POS system allows for insights into actual and theoretical COGS, so waste, theft, and other inefficiencies can be easily identified.
Legacy inventory control systems are expensive and time consuming to setup and maintain, limiting the benefits to larger chains with extensive support staffs. Today, technology innovation has leveled the playing field such that every restaurant – of any size – can realize the operational benefits and cost savings of managing inventory properly.
Ask yourself: what would you do with the savings from reducing your COGS 2%-5%?
If you’re ready to take control of your restaurant’s inventory, talk with the restaurant accounting and financial experts at Tablespoon to learn more.