Restaurant inventory management software assists restaurants in keeping correct food inventory data and replacing that inventory on a regular basis. Restaurants that wish to reduce food waste and save money on food expenses may utilize restaurant inventory management and buying software to keep correct inventory records, track suppliers and recipes, and digitize purchase documents such as invoices and receipts for simpler accounting. Restaurant back offices and kitchens may depend on restaurant inventory management and buying software to streamline their inventory control and purchasing processes.
Why use myBillBook?
Components of the restaurant inventory sheet
- Inventory ID
- Time period
- Food category (ex. meat & poultry, dairy, produce) (ex. meat & poultry, dairy, produce)
- Item name must reside inside its appropriate food category
- Unit of measure (ex. lb., oz) (ex. lb., oz.)
- Unit cost: the cost for one unit of measure of the ingredient
- Quantity in stock: the current number of units for each item in your restaurant
- Inventory value: the amount you obtain when you calculate your unit cost by your quantity in stock
- Total inventory value: all inventory value line items, put together
Why use myBillBook restaurant inventory management software
- Inventory management accuracy is critical to operating a successful product company. Regular stock tracking may assist in avoiding stock mistakes and other issues. The following are some of the advantages of effective inventory management:
- Improved Inventory Accuracy: With proper inventory management, you will always know what is in stock and will order just what is necessary to fulfill demand.
- Reduced Risk of Overselling: Inventory management keeps track of what is in stock and what is on backorder, ensuring that goods are not oversold.
- Because stock is expensive until it is sold, purchasing it may save you money. Transportation expenses include storage, handling, and transportation fees, as well as insurance and staff wages. Inventory is threatened by theft, natural catastrophe loss, and obsolescence.
- Stockouts and excess inventory should be avoided at all costs. A company’s ability to minimize the number of days an item is out of stock if any, and avoid keeping an excessive quantity of inventory is enhanced through better planning and management.
- Enhanced Insights: Inventory monitoring and stock control allow you to quickly identify sales patterns, track recalled goods, and track expiration dates.
- Better Vendor and Supplier Relationships: Inventory management also gives information on which goods sell and in what quantities. Use that information to bargain with suppliers for better pricing and conditions.
- Enhanced Productivity: Effective inventory management saves time that might be spent on other tasks.
- Increased Profitability: A better knowledge of supply and demand leads to faster inventory turnover, which leads to higher profits.
- A More Organized Warehouse: A more organized warehouse lowers labour costs and accelerates order fulfillment by organizing goods based on demand, which items are often sold together, and other reasons.
- Better Customer Experience: Customers who get their orders on time have a higher level of loyalty.
Features of restaurant inventory management software
- System that is hosted on the cloud
Restaurant inventory management solutions that are cloud-based should provide flexibility that a conventional system does not and cannot match.
- Immediate Billing
The faster you submit your orders, the faster the KOTs will be released. This may affect the amount of business you can create in a certain amount of time.
If your Kitchen Order Tickets (KOTs) fly out in 12 seconds, an order management integrated inventory management system will take 4 seconds.
- Inventory Control
Inventory management is a tool that enables you to stock up on essential components by notifying you before they are used. If you have excess ingredients, you may run an offer to clear the stock or send the ingredients to another outlet; you will always be prepared with a solution, but only if you have received advance notifications and alerts. Prior to buying new stock, you must always arrange your current supply.
The inventory management software will give you information on available stock counts both at the beginning of the day and at the end of the day for your convenience. Its job is to automatically compute the balance stock and compare it to the actual stock available.
- Management of Raw Materials
Inventory management in restaurants reduces product and component waste. The following are some considerations to ensure that your stock is well utilized:
- When it comes to your restaurant inventory, you should aim to keep it as simple as possible (especially in the case of biodegradable stuff).
- In major, you must keep to utilizing seasonal goods; use them as a season’s special. It’s a lovely approach to entice consumers with something fresh while avoiding perishable waste.
- You may reorder when you run out of supplies by establishing a reorder level for each of your products in the system. As soon as the component reaches that level, you will get an email reminder to reorder it in advance.
- The elements should be utilized in the following order: first-in, first-out (FIFO). This implies that the older stock should be used first. To avoid unnecessary waste, always utilize the new stock goods after the previous stock has run out or has been used up.
Costing and Recipe Management
Standardization of Recipe is a standard recipe that specifies the quantity of each ingredient used. If you work in the food and beverage industry, you should be familiar with it. It’s essential for inventory management to use this recipe standardization method since it helps keep tabs on and reduce food prices. It’s easy to tell how long a supply will last using an inventory management system because of this.
The Central Kitchen’s Management
Most well-known long-term chains and fast-service restaurants prepare the food in a central kitchen and then deliver it to the other locations. It is possible to regulate the entire food distribution by using the restaurant inventory management system.
Permissions and Roles
Thefts in restaurants are an unavoidable problem that persists despite all efforts to curb it.
If there is a fluctuation in the supply, the variance function may assist you to catch your employees stealing raw materials. Each activity recorded may be tracked using the inventory management system, and different users can be given access to various modules, allowing for a constant check of the inventory.
Module for marketing and customer relationship management.
Customer relationship management (CRM) and marketing work together to bring in new clients while keeping the old ones happy. The more time-saving tools your restaurant company has, the better. These include features like automated customer segmentation, marketing automation, and customer relationship management (CRM).
Apart from external dangers, malware, data security, and network security, your restaurant inventory management system contains personally identifiable customer data. A strong software security architecture separates the wheat from the chaff in order to safeguard your data and network against all types of assaults.
FAQs – Restaurant Inventory Management Software
- How do you determine your food inventory?
In the restaurant sector, the shelf-to-sheet system approach of inventory management is regarded as the most optimal.
This is how it seems in reality:
- Inspect the contents of your storage.
- Integrate it into your inventory management system. In this manner, you can count each item on each shelf and ensure that everything is in order.
- Keep track of any ‘write-in’ things as well. These are products that are currently on your shelf but have been overlooked by the system.
- What system does a restaurant use to keep track of its inventory?
Inventory management in restaurants includes keeping track of raw and processed goods in order to plan purchases, analyze food costs, and reduce waste. While some restaurants still utilize pen and paper, digital alternatives are gaining popularity.