Adding a point of sale (POS) inventory system is a giant leap forward for managing your business and controlling costs. Here are five must-have features of a restaurant POS inventory system and their benefits.
- Cost control. Your POS inventory system should allow you to calculate food and beverage costs by individual stock-keeping unit (SKU). It should also give you a clear picture of weekly food costs, so that you can identify and address problems before your food expenditures spiral. It’s equally important that your inventory system lets you keep tabs on inventory usage. With this capability, it’s easy to pinpoint ingredient cost variances and discrepancies, giving you added control over inventory expenditures.
- Tracking and reporting. A POS inventory system should enable you to granularly track and report on actual inventory use and compare it with theoretical inventory use. These comparisons will clarify whether you’re over ordering or under ordering every type of food and beverage you need to prepare and serve. The closer your actual and theoretical usage figures for each food and beverage SKU, the better your bottom line.
Similarly, the tracking and reporting capabilities should include capturing data that pertains to food production, and it should permit you to compare the volume of ingredients used in this production to the quantities of ingredients you have on hand. This also helps to cut down on ingredient waste.
- Ordering and purchase history. An effective inventory system can learn your restaurant’s ingredient usage trends and ordering volume patterns. It can then suggest future order quantities based on this data, ensuring that you have just the right ingredients on hand, at the right time, and in the right (rather than inadequate or excessive) quantities.
Insist on an inventory system that actually generates purchase orders and transmits them to you (or another responsible party) for approval, as well as allows all purchase orders to be managed and vendor invoices tracked from a single, web-based account for maximum efficiency.
- Recipes and costing. Effective cost control involves the ability to cost out recipes based on meal period and to calculate profits per portion to ensure you are pricing them appropriately. A top-caliber inventory system calculates these costs for you.
In addition, the best restaurant POS inventory system not only creates recipes to fit your cost model; it generates multiple versions of the same recipe to suit different dayparts and portion sizes (i.e., a lunch-size portion of a particular entrée and a dinner-size portion of that same entrée).
- Sales and profit analysis. It’s imperative to have a POS inventory system that lets you use POS data to determine exactly how much profit is being generated by each item on your menu. By assessing individual items’ performance and profitability, you’ll easily be able to determine which items should remain on your bill of fare and which items shouldn’t.
Restaurant POS inventory systems may also have other features that provide benefits to your business; however, the above five features are imperative for the health of every restaurant’s bottom line.
If you would like to learn more how utilizing a POS inventory system can help your restaurant, a representative at Leebro POS can help.