7 Shifts

AUGUST 2, 2024

To calculate this, use the formula: Cost of Goods Sold (COGs) = Beginning Inventory + Purchased Inventory - Ending Inventory Gross profit & gross profit margin Your gross profit and gross profit margin help you track how much money you're making after deducting your Cost of Goods Sold.

Point of Sale 397

Point of Sale Inventory Seasonal Menu Cash Management 397

Modern Restaurant Management

JULY 10, 2024

Among the reasons restaurants fail (poor location, inadequate marketing, lack of staff and inventory control, uninspired menu, unreasonable pricing), customer theft is rarely on the radar. And yet, the diner who walks out with your logo beer mug is damaging your restaurant’s bottom line.

Back of House 491

Back of House Fine Dining Take-out Social Media 491

7 Shifts

AUGUST 7, 2024

But there's more to it than adding up your inventory bill and comparing it to your sales. Food cost percentage is the ratio of the cost of food inventory to the amount of revenue it generates. The other, more accurate way is to take all of the elements that go into making a dish to determine the total value of your inventory.

Food 370

Food Seasonal Menu Inventory Pricing 370

7 Shifts

JUNE 4, 2021

Inventory turnover ratio. Your CoGSs is an essential number to have when determining your menu prices, inventory and impacts your net profit margin. To calculate your COGs, you need the following numbers: Beginning Inventory, or the value of the inventory you start with. Ending inventory , or what you have leftover.

Point of Sale 416

Point of Sale Inventory Employee Relations Customer Service 416

7 Shifts

AUGUST 18, 2024

For example, though food costs are running costs, you should budget for beginning inventory when opening your restaurant Many of your startup costs will be one-off costs, though some are subject to annual renewals Restaurant Expenses Vs. Restaurant Costs One often confused (and misused) sets of terms are restaurant costs and restaurant expenses.

License 370

License Equipment POS Food Supply 370

Modern Restaurant Management

MARCH 3, 2022

By automating this process, it minimizes error, improves food safety procedures, and prevents inventory spoilage. Each year, insurers pay out $2.5 If temperatures fluctuate away from optimal levels, the monitoring system alerts a manager to take quick corrective action. billion for water damage claims.

Food 530

Food Food Safety Customer Service Customer Experience 530

Harbor Touch

MARCH 18, 2025

Ive tossed meals into inventory totals and shaved taxes that way. Staff pay: salaries, insurance, bonuses. Insurance: property, liability. Choose the bigger win. Employee Meals: Free Food, Free Savings Feeding staff on-site? Its 100% if part of food costs, non-taxable to them. Keep it separate or bundled with food costs.

Point of Sale 138

Point of Sale POS Restaurant Law 2025 138

Restaurant365

AUGUST 19, 2021

Restaurant accounting covers all areas of your business, even inventory. While you may think of your restaurant inventory as part of operations, restaurant inventory management should also be considered an accounting function. So, inventory has an important place in your restaurant accounting.

Inventory 147

Inventory Management Management Employee Relations 147

7 Shifts

MAY 11, 2020

Run through our guide to reopening your restaurant to plan your labor, inventory, marketing, and more so you can reopen with a bang. With many restaurants opening at the same time, there are bound to be delays in delivery of supplies and inventory, so it’s better to get ahead. Suppliers: ??

BOH 368

BOH Food Safety FOH Equipment 368

Modern Restaurant Management

DECEMBER 16, 2021

This is why next year, operators will offer more benefits like hiring incentives, higher hourly wages, health insurance, paid time off, earned wage access (EWA) and more to not only hire fresh labor, but retain top talent. It isn’t unemployment benefits giving employees pause: it’s underappreciation.

2022 473

2022 Hospitality Loyalty Program Point of Sale 473

Modern Restaurant Management

MARCH 24, 2021

Vehicles, drivers, fuel costs, insurance, payment methods, dedicated prep staff, packaging, storage, tracking, and communication all present challenges. If restaurants unite in location-based groups to implement a region-wide or city-wide delivery system, it may be enough to make customers reconsider what they use as their go-to delivery app.

Delivery 473

Delivery Customer Service Point of Sale Customer Experience 473

ChowNow

AUGUST 6, 2024

From ingredients to insurance, new restaurants need to know how to manage fixed and variable costs. Fixed costs generally stay the same each month and are not tied to sales, such as rent or insurance. Over the year, they purchased $400,000 worth of food and ended the year with $80,000 worth of inventory. Track inventory.

Insurance 195

Insurance Inventory Food Supply Food Order 195

7 Shifts

JULY 5, 2024

With 50% of restaurant owners reporting inventory costs as the top concern last year, you must leverage reporting tools to see how much profit your restaurant is making and where your money is going. Running a restaurant is not just about serving great food; it’s also about managing finances.

Cash Management 243

Cash Management Inventory Seasonal Menu Beverage 243

Modern Restaurant Management

SEPTEMBER 25, 2020

Gorlie’s initial investment on the Vet Chef’s opening day was $41,200, and that includes the food inventory for their first service. Owning a food truck introduces you to food safety regulations, licensing, and insurance, but they all get more complicated when you own a brick and mortar restaurant. Lower start-up expenses.

Food Truck 445

Food Truck Food Food Safety Point of Sale 445

7 Shifts

JULY 21, 2020

Healthcare costs: group healthcare benefits, insurance premiums, etc. Whether your restaurant needs to finance payroll, inventory, or a new electric skillet, these loans can make it happen in a jiffy. You can use your business line of credit to finance just about anything: payroll, rent, equipment, inventory, and more.

Cash Management 300

Cash Management Government Small Business Healthcare 300

Indoor Media

MAY 10, 2018

As an insurance agent, building familiarity with consumers well before they need your service is an integral part of making the final sale. Shopping cart ads work because they are impossible to miss, and an insurance agent that has a strong local presence is one consumers feel they can trust. Establish a Foundation of Trust.

Insurance 78

Insurance Advertising Front of House Point of Sale 78

Modern Restaurant Management

JANUARY 31, 2025

Two-thirds of restaurant leaders believe AI or automation will improve their business in each of the 15 areas we asked about, the most popular of which are marketing and promotions (77 percent), inventory management (77 percent), payments (76 percent), menu optimization (76 percent), and staff management (75 percent).

Marketing 221

Marketing Loyalty Program 2025 2024 221

Modern Restaurant Management

DECEMBER 10, 2019

You can safeguard your business by maintaining a contingency fund and by paying for insurance. Keep an optimal level of inventory to minimize waste. Having no cash reserve for emergencies means you run the risk of any such unexpected costs that could derail your business's daily operations.

Cash Management 312

Cash Management Seasonal Menu Social Media Small Business 312

Modern Restaurant Management

DECEMBER 31, 2024

With alcohol sales shrinking, restaurants must reevaluate their offerings, menus, and inventory management to maintain profitability. AI: The Invisible Tool to Boost Profitability As resources tighten, more restaurants will turn to AI to do more with less.

Franchising 221

Franchising Franchise 2024 Mobile Ordering 221

ChowNow

AUGUST 19, 2024

There are multiple sources for inflow and outflow, including: Cash Inflow: Sales Revenue Catering Services Business Loans Cash Outflow: Employee Payroll Inventory Costs Rent & Utilities Your total cash flow is the inflow minus the outflow: Total Cash Flow = Cash Inflow – Cash Outflow Obviously, you want to make more money than you spend.

Cash Management 195

Cash Management Management Management Inventory 195

SpotOn

FEBRUARY 26, 2025

Your P&L line items should be consistent with the ones on different platforms—POS, inventory management, and accounting software. Health insurance, retirement plans (401(k)), paid time off (PTO) (vacation, sick leave, holiday pay), workers compensation, and meal discounts Training and onboarding. Occupancy costs.

Point of Sale 88

Point of Sale License Insurance POS 88

EATER

JANUARY 21, 2021

In a letter to shareholders from October 2019, Grubhub CEO Matt Maloney said “listing restaurants on platforms without any partnership allowed other players to expand restaurant inventory rapidly,” and that Grubhub would be following suit.

Delivery 332

Delivery Customer Service Food Order Online Ordering 332

EATER

AUGUST 7, 2023

Three Penny Taproom also has flood insurance. Time will tell, with insurance and the rebuild, what we do with that space,” he says. Not only are low-income Vermonters’ homes and businesses less resistant to flooding, but they have less in savings and insurance coverage. Whatever it takes, he says, Three Penny will rebuild.

Insurance 246

Insurance 2011 Equipment 2007 246

7 Shifts

OCTOBER 8, 2021

There are dozens of costs associated with running a restaurant, and many of them remain out of your direct control: rent, utilities, insurance—etc. Food and Inventory Costs. By combining inventory management tools with restaurant employee scheduling software , you can get a better grip on the costs you can control.

Seasonal Menu 195

Seasonal Menu Consumer Goods Food Supply Inventory 195

7 Shifts

MAY 1, 2024

This is one of your core restaurant management responsibilities, especially because you handle lots of inventory in and out of your kitchen daily, including the ingredients you use to prepare your menu. One way to reconcile your accounts is by comparing your physical inventory with your inventory records.

Cash Management 221

Cash Management Inventory Employee Relations Beverage 221

Restaurant365

MAY 26, 2020

To calculate your CoGS totaled during a given period, you can use the following formula: Beginning Inventory + Additional Purchases Made During the Period — Ending Inventory = CoGS. As you reopen your dining room, it is more important than ever to stay on top of your inventory management. Dial in your Cost of Goods Sold.

Point of Sale 148

Point of Sale Employee Relations Inventory Insurance 148

Restaurant365

FEBRUARY 25, 2020

Your restaurant profit margin can be influenced by food and inventory trends, your geographic location, the state of the broader economy, and a wide range of other factors. Cost of goods sold (CoGS) refers to the total cost of the inventory used to create food and beverage items during a specific period of time.

Loyalty Program 183

Loyalty Program Point of Sale Fast Casual Online Ordering 183

7 Shifts

JUNE 28, 2021

Label stored food with their use-by dates and follow a first-in, first-out inventory method (FIFO Method–learn other restaurant lingo ). It helps prevent cross-contamination and keeps food fresher to mitigate the risk of serving something that has prematurely spoiled. Passing Your Restaurant Inspection.

Kitchen Safety 370

Kitchen Safety Food Safety Food Supply Equipment 370

7 Shifts

FEBRUARY 28, 2020

Inventory was all being done on paper. Teddy insures that all the big sports games are input on 7shifts as events. We had printed tickets in the kitchen and the schedule. They were using the ‘high technology’ of Microsoft Excel spreadsheets. The GM at the time was getting time off requests via email and printing them out.

Restaurant Law 259

Restaurant Law Sports Events Front of House 259

7 Shifts

AUGUST 18, 2024

For example, do you have to buy insurance? Investing in the Right Tools for a Smooth Operation Finally, you need systems and procedures that provide structure for employees and your operation. The good news is that bars are one of the cheapest types of businesses to start. If so, how much would that be and how often would it have to be paid?

Bar 370

Bar License Email Marketing Customer Service 370

Restaurant365

JANUARY 5, 2021

The Act also redefines payroll costs to specifically include group insurance payments made on group life, disability, vision and dental insurance. Enables PPP borrowers to include additional group insurance payments when calculating PPP payroll costs. PPP improvements relevant to restaurant businesses.

Insurance 148

Insurance Small Business Employee Relations 2021 148

The Restaurant Times

SEPTEMBER 19, 2021

Time has never been better to open your food truck, and the most critical business step is investing in insurance. However, if you don’t have the correct insurance, your food truck might cost you thousands of dollars or perhaps your business in jeopardy in time of a mishap. . Food Truck Insurance Cost . Kind of Insurance.

Food Truck 52

Food Truck Insurance Food Transportation 52

Society Insurance

NOVEMBER 15, 2022

Taking inventory and reporting low-stock items to the chef or manager. Finding that silverware hasn’t been rolled, the bar wasn’t properly restocked, or that inventory orders weren’t placed on time can derail your operations in the midst of a rush. Polishing glassware and rolling silverware for the next day. Updating food labels.

Front of House 97

Front of House Food Safety Cash Management Back of House 97

Food Business

SEPTEMBER 12, 2017

Here is the formula: FOOD COSTS + BEVERAGE COST + SALARIES & WAGES + PAYROLL TAXES & BENEFITS Here's how: actual cost of goods sold start with your beginning inventory, add to it your total purchase for that period (in this example, let’s say one month), then subtract your ending inventory. WHAT'S YOUR INVENTORY?

Brewery 100

Brewery Inventory Insurance Beverage 100

Restaurant365

JULY 24, 2020

Third-party apps can take 30% of your delivery earnings and in-house delivery has its own costs, such as salaries, vehicle maintenance, gasoline and insurance. You’ll also need to check with your insurance carrier to ensure that you’re covered for off-premise activity. Control Inventory for Your Virtual Kitchen.

Front of House 147

Front of House Online Ordering Kitchen Safety Customer Service 147

Restaurant365

DECEMBER 17, 2019

Recurring restaurant costs would include costs like lease or mortgage payments, employee salaries, food and beverage costs, utilities, insurance and permits. Fixed costs such as insurance, rent, and loan payments do not fluctuate month to month. It includes tools for scheduling , inventory control , fixed asset management and more.

Point of Sale 120

Point of Sale License Insurance Employee Relations 120

Restaurant365

MARCH 25, 2020

Before repurposing your FOH staff for delivery, check with your insurance carrier to ensure that you’re covered for off-premise activity. If you’re properly insured for delivery, you can keep your servers, bartenders and other FOH staff working during this uncertain time. Use staff for delivery. Trim menu offerings in the short term.

Delivery 107

Delivery Front of House FOH Mobile Ordering 107