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

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

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

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.

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Cash Management Seasonal Menu Social Media Small Business 312

Modern Restaurant Management

AUGUST 5, 2020

In recent months, they have been advising clients on issues ranging from Paycheck Protection Program (PPP) loans to reducing and rehiring employees to recovering losses from insurance companies and renegotiating leases. Selvin (insurance and business interruption) and Elliot N. Food waste prevention is more important now than ever.

Food Safety 527

Food Safety Mobile Ordering Online Ordering Kitchen Safety 527

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

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

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

AUGUST 18, 2024

Without a plan, it's easy to spend too much or too little on marketing, and to waste time and money on campaigns that don't work. For example, do you have to buy insurance? Find out how to develop the perfect marketing plan. The good news is that bars are one of the cheapest types of businesses to start.

Bar 370

Bar License Email Marketing Customer Service 370

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

7 Shifts

MAY 23, 2024

This can reduce your budget for ingredients and, at the same time, minimize food waste. While it might seem tempting to overspend on your marketing and advertising efforts, the cash you'd use to pay to run your ads could only lead to waste, especially if you don't know much about running an ad campaign effectively.

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Point of Sale Seasonal Menu Food Supply Cash Management 221

Restaurant365

SEPTEMBER 23, 2021

For instance, since restaurants primarily sell food and drink, inventory turns over at a very frequent rate, and sales are made up of a high number of transactions. Between inventory, sales, and other data points like labor, restaurants generate an enormous amount of data. What specific issues do restaurants face in accounting?

Cash Management 147

Cash Management Point of Sale POS Inventory 147

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

Modern Restaurant Management

JUNE 28, 2024

Enhancing Operations and Customer Experience : The top benefits of AI in restaurants include effective staff scheduling (38 percent), increased sales and revenue (37 percent), personalized marketing and promotions (36 percent), and efficient inventory management (34 percent). car finance, fuel, insurance, etc.) (22

2024 294

2024 Mobile Ordering White Paper Customer Service 294

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

Cheetah

OCTOBER 3, 2020

These include being familiar with health guidelines issued by the CDC, reevaluating the value of labor, integrating new technologies and rethinking inventory. The value of labor Social distancing Hygiene and sanitation Technology solutions Optimizing your inventory. Optimizing Your Inventory. Indoor Dining and Social Distancing.

Inventory 78

Inventory Insurance Cash Management Point of Sale 78

Restaurant365

NOVEMBER 18, 2021

Your restaurant orders, receives, and counts food all in one system: your inventory management software. Your inventory management solution measures and stores all the information you need about your food cost. While there are many details surrounding your food cost data, the actual tracking is relatively simple.

Employee Relations 148

Employee Relations Cash Management Point of Sale Front of House 148

Restaurant365

FEBRUARY 19, 2020

Non-controllable costs, like the fixed costs of rent, insurance, and salaries, are predictable expenses. Occupancy expenses: fixed costs like rent, property taxes, and insurance. For example, restaurants tend to have a large, fast-changing inventory with a limited shelf life, which affects food cost calculations.

Point of Sale 120

Point of Sale Cash Management Consumer Goods Inventory 120

The Restaurant Times

OCTOBER 29, 2021

In the previous articles, we talked about how to open a food truck , why your food truck needs a website and tips related to tax saving and insurance. Not just this, it could increase your insurance and maintenance costs. This eliminates waste and decreases the load on inventory. Reduce Waste .

Food Truck 97

Food Truck Sustainability 2021 Food 97

Restaurant365

OCTOBER 23, 2019

It’s important to note that COGS doesn’t include one-time, non-inventory-related costs, like repairs for a broken oven, new barstools, restaurant decorations, or utility bills. Labor costs include the total wages your employees have earned during that specific period of time, payroll taxes, benefits, and insurance.

Point of Sale 74

Point of Sale Inventory Employee Relations Insurance 74

Restaurant365

JUNE 4, 2020

The restaurant informed the appropriate state unemployment insurance office of the employee’s rejected offer of reemployment within 30 days of the employee’s rejection. Payments for security systems, credit card processing, and waste removal are not specifically listed as eligible expenses within the forgiveness application.

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Blog Employee Relations Restaurant Law 2020 142

Restaurant365

AUGUST 25, 2020

Too much inventory. Common fixed costs include: Rent, insurance, and property tax. Keep Inventory Low. If your restaurant sales are not covering your expenses or if you have extra inventory in your walk-in or dry-storage that just isn’t moving, it may be time to update your restaurant menu. High labor to sales ratio.

Cash Management 97

Cash Management Seasonal Menu Inventory Email Marketing 97

Open for Business

SEPTEMBER 2, 2024

Overhead costs are fixed costs including rent, utilities, equipment leases, and insurance. Use inventory management software to track usage and reduce waste. A data-driven approach can significantly reduce food waste and overordering. Implement an inventory system to track usage, reduce waste, and prevent theft.

Point of Sale 78

Point of Sale Seasonal Menu Customer Service Inventory 78

Restaurant365

MARCH 30, 2020

Expanding “off-premise” insurance coverage. Start with the following: Revisit your insurance policy. Your first step will be to call your insurance provider and inquire about on-premise versus off-premise coverage. Depending on your specific situation, expanding your insurance can add up very quickly.

Delivery 78

Delivery Operations Insurance Cash Management 78

Hot Schedules

NOVEMBER 12, 2020

As business levels continue to fluctuate since early Spring, it is important to keep stock levels to a minimum to preserve cash and minimize waste. To find out how to cut costs, not corners, to effectively manage your supply chain check out our procurement and inventory guide. Keep Stock Levels to a Minimum. Supplier Compliance.

Supplies 78

Supplies Management Management Allergens 78

Restaurant365

OCTOBER 14, 2020

Prime cost is made up of the cost of goods sold, or CoGS (the food and beverage inventory you purchase to make the menu items you sell) and your labor costs (the staff you need to run your business). Operating expenses also include fixed costs like your rent, utilities, or insurance. Understand Prime Cost. Calculate Net Income.

Point of Sale 78

Point of Sale Email Marketing Advertising Cash Management 78

Restaurant365

APRIL 15, 2021

COGS is the total cost of the inventory you used to make the food and beverage items you sold during a specific time period. In addition to the hourly labor costs, you should also include payroll taxes, workers compensation, and employee benefits like health insurance. This may include your rent, waste removal, or the telephone bill.

Point of Sale 78

Point of Sale Cash Management Beverage Insurance 78

Restaurant365

OCTOBER 1, 2021

Gross profit doesn’t account for other critical operating expenses, like your labor cost, as well as other elements of your overhead like rent and insurance. An integrated point of sale (POS) system, accounting software, and inventory management system allow you to understand your food costs and examine efficiencies. Increase revenue.

Point of Sale 78

Point of Sale Food Truck POS Inventory 78

Restaurant365

APRIL 20, 2022

These are taken by media (84%), insurance (83%), IT services (81%), telecom (78%), banking (75%), and retail (63%). Our back-office management solutions cover accounting , payroll , scheduling , inventory , manager logbook , and more to give you the insights and intelligence to identify what’s working and what’s not.

Loyalty Program 78

Loyalty Program Customer Service Customer Experience Employee Relations 78

BNG Point of Sale

AUGUST 19, 2021

Food and drink inventory costs need to include the ingredients costs per meal or per drink. To calculate your CoGS, take your starting inventory amount plus the cost of that inventory and subtract your ending inventory amount. . electric and waste removal.) . Reduce Food Waste with Tight Inventory .

Cash Management 52

Cash Management Point of Sale Inventory Food Truck 52

Apicbase

JUNE 16, 2023

By regularly tracking his inventory and procurement metrics, Fabio was able to reduce his kitchens’ food costs by 18%. Get a 360-view of your sales & inventory data Adopt restaurant analytics software. Inventory Turnover Ratio This restaurant inventory metric measures how often your business depletes its total inventory.

Point of Sale 52

Point of Sale Inventory Waste Employee Relations 52

Restaurant365

MARCH 15, 2022

You could be doing everything right when it comes to forecasting and scheduling the right number of employees, but if your restaurant group has a high turnover rate, then you’re wasting valuable labor dollars. However, retention must also be part of your hiring strategy. Try releasing benefits one at a time. Be creative with your benefits.

Hiring 78

Hiring Cash Management Insurance Communication 78

BNG Point of Sale

JULY 30, 2021

Additionally, you’ll want to buy insurance for your truck. Insurance comes in many varieties. A food truck is likely to have similar food costs as a brick-and-mortar restaurant, but they save on costs like rent, insurance, staff, and utilities because they have lower overhead. Reduce waste and theft .

Food Truck 52

Food Truck Food Point of Sale Online Ordering 52

Apicbase

JANUARY 28, 2025

Employer National Insurance Contributions (NICs ): Employer NIC rates will rise from 13.8% Reducing food waste is one of the most impactful but often overlooked strategies. Portion control and waste-tracking tools help minimise losses and create sustained savings. Weekly or bi-weekly : Labour scheduling, waste monitoring.

2024 52

2024 Waste Inventory Hospitality 52

BNG Point of Sale

SEPTEMBER 2, 2021

The costs in this budget include the rent payments, the salaries, insurance, property taxes, and everything else. These expenses include all utility costs associated with production, such as power and gas, as well as employee wages, raw materials inventory, and sales commissions. Business insurance . Inventory management .

Employee Relations 52

Employee Relations License Point of Sale Food Supply 52

The Restaurant Times

AUGUST 5, 2022

You can easily calculate the COGS for the week by subtracting the inventory at the end of the week from the beginning inventory. Once you have a clear idea of the cost of your inventory, you can effectively decide the profits you want to make on each plate. Automated Inventory Management. Labor Costs . Occupancy Costs .

Cash Management 52

Cash Management Point of Sale Inventory Employee Relations 52

BNG Point of Sale

SEPTEMBER 7, 2021

Licenses, permits, and insurance are also needed. . When ordering alcohol inventory, it is recommended to purchase 45% beer, 40% liquor, 5% wine, and 10% mixers. Make sure your staff is not wasting stock unnecessarily. . Costs such as buying the physical assets needed to open a bar are in here.

Bar 52

Bar Point of Sale Retail 2013 52