You might be able to identify your most popular menu items, but do you know the profit margin on each of your ingredients?
While understanding the sell-through on menu items and their margins is key for keeping costs streamlined, tracking your ingredients can also greatly impact your bottom line. We recently released our ingredient tracking feature for this very reason!
Koomi’s new inventory module that includes ingredient tracking helps fast-casual and quick-serve restaurant managers create and manage ingredients, connect them to products, and generate cost and profit reports. This feature has some serious money-saving benefits.
Managers who track ingredients are able to make much more savvy decisions when it comes to building menus and buying inventory. Here are the advantages of using an inventory tracking tool:
1. Forecast future inventory
Inventory tracking tools are crucial for analyzing and improving your business’s performance. They enable you to take a look at your ingredient consumption, identify potential gaps that you may have not seen before, and save on food cost down the line.
2. Automate your manual tasks
Imagine processing orders and doing all of your accounting by hand. You’ve probably automated these parts of your business, and staying on top of your ingredient costs shouldn’t be any different. Koomi’s latest inventory tracking tool allows you to set up the ingredients you want to track and connect them to the items and options you sell. Your ingredients will then be deducted from every sale of items that contain the ingredients – all automatically.
3. Minimize cost and maximize profits
Use an inventory tracking tool as an easier way to measure ingredient-level food costs to avoid costly waste. Moreover, it can help you better design your menu items based on ingredient profit margins so you can maximize profits.
4. Avoid stockout or overstock
You already know that buying too much inventory is costly and results in a lot of waste. On the other hand, don’t stock enough of one ingredient, and you will certainly disappoint customers. With an inventory tracking tool, you can track the quantity assigned to items and menu options to avoid running out (or buying too much) of any ingredient.
Today’s restaurateurs have a pretty impressive selection of POS software solutions to choose from. Many, however, still don’t take full advantage of their system’s many capabilities. We developed the inventory module because we also listened to what our customers were asking for, and because we take requests for new features seriously. We also know the kind of impact better ingredient tracking can have on a restaurant!