When you use the template for your inventory management regularly, it will:
- Make inventory audits more consistent and uniform.
- Provides visibility into stock levels and ordering needs.
- Help you track the value of your inventory and compute for actual cost of goods sold.
Pro Tip: The best practice for restaurants and food businesses is to conduct inventory audits every 2 weeks.
How to use the Restaurant Inventory Template
- List down all your ingredients. (Break it down by supplier, too!)
- Determine the Unit of Measure (UOM) that you will use for each ingredient.
- Determine the cost per Unit of Measure (UOM) in your local currency.
- Compute the value of your inventory for the period.
- Compute your actual cost of goods sold for the period.
For more details, check our step-by-step guide to setting up your restaurant inventory system.
Maximize your profits with better inventory management
Successful restaurants depend on effective inventory management, as costs can vary significantly from initial calculations when designing your menu and projecting your profits. The kitchen staff may not be preparing dishes to exact specifications, resulting in additional costs; suppliers may also charge different prices, or the business could experience unexpected supply interruptions. That’s why restaurants need strong inventory control plans like no other industry.
Effective inventory control in restaurants and food businesses is a rigorous and disciplined process. But with time, you and your staff will get the hang of it. The key is consistently doing your inventory audits, and adjusting your internal process to optimize your profit and efficiency.