Maximize Return With Advanced Inventory Management For Your Business

 

While some think the cause of bankruptcy is overstaffed operations or lack of sales, it often is more likely to be mismanaged assets. A strong inventory management system can make a difference in creating a successful business.

Cost control for restaurant margins is an important aspect of managing your business. Labor is one of the larger costs, but food often comes out as the greatest expense for a restaurant. By focusing on maximizing profit with a better management system, you can ensure your business is on track every quarter.

 

How To Use Inventory Management To Maximize Profits

Inventory management requires a few steps when it comes to organizing with a system. Whether you are using a POS system or tracking inventory by hand, there are a few things to consider.

 

Verify Inventory

The first place to start for inventory is to verify inventory yourself to ensure you know exactly where your business stands. If you are a new owner, it is a great place to start. If you have been running your restaurant for a while, this task may seem more daunting. In the long run, it will help you maximize profits to their fullest potential.

Track inventory by name, measurement, and quantity. Using an app can help with the initial intake process without having to backtrack. Make sure to measure each food item, beverage, and other items that you order, use, or sell within your restaurant. After the initial process, you will be able to track inventory more accurately moving forward.

 

Add A Point-of-Sale System

Inventory without a point-of-sale system is far too much guesswork for tracking items. Even for a small business, there are still several items that are regularly ordered and shelved for inventory. With a larger operation, it can be several hundred items to keep track of.

Part of a good POS system is the ability to add flexibility in managing it. This can include inputting ingredients, menu items, and serving specifications. With flexibility, you are able to manage and analyze sales more accurately. Depending on the app you use for a POS system, you can even track employee inventory intakes and record potential losses.

 

Implement A Inventory Policy

Implementing an inventory policy is an important step for accurately tracking weekly, monthly, and yearly use of items. Depending on your business hours or intake method, inventory may be conducted differently. To establish policies, consider these steps,

  • Regularly intake inventory
  • Update inventory list
  • Calculate cost of items and keep the same method every time
  • Assign one person to track inventory with a second person as an assistant
  • Have one person responsible for cost estimates, ordering, receiving, and making changes to deliveries
  • Conduct an annual inventory intake for internal auditing

For bigger operations, the inventory and procurement should be assigned to two different people that you trust for the job. Individuals who are analytical and enjoy fine details are ideal for tracking inventory and procurement better. With two responsible people taking care of the task, it helps lower the chances for lost items and is a good practice to implement to keep accurate records.

 

Keep Track of Center of Plate Items

There are always a few items that are top sellers, which is why it is important to keep those center of plate items in stock. Take inventory every day of important items before you open the doors to the restaurant to ensure there is enough for any mishaps of poorly cooked food or potentially stolen items.

While having unique dishes can be fun, it also can increase loss if the item no longer becomes popular. To counteract this issue, learn how to cross-utilize items to minimize waste and implement sustainable green practices where you can in your business.

 

Record Loss and Waste

Some loss and waste of inventory are inevitable. Whether the items are spilled, undercooked, burned, stolen, or not stored in the correct way, it is important to know about any missing or misused inventory in order to analyze costs and understand what can be done moving forward. Poor food handling is one of the greatest reasons for inventory depletion. From poor labels on food to unclear markings for expiration dates, each loss can add up. By implementing a clear system for properly labeling food, employees will know what items to use and when.

A tip to help beat the expiration date is to have specials and limited-time-only food dishes that can act as a way to use up any items that may be near the expiry date. Specials particularly are great for engaging staff with customers about unique items on the menu that day.

By implementing a clear inventory management system, you are able to understand item loss, keep an accurate record of items available, and increase profits for a successful business. Start on the right step with an approach that works for your business for maximum efficiency.

 

 

 

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Rest assured that our exceptional customer support is at your service round the clock, 24 hours a day, 7 days a week. We take great pride in providing you with unwavering assistance, ensuring that any issues or concerns you may encounter are swiftly and effectively addressed. Feel free to reach out to our dedicated support team whenever the need arises, as we are always here to provide you with prompt and reliable solutions.

Modisoft takes pride in providing a comprehensive suite of tools designed to facilitate seamless operations for your restaurant. With our powerful software, you can take advantage of a range of features tailored to enhance your efficiency and customer experience.

One of the standout features of Modisoft is the ability to view live sales data. This real-time visibility empowers you to monitor sales performance as it happens, allowing you to make informed decisions and swiftly address any issues that may arise.

Moreover, our software enables you to create customizable menus for ordering. You have the flexibility to design menus that align with your restaurant’s unique offerings, making it easier for customers to browse and select their desired items. This customization feature ensures a user-friendly ordering experience that caters to your specific requirements.

Additionally, Modisoft supports digital menu boards for pricing. By leveraging this functionality, you can easily update and display pricing information on digital screens within your restaurant. This dynamic approach eliminates the need for manual price changes and enhances the overall aesthetics of your establishment.

We’re pleased to announce that the cost to run the POS system aligns with the subscription for your back-office software. This streamlined approach simplifies your financial management, allowing you to enjoy a unified pricing structure that covers both the hardware and software components.

Maximize the potential of Cartzie Campaigns, our exceptional tool, by harnessing its features to create customer loyalty and drive repeat visits to your store. With Cartzie Campaigns, you can implement robust loyalty programs that incentivize customers to return, fostering a strong and lasting relationship with your brand.

Furthermore, take advantage of the automated customer outreach capabilities of Cartzie Campaigns through text messaging. This powerful feature allows you to engage with your customer base proactively, sending personalized messages, promotions, and updates directly to their mobile devices. By automating this process, you save time and effort while maintaining consistent and effective communication with your valued customers.

Additionally, our software empowers you to offer online ordering, opening up new avenues for sales and customer convenience.

By leveraging Cartzie Campaigns’ loyalty programs, automated customer outreach via text messaging, and online ordering capabilities, you can enhance customer engagement, increase sales, and deliver exceptional customer experiences. Embrace the full potential of these tools to grow your business and establish a strong presence in the digital realm.

About Altria

Altria Group, Inc. is one of the world’s largest producers and marketers of tobacco and related products. They have been the undisputed market leaders in the U.S. tobacco industry for decades.

Altria Group is known for owning the most enduring names in American business including but not limited to Philip Morris USA, John Middleton, and U.S. Smokeless Tobacco Company.

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  • Monitor and track all promotional efforts by directly integrating deals into insights
  • Receive Altria rebates smoothly by sharing scan data reports
  • Generate Altria scan data report program at a click

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About Cartzie

Cartzie is a loyalty application designed by Modisoft, with you in mind. It is a one-stop loyalty and online ordering solution that is fully equipped with all the tools needed to make your business grow.

With Cartzie, you can do curbside pickups, delivery, and drive-thru ordering. Cartzie has revolutionized the way businesses interact with customers.

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Benefits

  • Add delivery options for your customers
  • Boost your marketing efforts through targeted campaigns
  • Take your business online in a few clicks
  • Receive payments online for your orders

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+$59 per month with Retail Plans

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About Comdata

COMDATA has been serving businesses for over 45 years and is recognized as a leading provider of commercial payment solutions. They specialize in serving the trucking industry and are known as an issuer of fleet fuel cards, trucking permits, corporate spend cards, and paperless payroll cards.

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Benefits

  • Automatically transfer sales data from the Comdata POS into Modisoft back-office software
  • Get an all-in-one solution to monitor and track your sales separately
  • Easy accessibility to manage all your fuel sales

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About DoorDash

DoorDash, Inc. is a food ordering and delivery platform based in San Francisco. It is the largest food delivery company in the United States with more than 50% of the market share in the convenience delivery category. It provides an on-demand food delivery service to restaurants and stores. Their services help businesses innovate, grow, and reach more customers.

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Benefits

  • Receive order directly into your POS System
  • Manage your online DoorDash menu
  • Enable DoorDash orders for your customers

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+$69 per month for Third-Party Order Management

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About Fintech

Fintech has been dedicated to serving the beverage alcohol industry for the last 30+ years. Established in 1991, Fintech operates from its headquarters based in Tampa, Florida. Supported by TA Associates and General Atlantic, Fintech automates alcohol invoice payment, streamlines payment collections, and facilitates comprehensive data capture for 1 million B2B business relationships.

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  • Import vendor invoices directly into your back office
  • Optimize purchase order management
  • Improve your alcohol vendor management

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+$5 per month

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About Gilbarco Veeder-Root

Gilbarco Inc. is a supplier of fueling equipment including fuel dispensers, payment systems, point-of-sales systems, and support services. The company operates from Greensboro, North Carolina.

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  • Effortlessly connect your POS data from the Gilbarco system to Modisoft Insights

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About Instacart

Instacart is a delivery company that operates a grocery delivery and pick-up service in Canada, and the United States. It is one of the largest grocery marketplaces in North America. Instacart makes the delivery process easy for store owners.

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  • Monitor and manage your Instacart inventory levels from Modisoft Insights
  • Updated Instacart inventory levels in real-time
  • Avoid stockouts by ensuring accurate inventory levels

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+$15 per month

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About Retalix

Retalix Ltd was established in 1982 and is now owned by NCR Corporations. It develops licensed and supported software applications for retailers, wholesalers, and distributors of fast-moving consumer goods.

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  • Easily Import sales data for reports and analytics from the Retalix POS system
  • Monitor sales in real-time

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About Paycue

Paycue is Modisoft’s preferred payment processing provider. It helps businesses to streamline their setup process to be faster and more efficient. Paycue assists businesses with faster payments and smoother customer interaction.

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Benefits

  • Enjoy minimal fees on transactions
  • Seamless integration
  • Speedy transactions
  • Secure payments

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No monthly fee. Only pay when you sell.

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About Plaid

Plaid Inc. is a financial service company that builds a data transfer network that powers digital finance and fintech products. Plaid assists businesses in connecting their financial accounts to fintech services. The company's product enables applications to seamlessly connect with the user's bank account.

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  • Build a quick and secure connection to your bank account
  • Easily manage your bank reconciliation to match your book records
  • Experience an easier way to connect with your bank account

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About RJ Reynolds

R.J. Reynolds is a leading tobacco manufacturing company in the United States. Founded by R.J. Reynolds in 1875, the company is a subsidiary of Reynolds American. RJR holds the largest brand portfolio including but not limited to Kent, Pall Mall, Camel, and Newport. The company is based in Winston-Salem, North Carolina.

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  • Offer tobacco loyalty from the industry's leading brands
  • Monitor all promotional efforts in just a few clicks
  • Get your rebates easily

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