Inventory. Love it or hate it, it has to be done. As we approach the end of 2020, now is the time to start thinking about your year-end digital inventory process. Here are three tips to get you ready for 2021.
Prepping For Year-End Inventory
1. Get Organized.
Good inventory management is all about organization; knowing where your stock is, who is counting it, when it’s being counted, and how it’s being tracked. If you have had a haphazard system up until now, it’s past time to sit down and develop a process that works for your business. Designate two trusted employees to be your inventory managers and work with them to determine a schedule and a system that will allow you to better track and manage your inventory.
2. Use Your Point of Sale System.
Digital inventory solutions can be integrated with point-of-sale (POS) solutions to track and manage inventory. The integration means your inventory levels will be measured in real-time based on actual sales data. Track inventory down to ingredient levels and set up alerts to trigger restock notifications. Use historical data to plan ahead so you never run out of ingredients or supplies.
3. Run a P&L Statement.
Your accountant will want to see a profit and loss statement for the year come tax time. Run those reports now so you make sure you have the information that will be required to ascertain your gross revenues and expenses. Be sure to track COGS data, food waste, and in-stock inventory for an accurate count.
Explore Digital Inventory Solutions From Synergy Suite
If you’ve struggled to maintain accurate counts or found yourself throwing out more food than usual this year, it’s time to improve your practices with a digital inventory solution. Digital inventory tools like those available from Synergy Suite are the answer to inaccurate counts, tedious “inventory day” counting, and food waste. Our solutions can be integrated with point-of-sale and back-office solutions for comprehensive restaurant data management.
Contact us to arrange a free demo by emailing email@example.com or calling 888.531.2090.