As we’ve learned this year, it’s in the interest of restaurant owners to expect the unexpected. Even the best-laid plans can go to waste, so giving yourself the opportunity to be nimble is key. Enter restaurant food cost management software. It’s a vital tool that can help hospitality pros expect the unexpected and quickly adapt to changing circumstances. The right solution can open up opportunities to help restaurants be more flexible.
Access and analyze data from anywhere
Don’t get tied to the back office. The best solutions on the market are cloud based restaurant technology that offer operators the opportunity to analyze food cost data from anywhere.
Scan invoices from a desktop, tablet, or smartphone to get digitized copies that will be available anywhere. Restaurant owners and managers don’t have to risk unnecessary exposure just for food cost details. It’s all readily available wherever they can log into the software.
Seek a software that offers automatic General Ledger (GL) coding along with invoice digitization. This saves more money on labor costs and removes even more touchpoints for your team. Those codes can help you to analyze food costs much easier than with manual methods.
Leverage data for better vendor pricing
Food costs are always fluctuating. It can be difficult to track daily changes since all of the information is on paper, and then must be transferred to documents for manual calculations. Most restaurants simply don’t have the time for deep food cost analysis.
Software removes the need for extra time because it takes on all the analysis for you. Strong solutions in purchasing and ordering management show you how the price of each individual ingredient tracks over time, and what you’ve paid for those items from different vendors in the past.
When prices get too high for you to be profitable, you can set a price alert before any further orders are placed. It’s an extremely valuable tool for restaurant owners who want to protect their bottom line—before it’s too late to make a change.
Automatically tracking prices by vendor over time also opens up the opportunity to get better-contracted pricing. You can compare prices over time to try and lock in a deal that will make food costs more predictable.
Find more profitable recipes
A food cost management solution offering support for recipes creates allows you to be even more nimble. The act of recipe management usually only happens at a restaurant when it opens for business the first time—but software helps make it a regular habit, a must for restaurants wanting to be more flexible.
All plate costs can be calculated quickly, automatically, and accurately, so you know exactly what’s going to create the most margin. It will also be clear which menu items are actually costing you money, or causing you to just break even. You can even see how the prices of these plates change over time, based on the latest invoice data for individual ingredients.
A drag and drop interface introduces even more flexibility into recipe management, because chefs can experiment with recipes without all of the manual calculations involved. They can simply pull existing ingredients into a new recipe and play around with different combinations to find tasty—and profitable—new plates.
The right food cost management software to helps restaurants be more flexible
xtraCHEF offers best-in-class AP automation that powers both Purchasing and Ordering and Recipe Management features. Their automatically updated invoice data already gives thousands of restaurant operators the flexibility they need to make smart business decisions in the moment.
Request a demo with an xtraCHEF Product Specialist to learn how this solution can work for you. Not ready to commit? Try our free food cost management tool, xtraCASH! It’s easy to get started and see the benefits that the xtraCHEF solution offers.