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Atricle Dump - Restaurant Food Costing - Save Money and Increase Profits
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Typically, food costs should account for around 1/3 of a restaurant's expenses. The food cost along with labor and overhead costs should account for more than 2/3 of the total expenses. Above that is the profit the restaurant will generate. Since food costs are one of the highest expenses for a restaurant, food costing is viewed as one of the best ways to increase profitability for a restaurant who needs to generate more profits to stay in business.
There are a number of ways you can analyze and optimize your food costs. First, you can do this manually, by thoroughly analyzing your food costs during a set period of time, usually a period of several weeks or a month. Your statistics should then be analyzed against restaurant industry average food costs to try and pinpoint areas of expense where your restaurant can improve. Remember that all beverages should also be included in your food cost analysis. From there, you should have a detailed report of all food purchases that were made in your restaurant during t
Financial Data – What’s Needed?As a general rule, the more financial data that is available, the better. If your accounting system is sophisticated enough to produce internal Balance Sheets and P&L Statements, they are certainly helpful. Of course the best information to use as a basis is the Federal Tax Return, since when
Typically, food costs should account for around 1/3 of a restaurant's expenses. The food cost along with labor and overhead costs should account for more than 2/3 of the total expenses. Above that is the profit the restaurant will generate. Since food costs are one of the highest expenses for a restaurant, food costing is viewed as one of the best ways to increase profitability for a restaurant who needs to generate more profits to stay in business.
There are a number of ways you can analyze and optimize your food costs. First, you can do this manually, by thoroughly analyzing your food costs during a set period of time, usually a period of several weeks or a month. Your statistics should then be analyzed against restaurant industry average food costs to try and pinpoint areas of expense where your restaurant can improve. Remember that all beverages should also be included in your food cost analysis. From there, you should have a detailed report of all food purchases that were made in your restaurant during
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There are a number of ways you can analyze and optimize your food costs. First, you can do this manually, by thoroughly analyzing your food costs during a set period of time, usually a period of several weeks or a month. Your statistics should then be analyzed against restaurant industry average food costs to try and pinpoint areas of expense where your restaurant can improve. Remember that all beverages should also be included in your food cost analysis. From there, you should have a detailed report of all food purchases that were made in your restaurant during
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Another way to calculate and optimize food costs is to use software. There are food costing systems, as well as full scale restaurant inventory and management software packages that include extensive food costing analysis and reporting. The reporting and calculation is automatically done for you as inventory and sales are calculated. Cost Genie is one of the leading software packages for this task and it's available at CostGenie.com.
Once you have analyzed your food costs and inventory, whether manually or via a software package like Cost Genie, you can make adjustments to your business, including standardizing your recipes, evaluating your purchases, minimizing spoilage and tak
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