The Food Stocktake template assists you in proper monitoring of the food inventory at your restaurant. The food is generally classified under various groups such as meat, fish, bakery and vegetables, fruits and vegetable, milk, eggs and poultry. A typical template for this purpose contains fields for listing all the products with their sources, identification number, quantity, and date of last purchase. The quantity column is used to estimate the total number of units that should be purchased at a time to keep inventory records neat and systematic. You also have a choice of using the percentiles in calculating the inventory to determine whether your business should be able to buy enough quantities of the listed products to meet the requirements for that month.
The Food stocktake template further has an estimate of the amount of perishable items that should be purchased from suppliers for the month ending on this date. The food stock report usually uses the latest sales data and the average sales price to determine the perishable goods to purchase and quantities to place on the list. The percent of perishable items required to be stocked and sold is determined by the formula used to determine the average sale price. This helps to ensure that only the most popular food products are available for purchase. A good template also indicates how many units to purchase to handle emergencies that may occur.
Food Stocktake Template
Food inventory restaurant software has several other advantages. You can utilize the Food stocktake templates example to create multiple reports in one application. In case you need to generate data quickly for any reason and you do not want to use Excel, these easily importable templates provide you with fast and effective results. These reports are formatted in a manner that they can easily be imported into Microsoft Excel. You do not have to worry about formatting problems as the default formats for these types of templates are readily available.
The food stocktake templates can be used to calculate the number of servings of each item per customer, per day and per week. The number of items stocked and available at current costs can also be calculated. This can help in making adjustments to the quantity that should be stored, if the current stock is too high or too low. You can easily make the necessary changes and compare the results of your calculations with the current information provided in the Worksheet.
Download Food Stocktake Template Example
This type of template helps in keeping track of inventory and sales as well. Sales data is recorded weekly and can be linked with the Purchasing inventory. If you are working on a particular project, you can make use of the worksheet to track progress made on that project and other seasonal data. By making use of this important tool, you can effectively reduce errors and improve productivity.
How to use Food Stocktake Template
Begin by downloading the template and setting up your company. This template can be used for different countries as it allows country specific tax settings. You can record the quantity of the purchased units, cost of the purchased units, count, category and cost for the entire food stock.
After this, you can create inventory list which includes entering the food item name, category, purchased units as per the size or description like if it is packed in case, bag, can or measured in lb, kg, etc. You can also record the cost of purchase unit, number of units purchased, count and cost of units. This template gives you the flexibility of establishing the correct measure of your stockline by defining the “Unit”. Once everything is recorded, you are ready for recording the opening stock and tracking stock movement, week by week. We recommend taking the stock at the same time/same day. This is a very simple and easy to use template hence training of your team members on “How to take the stock?” can be done easily.
This template gives you the exact variance on the basis of purchase log, stock count and stock closing values. You will have accurate stock take figures every week. You can also see the entire overview of your food stock on one page at any point of time in a month under the Period summary report.
How to calculate Monthly Gross Profit Margins and Variance?
Since the stock is managed on a weekly basis, you can easily get an overall summary of the entire month using the Period Summary report. Total gross profit is the difference of the “Gross Receipts” and “Net Receipts” (Less sales tax).
The Variance can be calculated by subtracting “Targeted Profit Margin” from “Gross Profit Margin”. Negative variance indicates low performance against your plan. “Targeted Profit Margin” percentage is the planned value of growth.
What is Cost Variance?
Cost Variance is calculated by multiplying Variance with Net Receipts. Cost variances can be positive or negative values. While positive values indicate good performance, negative values indicate loss, which is not good for business. It is clearly indicated in red colour to seek your attention.
What is Cost of Goods Sold?
Cost of Goods Sold is calculated as sum of the “Cost of Inventory At Opening” and the “Purchases” minus the sum of “Cost of Inventory At Closing” and the “Staff Meal Allowance”. The Cost of Goods Sold is calculated on a weekly basis but can also be calculated for the entire period.
It is recommended to create a new file every month by making a duplicate of last month’s stock take. This way you will save time as you already have the initial setup information in the file. You just need to add inventory and manage the food stock take again.
Instructions on how to use this Food Stocktake template is provided within the template itself, in a form of a links to the topics and also as a pop up comments and are always available as you go along.
A food inventory spreadsheet can also be used to determine the grand total for all items sold. By setting a standard amount for the grand total and the unit price of each product, you can easily calculate how much each product will cost in the long run. This way you can see which products are selling quickly and which are not selling at all and can adjust your pricing strategy accordingly.