Managing a bar can be extremely challenging. Bar managers have to manage their sales and staff and carefully look after internal theft, maintain quality standards and avoid negligence regarding liquor. As a bar owner, you must carefully and diligently work to optimise your bar inventory to increase profit margins without compromising on the quality of customer service.
An ideal practice in bar stock management is to maintain inventory reports. These reports include your overall food costs, liquor cost, wastage percentage, & even your item-wise reports.
A well-recorded and analyzed inventory report is the biggest asset that any bar owner needs to understand the profits or ROIs on his/ her investment made in inventory procurement & storage.
Why You Should Manage Your Bar Inventory Reports?
Bar inventory reports can help you in many ways!
- Get a comprehensive and organized picture of all your stock
- Make smarter inventory ordering decisions
- Allows you to keep your liquor cost at a minimum
- Avoid internal thefts, misappropriations and negligence
- With an efficient POS system managing all these reports effortlessly, giving you more time on other essential tasks of the day!
Different Types of Bar Inventory Reports
1. Inventory Consumption Report
A consumption report gets you all your inventory counts in one place. This report provides detailed data about the stock count, purchases, and the inventory returned to the vendor or wasted in the process. A consumption report is a great way to get a comprehensive picture of all your important inventory data and avoid unnecessary wastage.
2. Variance Report
A variance report checks units used against units sold. It gives you the difference between the ideal stock that should be available at the end of the day and the stock that actually remained. It helps you minimize your bar variance, and track any misappropriation that might be occurring in your bar.
3. Waste Report
When you operate a bar, there can be a lot of unwanted & even unavoidable wastage due to overpouring, spillage, stock damage, expiry, etc. Liquor being an expensive product, any amount of wastage can cost you heavily. And so, it is imperative to know if there are any such wastage happing at your establishment. A waste report will have all the information regarding the wasted items, with their reasons and cost, helping you manage your waste better and reduce it eventually.
This report is also important as it shows how your staff is handling your inventory. During staff performance audits & inventory procurement, this report comes in handy to find & tackle the loopholes in bar waste management.
4. End-of-Day Summary Report
A day-end summary report helps you keep track of your daily sales in proportion to your inventory consumption. This report will give you an estimated figure of the money you received against your total sales for the day. It is an excellent way to monitor internal theft, wastage or misappropriation.
5. Discounted Orders Report
A bar offers multiple discounts and concessions to increase sales, along with ‘Happy Hours‘. It can be time-consuming & cumbersome to manually track down all the deals you provide & their effect on the inventory consumption rate. With the help of an exemplary POS system to create, track & manage all your bar orders & discounted items on the menu, you can smoothly get a clear picture of the number of discounts offered in a specific period.
Not just that, you can also track down the biller or the captain who has checked or provided these offers to the customers. This way you can avoid mismanagement & misconduct in your establishment.
6. Item-Wise Tax Report
Item-wise tax report will identify the amount of tax collected on each type of liquor and menu items sold in your bar. You can separately view the amount of taxes collected on food items and liquor. This report makes doing your taxes at the end of the year simpler. It also helps ensure you don’t miss collecting taxes on all your menu items.
7. Recipe Costing Card
Every restaurant, cafe or bar’s menu item has set recipes to ensure quality and consistency. Similarly, a bar has a fixed formula for all its cocktails and other unique offerings. A recipe costing card has a detailed description of all your bar items, including information about all the ingredients, their quantities, and how to garnish them. It is an instrumental report to train your new staff, reduce wastage, and ensure consistency.
8. Perpetual Inventory Form
A perpetual inventory form accounts for the available stock after each purchase. This form gives you a complete and precise record of all the changes in the inventory with immediate effect, accurately reflecting the count of goods in the stock.
Since good quality alcohol is expensive, it is tragic to have even the slightest wastage. Inventory reports help organize your inventory better and reduce wastage. With Petpooja’s Inventory Management System, you can keep a complete track of your alcohol inventory, ensuring that even the remaining quarter of that Bombay Sapphire is accounted for.
Subscribe to our newsletter and follow us on Instagram for regular restaurant-industry updates!