{"id":21649,"date":"2019-11-22T07:10:56","date_gmt":"2019-11-22T07:10:56","guid":{"rendered":"https:\/\/www.posist.com\/restaurant-times\/?p=21649"},"modified":"2023-08-24T17:39:09","modified_gmt":"2023-08-24T12:09:09","slug":"restaurant-reporting-aids-revenue-management","status":"publish","type":"post","link":"https:\/\/www.posist.com\/restaurant-times\/posist-product\/restaurant-reporting-aids-revenue-management.html","title":{"rendered":"How Integrated Restaurant Reporting Helps You Take Better Financial Decisions"},"content":{"rendered":"

\u00a0Data plays a major role, especially in the restaurant industry. Without data, you\u2019re just a restaurateur with an opinion! The topmost restaurant chains of the country like Oh! Calcutta, Thai Pavilion, Bukhara, etc. credit their success to integrated restaurant reporting<\/a>. Since they could track every operation through numbers, it was easier for these chains to make the right decision.\u00a0<\/span><\/p>\n

As a restaurateur, you are bound to have your own set of ups and downs. Managing a restaurant alone is a cumbersome task when it comes to tracking revenues, serving every dish like it’s your first along constantly seeking customer feedback. This is why around 60% of restaurants fail to be successful even after being launched with great fanfare. An integrated restaurant reporting system gives you multiple real-time reports about your revenue, stock, staff, so on and so forth. All these reports contribute to making better financial decisions for the restaurant.\u00a0<\/span><\/p>\n

The need for an integrated restaurant reporting system arises as the customers demand consistency. <\/span><\/p>\n

\u201cEnsuring that consistency is maintained across all of your outlets is fundamental to restaurant success. We strongly believe that profitability is a result of repeatability. You have to give out a great quality product at an affordable price. And you have to do that every day. Without regular reporting and feedback, it is a major challenge for any restaurateur,\u201d says Harish Mithra, owner of True South.\u00a0<\/strong><\/em><\/h4>\n

Here are the comprehensive benefits restaurant reporting system provides restaurateurs\u00a0 <\/span>mention how integrated restaurant reporting helps manage restaurant finances better<\/span><\/p>\n

A Comprehensive List Of Reports That You Need For Efficient Revenue Management At Your Restaurant\u00a0<\/strong><\/h2>\n

The thought of getting data in real-time and at your fingertips could be both overwhelming as well as exciting at the same time. To achieve your day-to-day goals at your restaurant, it becomes crucial that you look at the bigger picture every day. That being said, an integration of multiple reports on one platform actually helps you make better business decisions like opening your next outlet,\u00a0 managing inventory, hiring staff, etc.\u00a0<\/span><\/p>\n

Let\u2019s dig deep into the different reports your restaurant POS should ideally have as templates for you to use:\u00a0<\/span><\/p>\n

i) Tax Reports<\/b><\/p>\n

ii) Sales Reports<\/b><\/p>\n

iii) Staff Reports<\/b><\/p>\n

iv) Employee Payroll\u00a0<\/b><\/p>\n

v) Audit Reports\u00a0<\/b><\/p>\n

vi) Customer Reports<\/b><\/p>\n

vii) Stock and Purchase Order Reports<\/b><\/p>\n

Some restaurant chain owners say that their first priority is to have an integrated report system. It helps than compare performance against their business goals. Let\u2019s start with one of the most important kinds of reports, your restaurant sales!\u00a0<\/span><\/p>\n

i) Sales Reports:<\/b><\/h3>\n

The pulse of your restaurant is clearly reflected in your costs and sales data. They technically are an indicator of your brand\u2019s growth. Therefore, we have paid extra attention to these reports. Here is how the bifurcation should be done in your POS:\u00a0<\/span><\/p>\n

a) <\/span>Top-selling\/ worst selling:<\/i><\/b> Gives you an idea about your best selling vs your least selling menu item. You can make combinations of the two or put attractive offers to fast-track sales.<\/span><\/p>\n

b) <\/span>Sales activity by outlet:<\/i><\/b> It is impossible for a restaurant chain owner to be present at more than one location at a time. These reports help you to manage each of your outlets individually. You can get real-time inputs on sales, inventory, staffing, and a number of other operational aspects.<\/span><\/p>\n

c)<\/span> Sales by employee\/ product\/ department:<\/i><\/b> These reports give you an overall idea about the efficiency of each of your employees or product. They help you define performance targets and incentivize your staff.\u00a0<\/span><\/p>\n

d)<\/span> Outlet Level Menu Reports<\/i><\/b> (sales by menu item): While managing multiple outlets of your restaurant chain, you must have observed that no two outlets behave in the same way. One dish might be the bestseller at one outlet while being a non-performing dish at the other. This is why you need to have a comprehensive report of each of your menus, and the sales of each of the menu items, at different outlets.\u00a0<\/span><\/p>\n

You can thereby decide where to put your money, to boost up that particular outlet’s sales.<\/p>\n

e) <\/span>Most commonly returned items:<\/i><\/b> These reports help you rationalize your menu. You could either remove the non-performing items or put them in combination with others, to increase their sales. These items can either be removed or innovated to ensure that\u00a0<\/span><\/p>\n

f) <\/span>Pnl Calculation Reports: <\/i><\/b>These reports give you a clear indication of your business growth. Handling Pnl calculations daily enables you to understand if your new outlet is actually working in the new area. You can try boosting up its sales through marketing strategies.<\/span><\/p>\n

g) <\/span>Growth Reports<\/i><\/b>: These reports give a comparison between the current week and previous weeks.\u00a0<\/span><\/p>\n

If your restaurant offers multiple cuisines or product types, you can filter sales by category. You can even view unit-level or outlet-specific food costs and revenues to determine whether the menu item is profitable or not. POS systems also generate multiple graphs and pie charts based on the data including hourly sales figures and the average spend of each customer.\u00a0<\/span><\/p>\n

Based on the demographics of each area your restaurants operate in, you can plan your marketing and service offering keeping in mind the purchasing power of that area and so on. Along with that, you would also know what works where and put offers on the non-performing items accordingly.\u00a0<\/span><\/p>\n

Here’s how your daily sales report should look like!<\/p>\n

\"Daily<\/p>\n