This advantageous method focuses on selling older inventory before using the most recently received goods.
Many restaurants and other businesses with perishable inventory choose to employ the first-in, first-out method of inventory management. This ensures you don’t order four new cases of ham steaks when you already have several unused packages that are about to expire. Go through walk-in freezers and other food-storage areas to get a current and accurate picture of your inventory before placing new orders. Rather than performing inventory annually like many businesses, this method necessitates much more frequent product counts. To avoid the constant need to toss out spoiled and outdated food, restaurant owners often employ a single-period inventory system. While a surplus of paper napkins doesn’t pose as much of a problem, an overabundance of eggs or chicken breasts with a limited shelf life hurts your bottom line if the product goes to waste. Because much of your inventory is perishable, you have to strike a delicate balance when placing food orders to make sure you don’t have too much or too little at any given time. As a restaurant owner, a large portion of the money you spend is on food and beverages, so it’s imperative that you manage this inventory well.
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