Toast Restaurant POS, the all-in-one restaurant technology platform, today announced the rollout of Inventory, a unique product solution that provides restaurant operators with consistent and accurate inventory management and reporting, resulting in improved operations, better transparency and a more profitable business.
“We’ve seen incremental improvements in inventory variance ever since we implemented Toast inventory,” says Mike Peasland, business manager of Sambazon. “We’ve reduced variances from five percent to below two percent by more closely adhering to recipes and controlling waste.”
“Having accurate, consistent and accessible information in the restaurant industry is critical. Toast’s Inventory solution empowered us to make better sense of our data so we could then make more intelligent decisions to improve our bottom line,” said Max Seel, co-founder & chief financial officer of Oath Craft Pizza. “We can notice when there’s something wrong and then we can go figure out how to fix that. Restaurants that aren’t utilizing Toast Inventory are missing out on a really powerful feature.”
The benefits of Toast Inventory include:
- Time Savings: Toast Inventory automatically generates an inventory variance report that is traceable back to individual menu items -- no calculator needed. Additionally, the product includes a food cost report that automatically calculates changes in plate costs using the latest purchase prices from invoices with zero manual number crunching.
- Cost Savings: Increase operational efficiency by getting insight into how much inventory is generating sales and how much is being lost. Restaurants gain new intelligence, which in turn creates actionable insights into managing waste and over-portioning, while preventing employee theft.
- Increase Revenue: Restaurants can leverage data through Toast Inventory to better understand the profitability of each individual menu item. These insights help operators eliminate low performers, identify menu items that generate more revenue, and experiment with other menu combinations to drive sales.
“Toast works in lockstep with restaurant operators to seamlessly integrate Inventory into their existing platform,” says Chris Comparato, CEO of Toast. “The end result is heightened operational intelligence that drives profitability, enhances day-to-day operations, and ultimately provides a better guest experience.”
“We use the Toast Inventory module to generate orders, track variances, and to calculate the total value of our inventory at the end of each week,” said Sonya Livshits, accountant for Ole Restaurant. “This is data that drives a major part of our business. We use the data to ensure that we’re hitting our target cost of goods sold and to determine the price of our menu items.”