How Does MarketMan Manage Perpetual Inventory?
MarketMan is a cloud-based inventory management system that’s built for perpetual inventory keeping, dynamic par setting, purchasing, ordering, and so much more. With MarketMan, you can manage your restaurant, kitchen, bar, or delivery service inventory in real-time.
What is perpetual inventory management?
Perpetual inventory management records and updates your inventory in real-time by integrating data from your point of sale with your inventory records. By keeping perpetual inventory, you can stay on top of sales, par levels, and food waste. And, the data you keep is fundamental for reports like cost of goods sold, profitability, and more. Essentially, it helps you stay on top of all ingredients and inputs flowing in and out of your inventory at any given moment.
How does MarketMan record your inventory?
The MarketMan platform is a complete back-of-house solution. Input your inventory, recipes, menus, and par levels, and MarketMan will automatically subtract with every purchase recorded at your POS. Because the platform works in the cloud, processes that were traditionally disjointed are streamlined and interconnected — every inventory keeping activity is dynamically updated, from sales through your POS to items ordered from your suppliers. So all you need to do after the initial setup is login and watch the magic work. And, with a helpful mobile app for iOS and Android, you can keep tabs on your inventory on-the-go.
Ready, set, count
MarketMan is easy to use, set up, and integrate with your restaurant management software. Scan barcodes, enter quantities by hand, or set up shelf to sheet counting with inventory sheets that mimic your storage. The mobile app works on any device, and since it’s cloud-based you don’t have to worry if you lose wifi in the walk-in — it’ll update when you’re connected again.
Automated counting, alerts, and ordering
MarketMan can be configured to alert you when levels of any items are low, and can automatically reorder goods when your inventory goes below par levels. So if you have a particularly crazy lunch rush and run out of brioche, MarketMan can place the order before the burgers are off the grill. If you’d rather order yourself, you can set up alerts and reminders that suit your needs. And, since MarketMan keeps perpetual inventory, you can evaluate the profitability of each recipe in the short and long term, and determine whether you need to raise (or lower) your par levels on the fly.
Tracking costs and exporting reports
Because MarketMan tracks your inventory based on goods sold, it can automatically create reports for your cost of goods sold, food costs, profitability, food waste, and more. With raw sales data matched with perpetual inventory numbers, you can generate the most accurate numbers possible and get the most of your recipes. MarketMan’s dashboard offers an up-to-date snapshot of your restaurant’s health, whether you’re planning for the week or closing the doors for a well deserved day off.
How does perpetual inventory help manage ordering?
Perpetual inventory’s real-time view helps you see your cost of goods sold at any given moment. If inventory is being wasted, it will be reflected in your daily, weekly, and monthly reports, so you can act fast to alter recipes or retrain your staff. Similarly, if you’re consistently selling out of an inventory item, you can use MarketMan’s reports to determine how much additional inventory you should purchase based on demand, rather than relying on gut feeling.
Keep an eye on your suppliers
MarketMan can help you track inventory purchased from each supplier, so you can see how much you’re spending where, and on what. Scan invoices with your mobile app, whether handwritten or digital, to automatically track prices and order history. Track price changes, analyze your spend, and keep all your invoices in one place with MarketMan.
Payments made easy
MarketMan can help you pay vendors with ease. Add a credit card, ACH, or online bank account and order inventory without worrying about where your checkbook is. And, with integrations with accounting software like Quickbooks, Xero, and Sage, you can sync all invoices and payments with your books the moment you pay.
To find out how MarketMan can help you keep perpetual inventory, contact us today.