Stocktaking is an essential part of running a hospitality business. If you carry it out carefully and accurately, you keep track of your stock, spot shortages in time, and reduce food waste.
Yet a single mistake can already impact your costs and profitability. In this article, we show you what to watch out for when taking stock in hospitality and what advantages stocktaking offers in hotels or restaurants.
During stocktaking in hospitality, all existing stock of food, beverages, and other goods is recorded as of a fixed cut-off date. The result is an inventory list that contains a detailed list of all assets and liabilities by type, quantity, and value.
Even though carrying out stocktaking is a helpful tool for business success, not every hospitality business is required to do so. In principle, this only applies to companies that are required to prepare balance sheets. Depending on the country, e.g. Germany and Austria, different rules apply as to when companies become subject to balance-sheet obligations.
There are three different methods for carrying out stocktaking in a restaurant or hotel. Depending on the size of your business, you may need all stocktaking methods.
In addition to the stocktaking methods mentioned above, there are also three types of stocktaking, which differ mainly in terms of when the stock count is carried out.
No matter which method and which type of stocktaking you choose: thorough planning is key. We'll show you a guide you can follow to carry out stocktaking in your restaurant or hotel.
First, it's important that you set a date. Depending on the type of stocktaking, this may be a single date once per fiscal year, or several dates spread throughout the year.
For thorough planning, you should also create a schedule. In it, record how much time the stocktaking will take and whether your business needs to be closed during this time.
It's also helpful to include the following points in your preparations:
After making the initial preparations, think about which and how many staff members from your hospitality business are needed for the stocktaking process. You can also record this information in your schedule.
One possible approach is to form teams of two people and divide them by area (storage, kitchen, and dining area). It's also advisable to assign an additional staff member to lead and oversee the stocktaking.
Now the time has come: stocktaking day is here, and the stocktaking can take place on the scheduled date with the assigned staff. To ensure the stock count runs smoothly, you and your staff should pay attention to the following points:
After you have recorded the entire inventory and documented it in the stocktaking list, stock valuation is carried out based on current net purchase prices. If you purchased the same item at different prices, you have two options: either calculate an average of the two prices, or list the item twice in the stocktaking list with the corresponding purchase price.
Stocktaking is especially beneficial when you use the results gained from the inventory for the future. Analyze the figures from the stocktaking list, identify possible causes of discrepancies, and inform your staff about the findings. You can then work together as a team to develop appropriate measures to prevent future problems.
If you follow the steps outlined above, nothing stands in the way of successful stocktaking. But what advantages does regular stocktaking in hospitality actually bring? We'll show you how stocktaking contributes to your business's success.
Regular stocktaking primarily gives you an overview of real-time stock levels and consumption in your business. This way, you can identify whether and where there are discrepancies in storage management, and reduce costs.
In the case of discrepancies between target and actual stock, you should take a closer look at the processes in your hospitality business and ask yourself, among other things: Do the delivered goods match the ordered quantities? Could theft have occurred? Were dishes not prepared exactly according to the recipe specifications?
Another advantage is that real-time stock levels always let you know how much of which goods you have in storage. This allows you to plan your purchasing better by ordering only what you actually need, while also preventing potential waste.
Although not every hospitality business is required to carry out stocktaking, regular stock counts are a valuable tool for keeping track of storage, controlling costs, and minimizing waste. Thorough and accurate planning in advance, along with proper execution and review of the stocktaking, can make a decisive contribution to increasing the profitability and efficiency of your hospitality business.