If you want to be profitable in the ever growing, ever changing and competitive Food & Beverage industry, you will need to have a firm grip on your finances. The main reason a F&B store, or chain, fails is because store manager’s are unable to keep track of their never ending to do list of financial analysis, leading to badly managed accounts. With many transactions being processed on a daily basis, it’s important to manage cash-flow well and keep an eye on inventory, costs and revenue, as well as other components, in which I will outline below.
When the main crux of your business is bringing customers the services they need, organising paperwork can feel like a tedious and unnecessary business task. However, in the digital age of virtual documents and cloud storage, the hassle of paperwork is completely unnecessary with the implementation of Ezora.
Ezora, an online, one for all solution, enables F&B operators to manage their day to day operations without having to scramble through spreadsheets to do their analysis of the business. Ezora integrates with:
- Accounting Systems.
- Workforce Management Systems.
- Inventory Management Systems.
- Document Management System.
- And any other system that provides valuable information you need
- Obviously, an accounting system is necessary in any business whether it’s Sage, Quickbooks, Twinfields etc. This, in a sense, is your backbone to a profitable business. Without it, failure is inevitable as it becomes impossible to track your finances in an efficient and viable way.
- An EPOS (Electronic Point of Sale) system is the core element to have in your business. An EPOS is a computerised system that enables customers to pay for their goods electronically, and the information is automatically generated and stored.
- A way of efficiently managing workforce is becoming an increasing demand for managers/owners, as it can be a really tedious, and time consuming process, having to schedule employees, accounting for staff vacation, employee availability, and payroll costs. A personnel planning system will help you manage all the components of your workforce in order to make the business more efficient and expansive, negating tedious spreadsheet organization.
- Inventory/stock management is another key component to running an F&B store(s). An Inventory management system will mitigate data entry errors, increase productivity and lower operational costs.
- The next critical component necessary in your business is a payroll software. Payroll is a business-critical operation for any business. Employees must be paid accurately and on time. A solid electronic payroll software can help you work out payroll calculations quicker (deductions), such as sick pay, holiday pay and others. A good payroll system can even analyse how long your employees are taking for lunch and can make deductions based of that.
- The last key component necessary for a successful F&B store is a document management system. This software can be a very time efficient component. It means you don’t have to search through large filing cabinets for a single document. A document management system is an online platform that stores your invoices, for example. The system organizes the documents for you, and makes them available for secured access at anytime.
Therefore, Ezora lets you access all of these components in one place. You can access your stores’ financial data, in Ezora, at anytime and in real time. Ezora is accurate and provides you with the confidence to make better business decisions. It enables you to track company KPI’s to understand the real truth behind your store’s performance.