As the old business saying goes ‘that which is measured improves’
Stocktaking is critical to a food and beverage business, but stock control is not only about eliminating theft, it is also about maximising profit, encouraging staff to be more vigilant and use the till correctly, getting that extra yield on draught and so on. Stocktaking is a regular health check for your business and assesses the profitability, efficiency and performance of each unit and across the whole business.
Fellows MC provide accurate stock and cash control information in a timely and cost effective way. All managers and area managers are given comprehensive training on how to read and use the audit reports in order to get maximum benefit from them.
All Fellows MC liquor stock audits incorporate the following:
- – A detailed product variance for all products
- – Updated retail prices based on till reports for all products at each audit
- – Wine by the glass and cocktails analysed to ensure accurate GP
- – Spirit testing
- – Interactive variance reports that provide a variance for every product to enable easy identification of problem areas
- – Interactive gross profit reports to make it possible to easily identify which products are the best and worst performers
- – A ‘What If’ tool that enables operators to see the impact of planned price changes instantly
- – A ‘Bar Stockholding Report’ that makes ordering much more precise
- – A ‘Standards Compliance Report’ which assesses operations beyond the stock result
- – Full list of deliveries for reconciling with the accounting records and the stock holding value revalued back to end of the prior month for management accounting purposes
- – Stock reports presented on the day (subject to receiving the required information) and discussed with the manager identifying key action points
- – A ‘Company Results Summary Report’ tailored to individual company needs incorporating trend graphs.
- – On completion of each audit a ‘Line Checker Tool’ is issued to each unit which enables managers to monitor high risk products in between audits
- – Every audit result is quality controlled by our back office staff prior to being sent to management.
The Fellows MC compliance Audit is an analysis of key aspects of the operational efficiency of your business and includes an Audit of your employees’ ability to adhere to agreed operating standards. The Audit specification can be our standard model or be adapted to suit your operational policies. Fellows MC Standard Compliance Audit Specification includes:
The audit will rate items such as access to premises, assistance during the audit, the overall efficiency of the stock count and the effectiveness of the result review meeting.
Product Storage and Display
All locations such as cellar, stores and bar are checked for general conditions, temperatures, security, and the efficiency and safety of the stock storage.
An evaluation of the control procedures relating to the use of the till system, use of the line checker, the checking of delivery notes to invoices, cash on hand and cash disbursements documentation.
The benefits of this audit are improved operational controls, consistency of your operations and provide an independent measure by which best performing staff can be rewarded.
Consultancy & Additional Support
All Fellows MC clients have access to a number of tools that can help improve company efficiency and profits.
We provide advice embedded in our regular stock taking process, and we are always available to talk or call in for a chat to any of our client offices or units. Occasionally you may wish to discuss more complex issues relating to stock control, accounting or general management and we can also provide this on request.
Line Checker Tool
Trying to monitor every liquor product on a constant basis can be very time consuming and costly and therefore only business’s with significant problems should need to do so. Monthly stock takes are all that should be necessary for most business operations and when used in conjunction with our easy to use line checker model, issued to managers after each stock, good control and good stock results should always be achievable.
The line checker incorporates a manageable number of products chosen jointly by the auditor and each manager identified as being those with the greatest risk. The knowledge that this tool is being used invariably acts as a deterrent to problems such as theft and waste from developing.
For companies without an effective system of cash control we provide an easy to use and very popular tool that ensures cash differences are identified quickly. The form is simple to use and provides an easy format that simplifies the accounting process therefore it is also popular with accountants.
Food Gross Profit Rollover Tool
Completing an accurate food stock count and valuation can be a time consuming exercise if all items are to be counted and priced up correctly and some of our clients (notably large hotels) do need to have these audit and valuations completed every month due to their very high turnover.
But for many food business operations effective gross profit oversight can easily be achieved with must less cost and time spent by adopting a combination of an ongoing rollover GP analysis using our tool combined with quarterly food valuations.