How to Complete Bar Stocktake in 3 Easy Steps With Inventory Tracking Software

What is Liquor Inventory Management?

An effective liquor inventory management system is key to any bar or restaurant business. It helps keep track of what's being sold and what needs to be restocked, when to place purchase orders, identifies issues with over-pouring, and can ultimately save the business money.

The different aspects of liquor inventory management include tracking sales data, inventory tracking, and managing purchase orders and supplies. These jobs can be managed manually and by using inventory management templates. But it is inventory software that works most effectively. There are many inventory management systems available in the market today. Some of them even allow you to place purchase orders directly from the system.

How to Inventory a Bar Manually

Inventory tracking will help you understand what stocks you have on hand and what needs to be ordered. To complete a manual inventory, you will need-

• An inventory management sheet for each liquor, with rows and columns for the following information-

1. Liquor Name
2. Date Purchased
   
3. Supplier
   
4. Quantity Available (in ml)
   
5. Number of Bottles Remaining in Stock
   

• A label on each bottle
  

Once you have gathered all of your supplies, begin by removing every liquor bottle from the shelf. As you remove each bottle, check it off on your tally sheet. Then, using your labeling system, label each bottle clearly with the following information- liquor name, date purchased and supplier. After the bottles are labeled, begin taking stock of what is left in each one by looking at the liquid level in the bottles and writing down this measure next to number of bottles remaining in stock on your sheet of paper. Finally, replace the bottles on the shelf according to type so that they are easy to find when conducting future inventories.

How to Inventory a Bar With Software- Step 1 - Barcode Scanning

The first step to using an automated system for bar inventory management is barcode scanning. Individually pick up each bottle from the shelf and use the mobile app of your inventory software or a barcode scanner to scan the labels on each bottle to procure their details. This is an easy method of systematically gathering all data on each liquor item, such as name, manufacturer, date of packaging, shelf-life, type, brand, age, price and other details you may need to run your business.

The barcode data is transmitted to the inventory software, which can be used to track quantities and keep track of stock levels. Barcode scanning is a key feature of inventory management and asset tracking for businesses that want to accurately keep track of their inventory. Barcode scanning allows businesses to quickly and easily scan a large number of items, and transmit the data directly to inventory software for tracking purposes. There are many different types of barcode scanners available on the market, so it is important to choose one that is compatible with your chosen inventory software.

Step 2 - Inventory Counts

When you are counting inventory for your bar, you will need to be very precise with stock levels. There are two essential inventory counts you need to practice- starting inventory and closing inventory. If you're the kind of business that checks inventory daily for better inventory control, these counts ought to be done before starting your business day and after ending it. Similarly, when doing a weekly inventory count, start on Monday and end on Sunday (or the day you are closed down for maintenance work).

The first step is to take an inventory count of all the different items you have on hand. Use an inventory software program designed specifically for inventorying bars. Once you know how much of each item you have on hand, you can then begin to calculate how much liquor you have in stock. This is important because it will help you determine how much money you need to budget for future purchases. It will also help you keep track of your liquor supply so that you do not run out unexpectedly.

To calculate the amount of liquor in your bar, multiply the number of bottles by the size of each bottle. For example, if you have 100 bottles of vodka and each bottle contains 1 liter, then you would have 100 liters of vodka in your bar.

One of the key features of an efficient inventory management software is real-time inventory counts. A cloud based inventory system can be directly integrated with your POS system. This will allow the inventory software to pull in sales data in real time and adjust stock levels as per usage. You will not only manage inventory better this way, but will also stay on top of your game by being constantly aware of your stock levels.

Inventory a Bar With Software- Generating Reports

Once you are done with stock-take and inventory tracking, you can move on to the next stage -- analytics. This is when your inventory software generates reports based off your numbers. These reports will help you keep track of what needs to be restocked, what sells well, and what needs to be removed from the menu. There are two main types of reports you should be aware of -- Sales Report and Usage Report.

1) The sales report will show you how much of each item has been sold over a period of time. This information can be used to make decisions about pricing, promotions, and menu changes.
2) The usage report will show you how often each item is used in cocktails and other drinks. This information can be used to make sure your staff is using all the products they are buying.

Having these reports readily available will help you make informed decisions about your bar inventory, saving you time and money in the long run!

Advantages of Inventory Tracking Software Over Spreadsheets

Inventory tracking software has many advantages over spreadsheets and other manual methods of inventory management.

• First, inventory tracking software is much more accurate than spreadsheets. This is because inventory software is designed to track inventory levels in real time, and can automatically update information when items are added or removed from the inventory. This means you will always have an accurate picture of your inventory levels, and you won't have to waste time manually updating spreadsheet cells.
  
• Another advantage of an inventory system is that it can save you a lot of time. Spreadsheets require manual work and updating throughout the day and week, which can be very time-consuming for the staff. Inventory tracking software can automate many of the tasks associated with inventory management and asset tracking.
  
• These management software systems can also be used to place purchase orders without having to go to another system, browse through new products and then order new stocks. Instead, you can automate this process and condition your system to place orders automatically when inventory levels are low.
  
• Inventory management systems also generate reports and insights into inventory usage and purchases and give you better inventory control. With a detailed look at your inventory levels and usage patterns, you can better optimize your business.
  
• This kind of inventory software also offers key features such as the ability to track orders, and generate low stock alerts.
  
• Another key aspect of an inventory management system is the ability to provide data to generate Sales Forecasts and predict future trends to better prepare for oncoming demand.
  

Liquor Inventory Management Best Practices

If you own or manage a restaurant or bar, you know how important it is to keep track of your inventory. If not, you could end up either overstocking or running out of your bestselling items at a crucial time. So, what are some of the best practices for liquor inventory management-

Here are a few tips-

1. Keep track of sales data. This will help you identify patterns and trends so that you can adjust your orders accordingly.
2. Use an inventory management system. This will help you keep track of your stock levels in real time and make placing purchase orders easier.
3. Schedule regular stock counts. This will help you spot any discrepancies between your records and actual stock levels, so that you can investigate and set right theft, overpouring, and gross wastage.
4. Manage your suppliers well. Make sure they are reliable and have good lead times so that you can avoid running out of stock altogether.
5. Keep an eye on expiry dates. This is especially important for perishable items such as beer and wine, but also applies to spirits which can spoil if not stored correctly.