Go to the navigation menu, choose Budget & Forecast and select your cockpit. Here you can insert or update your forecast and budget for food cost and percentage.
Where do I change my food cost forecast?
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PMI Knowledge base
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Food cost
My food cost % is wrong (too high/low). Why is that?
1. Make sure you are looking at the correct period, MTD or Month-end. 2. Are opening and closing correctly inserted? 3. Are purchases entered correctly? 4. Verify that food revenue is correct. 5. Please check with your financial controller if...
What is the recommended number of turnover days?
Fewer turnover days means that you are selling your food quickly and often indicates less waste and lower food cost. The recommended number of turnover days is 8 days, plus or minus 2 days.
My turnover days are set to 32. What does that mean?
Turnover days that are greater than 10 indicate that the amount of stock is higher than your business need.Fewer turnover days means that you are selling your food quickly and often indicates less waste and lower food cost. The recommended number...
How do I estimate my Closing Inventory?
Ending Closing Stock formula: Opening Inventory + Purchases = the Cost of goods available for sale (COGAS) COGAS x Cost percentage = Cost of goods sold (COGS) COGAS – COGS = Closing inventory Example: Your Opening Inv. Is 50.000€ + Purchases of...
Why is opening and closing stock important?
1. Keeping track of opening and closing stock helps head chefs to efficiently manage and control their stock to minimize the risk of waste, track product value and optimize quality and food cost. 2. With a record of opening and closing stock,...
What is opening and closing stock?
Closing stock is your inventory or estimated inventory, if you do not have a counted stock account. Opening stock is the closing inventory from last month.
What is turnover days and how is it calculated?
Turnover days is how many times an average stock is being converted into sales. Fewer turnover days means that you are selling your food quickly and often indicates less waste and lower food cost. Calculation: Step 1. Opening inventory + closing...
What do I enter in the Purchase column?
Manually enter the total value of your food purchases as a lump sum in the Purchase column on the day they are delivered, excluding VAT.
What are my routines in the Food cost cockpit?
Daily routine (5 min): 1. Enter the total value of your food purchases as a lump sum in the Purchase column on the day they are delivered, excluding VAT. Weekly routines (10 min): 1. Update your closing stock by inserting your estimated...