Food costing is paramount to your business success and an important aspect of your restaurant management processes. It helps you accurately calculate and track your net earnings (actual profits). Computing your sales and profits, the difference between your costs to prepare the menu item and the price you can charge your customers is daunting. Not to mention, it is prone to errors when done manually. So, to avoid human errors in making calculations, food costing software is the solution.
11+ Food Costing Software
3. APICBASE Food Management
4. Simphony POS
8. Recipe Costing
10. Optimum Control
What Is Food Costing Software
Food costing software makes it easier for restaurants to calculate food costs for their recipes to ensure profitable menu pricing. This suite of restaurant inventory management software helps restaurant owners optimize their business and bottom line (or net earnings) by streamlining food and recipe costing. In other words, it works as a cost calculator. Further, using food costing software, you have overall control of food costs, determining margins, and continuously hitting your targets.
Food costing can be manageable even without specialized software. In fact, humans can do manual costing calculations. However, this increases the risks of mistakes that can do more harm to your business other than simply overspending on ingredients. It’s a given fact that humans make mistakes. That’s why managing restaurant finances like food costing need a special touch. With the aid of food costing software, you can minimize the impact of calculation errors, make complicated math easier, and lets you focus on other important business matters at hand.
Standard features of food recipe costing software let you centralize recipes, menus, food cost, inventory, orders, and sales analytics in a single dashboard. Primarily, general features include a breakdown of food, materials, labor, and the total costs. These features can guide your cooks in building original recipes or adapting existing ones. Moreover, using this software, you can track the performance of every restaurant or food stall outlet.
Top 10 Food Costing Software
Through complete business automation solutions, GOFRUGAL Technologies has been providing Point of Sale Software for restaurant, retail, and distribution services since 2004. GOFRUGAL Technologies has an estimated annual revenue of $61.3M and has a company size of 350 employees.
Marketman is a cloud-based food costing and restaurant inventory management app that provides the needed tools to manage inventory, suppliers, orders, and menu costing. Marketman generates $8.7M per year in revenue and has 67 employees.
3. APICBASE Food Management
APICBASE Food Management is a cloud-based F&B management platform that helps with managing back-of-house operations in restaurants, catering, and hotels. APICBASE has a company size of 25 employees and makes $4M in revenue.
4. Simphony POS
Simphony POS, by Oracle, is a point of sale suite fit for every restaurant size and format, including casual, quick, independent, franchisees, and more. Oracle has a company size of 135,000 employees and makes $39B in revenue.
CrunchTime is a back-office food and labor operations software for multi-unit restaurants. CrunchTime has 275 employees and makes $44M in revenue.
NutraSoft is a food costing solution that includes food inventory yield, production and operational costs, and financial analysis. NutraSoft makes $3M in revenue and has a company size of 17 employees.
Gorriladox is a document management solution, by GFSC Group, for food production quality assurance. This suite is also useful for managing documents online, email alerts, supplier ratings, and complaint handling. GFSC Group has 27 employees and makes $5M in revenue.
Horeko is a restaurant management software that helps increase returns with calculation, menu engineering, digital waste, and HACCP registration. Horeko has 37 employees and makes $7M in revenue.
FoodCo, by Vanco, is a software desgined to successfully handle all aspects of foodservice operations and maximize profits. Vanco generates $154M in revenue and has a company size of 300 employees.
Galley promises master operations with real-time inventory and food costing, boosting business intelligence, and a scaling platform. Galley Solutions has 23 employees and makes $4M in revenue.
How Do I Calculate Food Cost per Serving?
The formula for calculating food cost per menu item would be: Food cost per dish is equal to food cost of ingredients multiplied by weekly amount sold. Total sales per dish would be equal to sales price multiplied by the weekly amount sold.
What Is Food Costing?
Food costing has a direct effect on the profitability of your restaurant. This aspect in restaurant financing refers to the cost of your ingredients, excluding other costs (e.g., labor and overheads).
What Is a Good Restaurant Profit Margin?
Depending on the restaurant type, the average profit margin for restaurants would fall between 3 to 5% or may range anywhere from 0 to 15%.
Besides offering a more efficient route in managing restaurant finances, food costing software also reduces the risks of calculation errors that may do more harm to your business. Well, with all that said, ensure consistency at every site. Have everything your teams need to get things done in a single platform that’s accessible anytime, anywhere.
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