Save 8-12% off purchases by comparing vendor quality and pricing

Purchase Order to Bid Price Management

Purchase Order to Bid Price Management

Rebate

Good Invoice management should start with creating a Purchase Order (PO) with bids on all products within an inventory software that will help you manage your Cost of Goods.

You can read my earlier blog on buying smart to learn more about bidding on products.  Many times, the manager/chef that is receiving the goods is not the same person that ordered them, so having a PO on a clipboard or tablet by the back door helps with receiving.

With today’s technology you can have all of your invoices automatically import into your inventory software. No more manual importing or coding invoices.  But automation can lead to increased costs.  Included in your automation should be PO to invoice discrepancy reporting.

Discrepancy reporting should include the following information

  • Price change from bid to PO
  • Catch weight adjustments
  • Items shorted
  • Replacement items
  • Invoice number

Best Practice when automating this process

  1. Create PO’s whenever possible that included bid price
  2. Continue to check and sign all paper invoices
  3. Verify paper or scanned copy of paper invoice against accounting software before paying invoice
Naomi

Author: Naomi

Naomi is the President at DiningEdge based in Boca Raton, FL. Are you a restaurant owner or operator looking to reduce costs, streamline time & increase savings all-around in your restaurant? Contact me today to get started with your free demo.

Popular posts like this

Rebate

How to Drive More Revenue with Rebates Management?

Did you know that you can use rebates to boost sales? Be nice to your current customers and possibly future...
Read More
Restaurant

How Restaurant Inventory Management Software Can Help Streamline Your Business?

If you are the kind of owner who thinks that having an inventory management system is not necessary for your...
Read More
Management Software

Is Food Inventory Management Software Really Helpful for Your Food Service Industry?

Management software for foodservice industries is essential to your business success! Owners and managers are always surrounded by managing 24/7...
Read More
Restaurant

How Can You Reduce Costs and Increase in Your Restaurant Income?

If you want to increase your income in the food service industry, you cannot rely on the numbers you keep...
Read More
Restaurant

How Can You Reduce Costs & Increase Your Restaurant Bottom Line?

So you start your business, everything is going well, a lot of customers are coming to your place (I congratulate...
Read More

Leave a Reply

Request a demo to see what DiningEdge can do for you.

No Obligation – Free Demo