Club Accountants: How to Do Liquor Inventory
For liquor stores, inventory only involves making sure their stock matches their sales and invoice records. It can be a bit more complex for bars and restaurants because liquor is sold by shots instead of by bottles. You should take frequent inventory of your liquor stock to make sure you are not overstocking perishable items and that your bartenders are not giving away free drinks or over-pouring. It may be worth it to seek help from club accountants.
To maintain a reliable inventory, you should keep an organised record of your liquor invoices. Make sure you know what and when items come in so you can track whether it has been sold or not, spilled or given away for free. This will also help you know how much liquor you need to stock. Organise the invoices through an order inventory and check the invoice sheet against the bottles delivered each time you restock.
Your club accountants should also help you keep an accurate record of how much liquor your bar or restaurant sells every day. Check the remaining stock of alcohol against the amount of liquor sold during the inventory period so you can replenish the stock and protect yourself from theft. Many POS systems are designed for restaurants and bars to track drink sales.
Your club accountants can also help you break down alcohol in three major categories when conducting inventory: beer, wine and liquor. Liquor can also be divided by major types. You can tally the number of bottles of each brand currently in stock and check these numbers against your sales records and invoice sheets. You can do this weekly or bi-weekly if you do not suspect any theft but if you do, you should conduct an inventory more frequently until it is resolved. Give allowance to a small amount of alcohol that will be lost because of spillage but your staff should report any significant spillage or breakage.
It may be worth it to invest in a bar and restaurant inventory software that can accurately track liquor inventory. Make sure the system can track point of sale data, initiate deliveries automatically and store data about the amount of alcohol poured from each bottle in real time. Bartenders can easily track inventory and sales through smartphone apps.
Need a bit of assistance with your hospitality business? Contact club accountants today and learn more about our fixed fees. You won’t regret it.
Some of our clients include Buckley’s Entertainment Center, Ballarat Leagues Club, Daylesford Hotel, Bacchus Marsh Golf Club, Campbell Point House, Midlands Ballarat, The Urban Newtown, Maryborough Midland Society, Brink Drinks, Dontek, UV Wraps and many more.
Aside from business consultation, we also offer accounting, bookkeeping, back office, SMSF and POS services designed to help you achieve greater financial success.
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