What is TouchBistro Profit Management Powered by MarginEdge? The Benefit of Restaurant Back Office Software
While it may not be the first thing that comes to mind when running a restaurant, restaurant back office software truly is the secret to a profitable business. In order for your restaurant to succeed, you need to be able to closely manage your profits. However, understanding your sales and making business decisions accordingly can be very difficult if you’re doing things like keeping track of inventory, processing invoices, and managing other back-office functions manually. Or worse, not tracking these things at all.
TouchBistro Profit Management Powered by MarginEdge is the ultimate back office software for restaurants, and can help you manage costs and maximize profits, all while streamlining operations. Keep reading to learn more about this powerful tool, including:
What restaurant back office management software is
What TouchBistro Profit Management is
How TouchBistro Profit Management works
How to get started with TouchBistro Profit Management
How TouchBistro Profit Management can help you maximize profits
What is Restaurant Back Office Software?
Restaurant back office management software is technology that helps restaurant operators manage the administrative side of their business, namely non-customer-related transactions and operations. Restaurant administration includes things like inventory, bookkeeping, invoice processing, and more. Great back office software is closely tied to a restaurant’s revenue, which means it can play a huge role in helping operators maximize profits.
What is TouchBistro Profit Management Powered by MarginEdge?
TouchBistro Profit Management Powered by MarginEdge is robust restaurant back office software that integrates seamlessly with your TouchBistro POS to help you gain control of your inventory, costs, invoices, accounting, and more, so you can streamline your operations while ultimately maximizing profitability.
This solution helps address some common pain points that restaurant operators face, such as a lack of clear insight into their costs, thin profit margins, and data discrepancies – all of which can lead to costly mistakes.
How Does TouchBistro Profit Management Work?
TouchBistro Profit Management does so much more than just simplify operations. This restaurant back office software helps you take profit management to the next level with the following essential features:
With TouchBistro Profit Management, you can manage your inventory digitally, allowing you to better track food costs, pinpoint waste, and identify savings opportunities.
Scan, email, or take a photo of your digital or handwritten restaurant invoices. In less than 48 hours, this restaurant back office software will capture and digitize invoice details to save you from manual entry and give you an up-to-date picture of your food costs.
Monitor inventory prices and make more informed financial decisions with visual budget tracking to know whether you’re over- or under-spending.
Maximize profitability in real time with a centralized recipe and menu analysis solution that calculates plate costs, automatically updates ingredient prices, and pinpoints profitable and high-volume items.
Order products from any vendor, pay an unlimited number of bills (for U.S. merchants only), and transfer products and recipes between locations to run your back office operations more efficiently.
Save time on restaurant bookkeeping and do away with manual data entry with automated accounting data exports from TouchBistro POS to your accounting software.
Streamline multi-location management and ensure consistency across locations with one centralized, privacy-protected platform that allows you to standardize inventory management across locations (or a commissary kitchen) and access consolidated sales reports.
Equipped with TouchBistro Profit Management, you can surpass current goals and set your sights on even bigger objectives, all while keeping your margins healthy.
How to Get Started With TouchBistro Profit Management
MarginEdge is the consummate back office companion to your TouchBistro POS. And fortunately, getting started with this restaurant back office software is incredibly easy.
5 Ways TouchBistro Profit Management Help You Maximize Profits
Not yet sure if TouchBistro Profit Management is right for your business? Here’s how this back office software for restaurants can help you maximize profits – whether you run one location or a dozen.
1. Streamline Your Inventory Management
If you manually track your restaurant inventory costs and invoices, you don’t have access to accurate, real-time information about your food costs and profitability. This is especially hard when food costs are constantly fluctuating.
With a back office solution like TouchBistro Profit Management, you can track food costs in real time to negotiate with vendors, or even change vendors when needed, to keep profits high.
Chris Lorusso, owner of Sweetwater Sports Bar & Grill in Lake Wylie, SC, explains how MarginEdge helped his restaurant understand food costs and make changes to protect his bottom line:
“If ground beef [prices] fluctuated from Monday to Friday, you immediately can see in your recipe costs [in MarginEdge] that ground beef has gone up. If you just had your recipes built out in an Excel spreadsheet, you may not have caught that ground beef [prices went] up. You would have to go into your Excel spreadsheet and change the cost of your ground beef to reflect the cost of the menu item. MarginEdge does that instantaneously. The last price that we bought ground beef at is what the recipe cost is gonna show,” he says.
With this restaurant back office software you can also view theoretical costs based on real-time ingredient prices and product mix data, so you can pinpoint your most profitable items and engineer your menu for maximum sales.
2. Adjust Menu Prices Based on Profitability
Back office software can also help you calculate plate costs, automatically update ingredient prices, and pinpoint profitable and high-volume items. TouchBistro Profit Management adds transparency to your cost of goods sold (COGS) because you can instantly know how much things cost you, instead of putting it off due to time-consuming calculations. This transparency helps you make revenue-driven decisions because the data shows you which menu items to keep and which to get rid of based on profitability.
“Chicken wings were $40 a case before COVID, and then they shot up to $150 a case during COVID. MarginEdge allowed us to see how that was affecting our costs on our menu items, and it allowed us to make some adjustments a little bit faster than we would have made them before. A lot of [businesses] waited until they realized why they were hemorrhaging money on chicken wings before they realized what had happened to the cost of them,” he says.
Restaurant back office management software equipped with budget tracking ensures you always know whether you’re over- or under-spending, so you can react quickly to your budget and save money.
For example, with data from TouchBistro Profit Management you have the knowledge to know whether you need to switch vendors, negotiate new inventory prices, schedule fewer team members per shift, or hire more staff to keep up with demand.
Plus, this tool’s budget tracking feature is visual, so you can really quickly see where you stand without deciphering a bunch of complex numbers each time you want to check your budget. In short, TouchBistro Profit Management gives you transparency into your spending so you’re never in the dark about your finances.
4. Pay Bills Without the Fees
Restaurant back office software that’s equipped with free and unlimited bill payment, like TouchBistro Profit Management, allows you to avoid paying any extra bank fees for bill payments so you can save more of your profits.
Available to U.S. restaurants, TouchBistro Profit Management is the only bill payment solution built specially for the restaurant industry, and it lets you pay your bills – via check, ACH, or VCC – without any processing or transaction fees. All you pay for is your TouchBistro Profit Management subscriptions.
Bill payment via TouchBistro Profit Management isn’t only free, it’s also very easy.
“You take a picture of the invoice, upload it, and as long as MarginEdge has the information that’s needed for the vendor, you hit ‘pay invoice’ and you’re able to send an electronic payment directly through the MarginEdge app,” says Chris of Sweetwater Sports Bar & Grill.
5. Make More Informed Business Decisions
One of the best ways to maximize profitability is to have quick and easy access to accurate data, and restaurant back office software helps with this. With TouchBistro Profit Management, you can make revenue-driven business decisions with consolidated reports that allow you to compare sales across all your locations so you can make adjustments whenever necessary. And, because TouchBistro POS and TouchBistro Profit Management share data seamlessly, you can say goodbye to manual entry and hello to accurate figures.
This tool also offers benchmark data that shows you how other restaurants in your area are performing. And when you understand how your business is doing compared to others, you can set more realistic goals and achieve them faster.
Busy restaurateurs have too much on their plates to manage their back office tasks manually. Back of house software like TouchBistro Profit Management Powered by MarginEdge takes over important duties like accounting, invoice processing, and inventory management, so you can make your restaurant administration as efficient as possible, spend more time on the floor, and run a more profitable business.
Katherine is the Content Marketing Manager at TouchBistro, where she writes about trending topics in food and restaurants. The opposite of a picky eater, she’ll try (almost) anything at least once. Whether it’s chowing down on camel burgers in Morocco or snacking on octopus dumplings in Japan, she’s always up for new food experiences.