Did you know a restaurant industry study from 2015 found that 36% of all supplier invoices were priced incorrectly? That’s every 3rd invoice!
If you are like most restaurant managers, you keep trying to attain that elusive 30% food cost, only to find that no matter how many menu changes, stock takes etc., you keep ending up somewhere around 35-38%. The most likely culprit is the mistakes in the invoices.
Does this mean suppliers are dishonest? No, the same study found that these frequent overcharges are not the result of tricks or bad intentions on the part of distributors. The restaurant food purchasing process is an incredibly complex one and simple mistakes can and often do happen if they are not constantly being monitored.
But who has time to constantly monitor - your passion is service and food, not going through invoices. You just don’t have the time to go through every invoice, line by line with a fine-toothed comb to make certain you are being charged the correct amount. To further complicate things, deliveries come multiple times a week, often with dozens of different products, your chefs would spend more time crunching numbers than they would in the kitchen.
This is where AccountsFlow Price Checker comes in, it’s like having an “Automated Auditor” checking every invoice, line by line, and immediately alerting you with traffic light colored texts and variance amounts to what should invoiced to what you were actually invoiced. You can check daily, weekly, monthly or between any dates you select.This makes it easy to get the price fixed, the credit received and future invoices billed correctly.
AccountsFlow Price Checker does this using an easy import feature allowing you to automatically upload your suppliers contracted price lists and one-off promo prices. Then as soon as your supplier sends your E-Invoice, Price Checker automatically compares the contracted prices to the invoice, item by item, quantity by quantity, displaying this on an easy to navigate, intuitive dashboard. Not only is this a great tool to catch errors and receive credits, but you can view and report over time on your suppliers making this an effective vendor management system.
One of our large customers who purchase several hundred thousand dollars per year have used Price Checker to catch tens of thousands of dollars in overcharges bringing their food cost from 36% down to 31%!
Take AccountsFlow 60 day free trial, and immediately gain visibility into your supplier pricing.