What is the Kobas Stock System?
The Kobas Stock System is a one of a kind stock manager that tracks actual and theoretical usage of every ingredient container through your business. From each delivery, through any transfers and batches created, Kobas can trace the origin of all ingredients contained within the dishes and drinks your customers consume.
What is FIFO?
FIFO stands for First In, First Out. Kobas tracks all stock movements on this principle, so that any movement or usage is applied to the oldest stock held at that time.
What’s the advantage of using FIFO?
Stock can be delivered in different sized containers, from different suppliers, at different prices – and then in turn be used in a variety of dishes or drinks in any of your stores. The Kobas Stock FIFO engine tracks every item in every delivery, so that you always know the actual cost of each sale.
By way of example, imagine you sell cocktails, and you usually use 1.75 litre bottles of vodka from a wholesaler. One busy night you run low, so you buy a couple of 700 millilitre bottles from a super market at a higher price. Kobas tracks these more expensive bottles separately to the main supply, and so knows which cocktails have a higher cost price, and knows what your real stock holding value is at any time.
If one of your venues has a lower margin on vodka sales, it is possible to track that right through to the dates and times of sales that needed the more expensive vodka from the alternative supply. From there, venue staff can be trained to anticipate the need for more vodka from the main supply at these times, protecting future margins.
Why do I sometimes have to wait for reports to be ready?
Kobas aims to do all this industry leading stock tracking in real time, or as quickly as possible during busy periods. Typically, even for large venue groups at peak time, cost of sales information is rarely more than a few minutes out of date.
However, if a historical stock check or delivery is amended, or a historical transfer accepted, the Kobas Stock FIFO engine has to go back to that date and reprocess every stock movement since. Depending on how far in the past this action has been logged, and the size of the account, this can take a few hours to re-process. During that time, some reports may display a warning to explain that figures are provisional, because the newly performed edit may cascade through to affect the figures contained within.