AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Cost every plate from its recipe at today's ingredient prices, set a target food cost percentage, and divide the plate cost by that percentage to get a starting price. Then check it against overheads and what nearby rivals charge, and review the costing whenever key ingredient prices move.
Start with the plate cost
Menu pricing goes wrong when it starts with what the place down the road charges. Start instead with what the plate costs you. For each dish, write a standard recipe: the exact quantity of every ingredient in one portion. Then price each ingredient at what you pay today, including what is lost in trimming, bones and cooking.
Worked example: jollof rice with chicken
Example only. Ingredient costs per portion:
| Ingredient | Portion | Cost per portion |
|---|---|---|
| Rice (cooked portion from raw) | 1 plate | ₦650 |
| Tomato, pepper and onion base | 1 portion | ₦450 |
| Oil, stock and seasoning | 1 portion | ₦250 |
| Chicken (quarter, after loss) | 1 piece | ₦1,800 |
| Plantain side | 3 slices | ₦300 |
| Packaging (takeaway only) | 1 pack | ₦250 |
| Total plate cost (dine-in) | ₦3,450 |
Set a target food cost percentage
Food cost percentage is plate cost divided by selling price. Many restaurants aim for a band rather than a single figure, and it differs by dish: rice dishes and soups often carry a lower percentage than grilled fish or premium protein, which cost more and spoil faster.
- Choose a target for the dish, for example 35%.
- Divide plate cost by the target: ₦3,450 ÷ 0.35 = about ₦9,860.
- Round to a menu-friendly price, for example ₦9,800 or ₦10,000.
- Check the result against what similar restaurants nearby charge.
If the result is well above your area's going rate, change the recipe or the portion, not just the price. A smaller protein portion, a cheaper side or a different cut can bring the plate into range.
Check overheads, not just food
Food cost is only part of the picture. Gas, diesel, rent, staff, packaging and delivery fees all have to come out of the gap between food cost and price. Once a month, total your sales and these costs and work out what is left. If the restaurant is not making money at a 35% food cost, your overheads need more room and some prices or portions must change.
- Food cost %
- Plate cost ÷ selling price.
- Gross profit per plate
- Selling price minus plate cost.
- Menu mix
- Which dishes sell most. A low-margin dish that sells heavily can matter more than a high-margin one nobody orders.
Reprice when ingredients move
Food prices in Nigeria can move quickly; the National Bureau of Statistics publishes a monthly food inflation figure alongside the Consumer Price Index. Keep your recipe costings in a simple spreadsheet and update the key ingredients, usually protein, rice, oil and tomatoes, every two to four weeks. When a dish's food cost goes well past its target, decide between:
- A price increase, communicated clearly on the menu.
- A recipe or portion change that keeps the dish recognisable.
- Moving the dish to a smaller "while stock lasts" offer.
- Dropping the dish if it sells slowly and costs too much.
Keep menu prices honest
The price on the menu or board must be the price on the bill. The FCCPA requires that displayed prices match the point-of-payment price, and that marketing is not misleading. If you add a service charge, packaging fee or takeaway surcharge, show it on the menu. If a customer asks, you must provide an itemised record of the transaction (section 118).
Price drinks, sides and takeaway separately
Not every item should follow the same rule. Bottled drinks have a known cost and customers know the shop price, so they usually carry a lower percentage mark-up than plates but contribute steady profit with no preparation. Freshly made drinks such as zobo, smoothies or chapman can carry a higher margin because the ingredients are cheap and the drink is your own. Sides such as plantain, moi moi or coleslaw are good places to add value at low cost.
Takeaway and delivery need their own costing. Packaging, bags and cutlery add to every plate, and delivery platforms or riders add a further cost. Many restaurants set slightly higher takeaway prices or a clear packaging charge to cover this; whichever you choose, show it before the customer orders. Recalculate these costs each quarter, because packaging prices move just as ingredient prices do.
Use the menu to steer orders
Placement matters. Put your best-margin dishes where eyes land first, near the top and in a box or with a short description. Offer combos (rice, protein and drink) that lift the bill while keeping costs predictable. Our guide on cutting food waste and stock loss shows how a shorter menu also reduces waste.
Where Pryme fits
Good costing depends on clean numbers. A Pryme Business Account keeps sales and supplier payments in one place, and its Finance agent prepares summaries for you to review. Spaces, Pryme's merchant network, supports eateries and restaurants: customers holding Loans on Spaces from Solid Allianze Microfinance Bank can spend that credit only with Spaces merchants, which brings paying customers who are not choosing purely on the lowest price. For merchant fees and settlement terms, ask Pryme, and read pay-later for restaurants.
Questions people ask
How do I calculate the price of food in my restaurant?
Cost one portion from its recipe at today's ingredient prices, then divide by your target food cost percentage. For a ₦3,450 plate at 35%, that is about ₦9,860 before rounding.
What is a good food cost percentage for a restaurant in Nigeria?
It varies by dish and concept. Many restaurants work within a band, with cheaper dishes such as rice and soups running lower and premium protein running higher.
How often should I change my menu prices?
Update recipe costings every two to four weeks when prices move fast, and change menu prices when a dish's food cost goes well past its target.
Can I add a service charge to the bill?
Only if it is shown clearly on the menu before the customer orders. The FCCPA requires displayed prices to match what is charged.
Sources
- Voice of Nigeria: NBS consumer price index release · accessed Oct 2026
- FCCPC: Consumer rights and responsibilities · accessed Oct 2026
- FCCPC acts on deceptive pricing at fast-moving consumer goods store · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.