A portable timer system and method for restaurant inventory management includes a plurality of portable timers that connect to one or more food preparation, processing, and/or storage devices typically used in restaurants. The portable timer system may include at least one timer programming station, a computing device, and a handheld computing device. Each portable timer can updated include updated information about the food products being operated on in the food devices, and such information can be transferred with the portable timer as the food product is transferred from one food device to another. A restaurant can utilize the portable timer system and method to manage the food inventory therein by having current information about food products that are being processed, prepared, and stored in the restaurant.