16 Apr Two Reporting Features In Your Point of Sale System You Should Be Using
How familiar are you with your point-of-sale systems multiple features?
One of the biggest reasons restaurants and retail stores find their profits slipping through their fingers is because they can’t keep track of all their data. It’s a hassle to try to organize all those reports.
Luckily, the right POS system can help eliminate a lot of that manual work and tracks the most important data your business needs to be monitoring.
Here are the top features in your point-of-sale system to make your life easier.
Sales and reporting
Let’s admit it, your sales are what sustains your business and keeps your doors open. A good point-of-sale system should have the ability to generate detailed reports for you to review.
Your POS sales report tells you the basics, such as profits for the day, and sales by the department or by individual employees.
The sales report help you determine which items bring you the most profits and which ones don’t bring in money. Additionally, they show you which hours are your busiest, helping you know what hours you don’t need as many staff.
Every standard POS system is designed to track all of your inventory and stock, but a great POS system will let you access all of your inventory with detail and ease.
Whether it be setting alerts for when you need to reorder, adding in new products, or tracking delivery of orders from vendors, the POS system should keep you in the loop.
Keeping a tab between your inventory and your sales reports helps you see where items are slipping through the cracks. Checking to see if your sales match the stock listed will help you see if things are missing and if transactions are rung up as “no sale.”
To give you an example, one of our clients never tracked any of their “comp” items. The owner owned three different bars, and each had their own General Manager. The managers were allowed to give out comps as they saw fit. After installing a Restaurant Manager POS system, they discovered over $4000 were given out every month between the three establishments.
That’s $48,000 by the end of the year they were losing in profit.
Your point-of-sale system can do more for your business than you can imagine, and using its tools can be the difference between $48,000 a year in profit or losses.
Not sure if your POS is up to snuff? Contact us here, and our team can help you see if you’re using the best tools for your business.