How Can a POS System Help You Manage Your Business?

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Learn How a POS System Can Help You Manage Your Business

A point of sale (POS) system is one of the most important business decisions you will make. The right POS system will simplify your life, help reduce your paperwork, give better control of your operations, and increase the profitability of your business. The wrong system, however, can be a waste of money and a source of ongoing frustration.

Here are a 6 things all business owners should expect and take advantage of from their POS system that will help them better manage their business.

1. Barcode Scanning

If you’re a restaurateur, don’t shrug this off. The Hospitality market often fails to make use of this technology to reap the benefits of faster transactions, fewer mistakes and fraud prevention. The sales of hats, t-shirts, sweatshirts, mugs, wine, prepared foods, and other retail goods is often overlooked in the hospitality industry as being able to benefit from barcode scanning use, but businesses that tap into this technology would certainly see the benefits. Ordering is simplified down to finding the barcode and scanning it, eliminating incorrect rings and fraud, while increasing the speed of the sales experience for the customer as well as the sales staff.

2. More Efficiently Designed Menu

Regardless of whether barcode scanning is utilized or not, any POS implementation that uses menu buttons would benefit from a more efficiently designed menu structure. Minimizing the number of button clicks required to locate the next item, placing frequently ordered/purchased item buttons where they are easily accessible, and making the menu structure uncluttered and appealing to the eye, all increase the efficiency of the FOH (Front Of House) staff. The old adage of “throw a button on the screen for that item” has no place in any POS implementation as each button should be positioned to maximize the efficiency of the staff. A logical grouping of similar items is required in order to maximize the efficiency of any clerk or server who is required to select predefined items from a menu.

3. Proper Security to Control Policies and Procedures

In today’s world, the POS needs to be responsible for helping control the business policies and procedures because business are far too large and complex to be able to micro-manage all personnel. Every hospitality and retail business employs a vast variety of employees performing various jobs and roles. Management must be able to configure “the rules” for each role within the company and be able to control the allowable actions of all personnel through pre-defined privileges (who has the right to do what and when). Whether these rules involve cash drawer access, voiding, error corrections, discounting, or item creation/edits, the management staff must be able to pre-configure these privileges and trust that the POS is enforcing their policies, as well as logging all potentially fraudulent behavior for future analysis. Proper controls can not only prevent fraud, but they significantly improve staff efficiency and minimize managements time spent figuring out “who-done-it”.

4. Inventory Control

Inventory Control is essential to keeping a business operating smoothly. Accurate counts on all products assists the reordering process; helps control the cost of goods sold; identifies required on-hand quantities; prevents waste, fraud, and lost inventory; and assists in product mix analysis. Profitability will definitely increase in any business that utilizes proper inventory management techniques such as purchase orders, product receipts, multiple inventory locations, transfers of product between locations, and inventory UOM (unit of measure) management. I know what you’re thinking – inventory can feel like such a daunting task at first – but with proper setup and procedures, inventory control is essential to a smoothly operating business.

5. Payroll Services

One of the largest expenses in any business is payroll, and not only due to the wages itself, but in the actual payroll processing and the time it takes to complete it. Having a POS that can provide accurate payroll numbers in reports and in a data feed that can be provided to an integrated payroll processor is essential to saving valuable management time. Shift Transaction Reports should be organized and easy-to-read while still providing a simple method of shift adjustments, should editing be required. Appropriate logging of these shift transaction should be provide so payroll fraud can be prevented, even at the managerial level.

6. Reports

What good is sales data, cost data, payroll data, inventory data, and royalty data if you can’t extract that data out of the POS and into robust, but simple, reports? The reporting capabilities of the POS are crucial to being able to view the business at a glance. Being able to memorize frequently utilized report formats for recall and execution on a daily, weekly, monthly or yearly basis is always a benefit and time saver. Scheduled report execution is also a feature that will save a lot of time amongst the management/office staff, and allow the reports to be ready and waiting when the staff needs them.

If you have additional questions, feel free to contact LionWise today.

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