Running a successful business is a very time-consuming venture. There is a myriad of details both big and small that need to be handled and addressed daily. To run a restaurant efficiently is ideal. This includes managing staff, inventory, and bookkeeping.
In addition to hiring reliable and trustworthy employees, restaurants benefit tremendously from implementing and using a POS system. This will require the installation of a reputable computer system. It does not matter how big or small your business is, because POS systems can be tailored made to our needs to maximize your time and profits.
A POS system in your restaurant can be beneficial to you in front of the house and in the back and help you bookkeeping details. A good POS system is an investment in success.
1. Ability to simplify payroll
When your employees start their shift and end it, they will be able to clock in and out using your system. The info can be directly sent to payroll and hours can be automatically tallied. This will eliminate the need for punch cards, which will free up time that was spent physically adding up hours and entering them into a log or phoning into a payroll company. Employees will appreciate that their hours are being accurately counted and the owner will appreciate how easily this segues into bookkeeping programs.
2. Simplify the communication between wait staff and kitchen
Traditionally wait staff will take customer orders on little slips of paper which are hung up in the kitchen. Using your computer and POS system, this process can be streamlined with less chance of mistakes. The customer’s order is entered into the system and sent directly to the kitchen and/or bar. This process eliminates the chance of someone in the chain not reading an order correctly due to handwriting. It also eliminates unnecessary steps for the server between bar and kitchen to get the orders in, allowing the server to be more efficient and better able to tend to more customers. Also, using a POS system ensure that the order is placed correctly and not “missing” off the check of a friend. This is a good way to ensure that all products that go out are being accounted for at the end of the shift.
3. Track food inventory
A good POS system will aid you in tracking food inventory. This is crucial for running a successful restaurant. The tracking will enable you to have the most current information on products you need. In turn, this makes ordering the right products with the right timing and frequency a breeze. Ultimately this system will lead to less inventory waste, which is better for the bottom line.
4. Track your sales
A POS system in your business will allow you to accurately track your sales. This is beneficial for several reasons. One reason is that you will be able to ensure that all orders are paid for since wait staff will have to enter this info into the system. It ensures that friends aren’t eating for free. Tracking sales will also be very helpful when generating sales reports monthly or yearly. You will be able to quickly and easily have an overview of your business and note trends and patterns.
5. Customer payment options
A POS system will allow you to be able to offer your customers several payment options. If you can offer cash, credit, debit and check options you will be able to attract more customers. Not all customers use credit cards, so this will allow you to expand and accommodate your customer base, while also allowing you to ensure yourself that the payment methods they are using are valid and you will receive payment.
6. Manage cash flow
Having a POS system in your restaurant will definitely help you to organize and manage your cash flow. Since all employees, customer orders, inventory, etc will be in the same system, you will be able to see the whole picture for easily. This is an efficient way to track bills and statements and have access to your financial health. This will allow you to also know the feasibility of expanding your business by knowing exactly what your financial ability is in real time.
7. Profit and loss statements
A good POS system in your business will help you greatly with profit and loss statements. This is a required statement to run a business for several reasons. It will definitely be needed when handling taxes, and it needs to be accurate. You can also use a POS system to track sales tax -both how much you have paid or need to pay. This is invaluable when preparing quarterly reports. This type of report is also needed when applying for a business loan if you are looking to expand your business, Likewise, profit and loss statements are a great tool when you are looking to sell your business or take on a partner.
Having a POS system for your business can enable you to project and forecast future inventory and sales. This will enable you to always have what you need on hand so that you do not lose a sale to a disappointed customer.
A POS system is run by computer. This means that the risk of error is going to drop drastically. With a computer handling reports, statements, tracking employees and inventory there is a lot less chance for error than there would be with humans manually entering this info and trying to tally it all up. A solid POS system will be able to handle all of this with ease and great accuracy.
A great tool with a POS system is its marketing abilities. You can use your system to start a loyalty program and offer your customers rewards. This, in turn, becomes a fantastic way to track sales, customers and offer rewards to loyal customers. This type of marketing will encourage people to become repeat customers because they want to take advantage of your promotions for rewards members. Repeat customers are the mainstay of a successful restaurant and this is one aspect you want to be sure to cultivate.
These are some of the many reasons why a POS system will be beneficial to you. It is crucial in the restaurant industry for owners to stay current and to stay competitive.
With the ever-changing tax codes and guidelines, a POS system will help you track profits and losses and taxes. This is all info that your accountant will need to be sure you are compliant with all tax requirements and that you are also maximizing any advantages you may be entitled too.
An appropriate POS system in your business will enable you to track inventory quickly and accurately. This will allow you to order what you need and when you need it, therefore eliminating a lot of waste. Waste in a restaurant is a real concern and one that can be reduced and minimized with your system.
In addition, a POS Quote will manage your employees. You will be able to effectively have your employees clock in and out and track their hours worked so that they are paid on time and paid accurately. You will also be streamlining the way the front of the house communicates with the kitchen and/bar. By doing this you are guaranteeing that your customers will have an enjoyable dining experience. When your customers have a great experience, they will be repeat customers. They will also tell their friends. Word of mouth is priceless advertising for any business.
A good POS system will give you the ability to offer your customers multiple ways to pay for their purchases. This is a critical component of customer retention. Customers are all different ages and depending on their age they might have a preferred way to pay. If you have the ability to offer your customers the options to use cash, credit cards, debit cards or checks you will be able to cover all the payment options today’s customers are comfortable using. This will also go a long way towards your customer retention.
You can clearly see that an appropriate POS system for your business is critical for success. It is crucial for managing employees, tracking inventory, managing statements and retaining customers. Clearly, it is well worth the time and effort to get a POS system that is right for your business. Increased sales, productivity and customer retention are more than worth the effort.