When it comes to running a business, gone are the days of manual stocktaking, using a basic till system, and handwritten receipts. These days, by investing in an EPOS system you can totally transform and streamline your business.
“What’s in it for you as a business owner?”
Here are the top 5 benefits when it comes to having an Epos system. Let’s start by looking at a key way to reduce expenditure – by improving operational efficiency. Which brings us to our first point;
- Stock Management
- With EPOS systems you can tell how much is selling, how often and what staff members are selling the most.
- This is real-time reporting at your fingertips, especially useful for multi-channel operations.
- You don’t have to wait to do a batch report at the end of the day. It’s that simple.
- Quickly review current stock levels and easily identify areas where greater levels of stock are required.
- Set up low stock alerts, so you know when to re-order stock, avoid running out of key items and disappointing customers.
- Stock can be synchronized via one main system, which connects with your bricks & mortar store(s) and online store(s).
- We can even integrate scanners, stock-taking handhelds and label printing with your EPOS system too.
2. Reduce fraud & shrinkage
Shrinkage is the term for the inventory that goes missing from your shop or is unaccounted for in your restaurant.
- It could be food wastage that goes unreported or a simple case of employee theft. Either way, it affects your bottom line.
- Staff ID buttons on your EPOS system records every transaction and keystroke.
- Everything is accounted for and everyone is held accountable.
- Keep a close eye on your business with CCTV integration.
- You can even access it remotely from anywhere. As a business owner, isn’t that good to know?
- Sales, Profit, and Margin analysis reports.
- Promotional loss reporting.
- Income & variance.
- Hourly sales reports.
- Staff reports.
- Stock and order reporting.
4. Customer management
- Build a customer list – get to know your customers buying habits.
- Targeting– allows you to offer incentives to your existing customers. Consider adding loyalty cards, gift cards and vouchers to your POS system. Targeted advertising – offer incentives to your regular customers, improve customer loyalty and retention while ultimately increasing revenue.
- CRM – Customer relationship management tools can be used for communicating with your customers. Send letters, SMS texts, and emails to keep in touch with customers.
5. Financial accuracy and cash control
- Simple and easy reporting -allows you to quickly and accurately reconcile your cash at the end of shifts, immediately highlighting cash variances. Cloud-based software means you can access this information from anywhere.
- Cash lifts – Set customized warning levels to alert you when to make a cash lift. This is especially useful during busy periods like Christmas.
- Reduce pricing errors – an EPoS System will ensure that these inconsistencies don’t occur so the customer is always charged correctly.
- Reduce cash shortages – if there is a cash shortage or an overring at the end of the day, you can drill down to audit level to investigate.
- Avoid human error- typing incorrect prices or using a wrong price sticker means loss of revenue for your business. Scanning barcodes can eliminate this and save you money.