POS System Reports Restaurants

5 POS System Reports Your Restaurant Should Use

With these POS system reports you’ll have the information you need to optimize your restaurant’s performance.

Point-of-sale (POS) systems are a surefire way for any restaurateur to improve the productivity and staff morale at his or her eatery. These systems make it faster for wait staff to take and input orders and easier for the kitchen to see what’s coming in. However, there’s more functionality to POS systems than just day-to-day operations.

Most current POS systems have dozens of built-in reports that can be customized and pulled at will. If you’re new to POS system reports, it can be difficult to figure out which reports you need and which ones you can skip. While there’s no one-size-fits-all approach to restaurant reporting, there are a few categories that are useful for nearly all restaurant owners.

These are five of the most broadly used and universally functional POS system reports you should be pulling monthly.

Sales reports

Even basic POS system reports are able to give you an output of numbers as well as visuals, such as graphs and pie charts. Sales reports usually reflect the number of sales and the value of those sales as well as basic stats like the mean, median and mode of sales. POS systems allow users to pull sales reports on a daily, weekly, monthly, quarterly or annual basis. Daily sales reports can be helpful for entrepreneurs with new or struggling restaurants, while more experienced restaurateurs typically rely on monthly, quarterly and yearly reports. Comparing annual sales reports from different years can give small business owners a sense of how their restaurants are progressing and help them identify seasonal trends.

Inventory reports

A surprising number of restaurateurs, especially those new to the business, don’t bother pulling inventory reports. They operate under the assumption that everything is fine so long as sales outpace costs, but there’s always room for optimization. Inventory reports are vital for making sure costs are being maintained. Without pulling regular inventory reports, restaurants open themselves up to higher levels of employee theft as well as greater instances of running out of vital items. When restaurants regularly cut menu items because of poor stock planning, it reflects poorly on them, and customers are less likely to return. Inventory issues can also result in disgruntled employees. Running out of basic items, whether they’re menu items or dry goods, makes everyone’s jobs extremely stressful, and a stressed-out staff cannot deliver quality customer service.

Product mix and menu reports

General sales reports give you a good picture of your restaurant’s overall success, stagnancy or failure, but they won’t show you exactly what’s selling and what isn’t. Product mix reports and menu reports allow restaurant owners to track sales by time and item. So, you can set the parameters and find out exactly what sells best and worst for breakfast, lunch and dinner. You can do comparisons based on weekend dinner versus weeknight dinner; most reports also allow you to designate specific date ranges, so you can pull reports based on seasonality as well. This type of itemized data is helpful for restaurant owners who might otherwise rely on anecdotal feedback from chefs and wait staff to determine which menu items are popular. The more you know about what your customers want, the easier it is to cater to their needs.

Exception reports

Sales exception reports show you every void, refund, gift certificate-covered purchase and discount your staff has issued over a selected date range. This information can help you identify staff members who may need more training, but it can also be a helpful tool for loss prevention. One of the biggest obstacles restaurant owners face is their staff giving unapproved discounts to friends or giving large discounts to regulars in exchange for inflated tips. While many restaurant owners allow their wait staff to give out a specified number of discounts per night, without any oversight, this type of customer service can cost you thousands of dollars a week. Exception reports help you maintain quality customer service while minimizing costly preferential treatment of staff friends and regulars.

Labor reports

Also known as employee reports, labor reports provide insight into the efficacy of your staff and illuminate weak links. Labor reports often allow you to see the percentage cost breakdowns of different departments (front of house versus back of house) as well as by individual. You can measure productivity by viewing how many sales each wait staff member is responsible for or how many orders different kitchen staff members are fulfilling, which can be helpful when you need to promote someone to manager, cut off a weak link, or tell the difference between personal staff arguments that have nothing to do with work and valid complaints about someone not pulling their weight.

Bottom line

Not every POS system has the same reporting functionality, but most modern systems have at least a few general reports. Before you purchase a POS system, you should find out what the reporting capabilities are to make sure they suit your needs. If you run a niche restaurant with unique needs, you may want to inquire about custom reporting options. Some POS systems come with software that allows you to custom-create a variety of reports.

Original article was published on business.com by Mona Bushnell.

POS Machines - Why They Are Used Everywhere

POS Machines: Reasons Why They Are Used Everywhere

When it comes to retail business, using good POS machines (aka, point of sale systems) can be a major asset.

If you’re someone who’s running a physical store and sells a lot of products that you can’t mentally keep a track of, you should get POS machines. Even if you think that you can keep track of your business records manually, you’d still do better with a POS machine.

The bottomline is—you’re going to be surprised to know how much it can be of help.

What Are A POS Machines?

Point Of Sale or Point Of Purchase is a the place and time where a transaction gets completed in retail stores.

A POS system combines software and hardware to help merchants simplify their daily business activities and receive transactions.

There are many POS softwares that are available today, that can help you boost your business. A POS machine is one that lets the person swipe, insert, or enter the debit/credit card details to transfer funds to the merchant. POS systems are increasing in number in all brick and mortar stores. Read on to find why.

Reasons Why POS Machines Are Used Everywhere

Removes Human Error

If you’re business activities and records are handled manually, it’s then open to human errors. You might think that a small error won’t bring down your business, but a small error margin of 1% could cause you losses of hundreds to thousands a year.

POS machines provide business with no chance of error by keeping track of transaction records, and it also helps you to bottomline figures.

Reduces Your Losses

It is sad to know that often a business’s losses occur due to theft by their own employees. Employees know how the system works, and they can exploit and cover it up easily. Using a POS machine is an advantage because it keeps track of the entire product life cycle—right from buying from a supplier to selling to a customer.

This data is crucial because you can use it to keep track of your losses. You can find out where your losses occur, and then plug the holes. Doing so could save you two fold.

Faster Checkout

Using a POS machine can significantly speed up your checkout process. The process is even faster with barcode scanning. This in turn makes the customers happy because they don’t have to wait in large queues to buy their stuff. It also allows you to record more data at the checkout counter, which can be used to find which products sell the most, loyal clientele etc.

Increase Efficiency

When you’re making records of your inventory and what you’ve sold, there might be some discrepancies. Sometimes you might forgot the number of items in your inventory. This is where a POS machine comes in. A POS system sends information directly into your inventory, you don’t need to keep checking for any discrepancies between the items you’ve sold and your inventory.

Know What Product Sells Best

Every business person is keen to know what products sell best. Keeping track of sales records manually is a tedious process. But, sales reports generated by POS machine helps you analyze your sales reports in detail. Using a POS can help you determine who is the top salesperson in the team, what products sell best, what market strategies are best for the business etc.

Using POS Machines

Using POS systems provides you with the ability to accept credit and debit cards from your customers in the store. This means that you can your products on the go wherever your customers are.

The seamless integration makes it easy for a business to sell products and accept payments hasslefree, and while doing so it automatically updates your orders, customer data, and inventory.

By using POS machines you can:

  • Use your own credit or debit terminal: You can use your own external credit card terminal and track payment details.
  • Split tenders: With a POS you can accept two or more payment types in a single transaction. For instance you can use both card and cash, or multiple cards.
  • Selling gift cards: Sell gift cards that can be redeemed in store. You can print gift cards using your receipt printer.
  • Store credit: In the case of refund, you can provide store credit instead of the payment method used.
  • Custom payment methods: You can use custom payment methods of your choice like gold coins, cheque etc.

Original article published on Times Square Chronicles, October 18th, 2017.

October 2017 POS Industry News

October 2017 – POS Industry News Round-up

Get up to speed with the latest POS industry news from October 2017.  This time we have a diverse range of news topics from malware to company sales and market studies.  Enjoy!

PayThink Breach glut means crooks will up the ante to POS malware

PaymentsSource (subscription)

You can bring advanced threat detection and response specifically to the POS systems to reduce malware detection gap and incident response times).

 
Retail POS Hit By Fraud Again

PaymentsJournal (blog)

Because those venues use a different PoS system than Whole Foods’ store checkout systems, the company said its checkout systems were not …

Whole Foods, Sonic Suffer Major Payment Card Breaches – eSecurity Planet

Whole Foods Becomes One of the Latest Major Card Breach Victims – Payment Week

Whole Foods Breach – ISBuzz News

Full Coverage

Point-of-sale data breach bad for Whole Foods’ health

SC Magazine

The actual grocery store checkout systems were not impacted, however, as they run on a separate POS system than those affected. Likewise …

Whole Foods Investigating Payment Card Data Breach – eWeek

Some Whole Foods stores were hit by a cybersecurity breach – Techaeris

Whole Foods Suffers Data Breach – Progressive Grocer

Full Coverage

Cybersecurity Falls Short In September

PYMNTS.com

It was a team of cybersecurity researchers from the firm ERPScan, and not malicious hackers, who discovered that point-of-sale (POS) systems made …

POS Malware Breach Sees Payment Cards Hit Underground Shops

Security Intelligence (blog)

One of the most recent examples of POS malware modus operandi is MajikPOS. Attackers begin by penetrating the target organization’s systems to …

The Surprise And No Delight Edition: Whole Foods, Sonic and BAMS

PYMNTS.com

The good(ish) news is these parts of the store use a point-of-sale (POS) system that is separate from the company’s primary store checkout systems, …

Hyatt Hotels reports POS data breach

SC Magazine

The POS systems affected were located at the front desk of 41 properties worldwide, seven located in U.S. territory, the company said in a letter to …

Hyatt Breached Again; Hawaii, Guam & Puerto Rico Locations Affected – Credit Union Times

Hyatt Suffers Second Card Data Breach in Two Years – Infosecurity Magazine

Hyatt Hotels Suffers International Payment Card Data Breach – BankInfoSecurity.com

Full Coverage

Out with the old in with the new, Quantico says goodbye to the meal card

Quantico Sentry Online

The POS system will use the Electronic Data Interchange Personnel Identifier (EDIPI) information to process patrons’ meal selections, while …

Tax Talk- VAT Monitoring System (VMS)

Fiji Sun Online

Tax Talk- VAT Monitoring System (VMS) … of sale, while others who choose to have online POS system will need only one to authenticate themselves …

POS Industry News, Part 2

Carbanak hackers pivot plan of attack to target banks, the enterprise

ZDNet

Once complete, the group then paves their way through to Point of Sale (PoS) systems in order to steal credit card data, which can then be used in …

Five Entrepreneurs Pitch Ideas During “Get Started NWA”

5newsonline.com

Bucket Technologies, a platform which integrates existing point of sale (POS) systems to facilitate coinless cash transactions at retail locations, left the …

Industry Insight: The Looming Importance of MU-MIMO

PCMag

Add in stress of running point-of-sale (POS) systems, free Wi-Fi to guests, wireless connected devices such as printers and phones, and employees …

POS Industry News Market StudyMobile POS Systems Market Technological Advancements and New Innovations 2017 to 2023

TechnoPOW (blog)

Global Mobile POS Systems Market Research Report 2011 to 2023 presents an in-depth assessment of the Mobile POS Systems including enabling …

Food Truck Tech: What You Need to Know

Business.com

For instance, there are hundreds of POS systems out there, optimized or specifically designed for food truck use. To get the word out or draw in hungry …

Scottsboro company receives fake EMV Certification invoice

whnt.com

If a business has not upgraded to the new POS systems to accept new EMV chip credit and debit cards, they will be held liable for any fraudulent …

 
TazPoS Is A Rugged Fingerprint Scanner For Developing Countries

Android Headlines

TazTag and Integrated Biometrics have teamed up for the release of a new identity management and point-of-sale (PoS) system for law enforcement …

Whole Foods Market replaces compromised POS systems following data breach

Chain Store Age

Efforts revealed that unauthorized software was present on the POS system at certain venues. The software copied payment card information, which …

POS Industry News, Part 3

Mobile POS Systems Market Trends, Cost Structure Analysis, Growth Opportunities And Forecast …

MilTech

The “Mobile POS Systems Market” Report offers an inclusive and decision-making overview, including definitions, classifications and its applications.

 
POS Industry News Market StudyMobile POS Systems Market Report 2017: Upstream Raw Materials Sources, Downstream Buyers …

MilTech

The Mobile POS Systems Market Research Report is a Proficient and In-Depth Study on the Existing State of Mobile POS Systems Industry.

Couple sells Future POS

Butler Eagle

Couple sells Future POS … John founded Future POS in 1998. … payment systems and POS systems, but the line between the two has faded over time …

POS industry news for September 2017 brought to you by QUORiON Data Systems, a POS system manufacturer. Content is collected from various sources around the Web.