Throughout the land, restaurants, hospitality, and retail stores are undergoing a revolution in how they run their daily business with the use of POS or “Point of Sale” systems. A POS system is essentially a computer-based device that records orders, keeps track of data, and provides a comprehensive suite of management and reporting tools. The importance of POS systems to restaurants, bars, and other eating establishments is evident: It accelerates the purchase process so customers get their order faster, while it provides valuable information for the owner to track orders and see what meals and beverages are selling.
What POS Systems Provide for Businesses
The importance of POS systems is founded in their versatile programming that allows them to perform many different tasks at once. Actually, there can be more than one POS station that also links receipt printers, credit card systems, and display screens along with server and hostess stations if needed. In this manner, every employee in the business is ‘linked together,’ where the same information is accessible to those who are granted permission to access it. The result is that efficiency is increased, orders are completed faster, and customers enjoy their experience even more.
POS systems provide a wealth of information that includes the following:
– Keep track of all menu items sold
– Record all methods of payment
– Keep track of the cash in the drawer
– Create sales reports on an hourly or daily basis
– Calculate payroll and labor data
– Keep track of wage averages for each employee
– Maintain information on repeat customers
How POS Systems can Improve Your Business
There are a number of ways the that POS systems can enhance your business. First and foremost, POS systems provide you with instant information that might take you hours or days to compile. The central purpose of POS systems is to coordinate important information instantly so you can make the most informed decisions about your business.
Menu Tracking: What menu items are the customers demanding can help you make better informed decisions about what meals to carry and what to drop. You can see over the past day, week, or month how many of a particular meal or beverage has sold, providing you with the best information about how that item is going over with the customers. After all, you have to give the customers what they want!
Wage Information: The POS system can track the wages paid employees working simultaneously. By using these wage averages and comparing them to your sales figures, you can make adjustments in the number of employees you have working at any particular time and save money without losing efficiency or service. You’ll also soon gather intelligence on which employees are most productive although you may already have a hunch without gathering employee sales data.
Payment Information: How are customers paying for your meals? This information can help you decide to expand certain payment services, change the amount of cash you keep in the drawer and provide better information about the type of customers that come to your business.
Overall, the importance of POS systems can be summed up by stating that they provide crucial information about sales, employees, inventory, and a host of other business-related components. This information is always at your fingertips, instantaneously accessible — information that otherwise would take you days, weeks or longer to gather yourself. This time-saving, business-coordinating device improves efficiency and saves money as well. Consequently, an investment in a POS may be one of the best investments that a business owner can make.