Before you even think about purchasing point of sale (POS) hardware or upgrading your current processes, it’s important to understand what these systems can do for you. Before investing, you must understand the value, ROI and functionality it will provide to your restaurant or store.
Here is a complete list of benefits restaurants can experience from a POS system:
1. Increase inventory visibility with inventory reporting
With a POS system, restaurant owners and managers are kept in the loop. They can gain access to important inventory information whenever they need it – how many products you’ve sold in the last day, week or month, how much money you’ve made in a particular shift, etc.
This information makes it much easier to optimize inventory, only keeping what is needed on hand, rather than purchasing too much product and letting it go to waste. Managers will never have to make estimates again. They can access detailed sales reports (by item or time period) and use historical data to forecast future inventory needs.
2. Reduce risk with inventory monitoring
POS systems allow restaurants to reduce shrinkage, theft and waste. With features available like employee performance reports, product cost analysis and cash register audits, restaurants can ensure that they have the amount of security needed to run smoothly.
And with careful and consistent inventory tracking and reporting in place, employees will be less tempted to steal or misuse items. Owners and managers are able to quickly access information such as when how many were sold and how many are left, shedding light on any discrepancies. POS systems also offer advanced auditing capabilities also allow managers to monitor cash register shortages.
3. Improve accuracy with POS peripherals
Restaurants no longer have to create their own workflows through a tough process of trial and error. POS peripherals such as programmable keyboards, bump bars and receipt printers allow restaurant managers and employees to improve the organization and accuracy of orders.
For order entry, programmable keyboards and customizable menu screens allow restaurants to give employees quick access to popular items, new promotions and item modifiers. With an organized, intuitive screen, even the most unique orders can be entered quickly and correctly. For preparation and production, orders can be cleared or “bumped” on a bump bar when they have been completed so employees can quickly move on to the next.
4. Increase convenience with integrated payment processing
Many POS systems have the option to include magnetic stripe readers for integrated payment processing. When restaurants move from antiquated systems to a sleek POS with an integrated card reader, they can eliminate seperate terminals or extra phone lines once used to process payments and reduce credit card fees. Every terminal will be equipped to authorize cards in a quick and effective manner, usually a few seconds. Not to mention, customers will no longer grow impatient as they wait a minute or more for a separate machine to print their receipt.
5. Optimize scheduling with labor monitoring
POS software allows restaurant managers to monitor labor costs and percentages. With increased knowledge of labor, they can ensure they aren’t wasting money by overstaffing or compromising the quality of customer service by understaffing. Doing so benefits both the restaurant and its employees. Viewing historical sales and forecasting future scales allows managers to create an optimal, adequate schedule each pay period. POS terminals can also serve as a reliable way to keep records, as they allow employees to clock in and out at the beginning and end of each shift.
6. Improve customer service with guest check management
With a POS system, table service and check-out counters can be streamlined. Restaurant employees can quickly and easily manage guest checks and provide customer service. Using the system, they can meet a variety of the customers’ needs by splitting checks, applying discounts, honoring coupons and upselling promotions. Customers can get in and out of line in a desired amount of time and with minimal confusion. Some systems also feature table status and meal stage notifications to keep servers on task and customers happy.
POS hardware, software and peripherals provide restaurants with the functionality needed to not only meet, but exceed customer expectations. Upgrading to a new system allows restaurant managers to save time and money, as well as gain confidence and a competitive edge. With a wealth of information at your fingertips, you will never be left to make guesses or take risks.