Top 4 Things to Look for When Selecting a Point of Sale (POS) Provider

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If the sale is recorded then there should be a corresponding deposit at the bank. It is just that simple. However, this is overlooked by the vast majority of business owners. Too many don't take the time to balance the 2 totals.

If a sale is recorded then the tender should be in the drawer. If not, someone should be held accountable for the difference.

Most restaurants that have servers have found a good method of accomplishing this through "Server Banking". In this method of doing business the server brings their own starting bank and makes change out of this bank. At the end of the shift the POS system will produce a report that shows credit card sales and a Cash Due amount. It is this Cash Due amount that the restaurant owner is interested in. The server produces this Concession Stand POS , produces the credit card slips and then the exact amount owed the restaurant based upon the Cash Due amount. The rest of the cash they keep as their tips. The restaurant owner is never short when using this method.

In retail operations where there is a cashier use the blind balance routine in most systems to identify employees who commonly steal from your cash drawer. This module will calculate exactly how much cash should be in the drawer and ask the cashier to count and blindly enter the amount of cash that is in the drawer. The report shows instantly the over/short of the drawer and will not allow the cashier to re-enter a new cash amount.

Use the non-resetable totals in the system like you would an odometer in your car. This is exactly what you would do if you loaned your car to your teenager. You would look at the odometer before and after the night out to see just how far they drove the car. The non-resetable totals in a POS system work the same way.

Using server banking, blind balance routines and non-resetable totals are 3 great ways to match sales to deposits. By controlling your cash and charges you will see more of them actually reaching the bank.

Identify you Best Sellers

Use item and product movement reports to spotlight your top selling items. You should know almost daily what your best movers are and then make sure that you are never out of them.

To miss a sale is a terrible thing. Being out of your top selling items will cost you sales and profits. Stay on top of your best sellers to make sure that you don't ever miss a sale.

Just the opposite of this is knowing what is not selling in your business. All businesses work on turns of inventory. You should know what turns are expected in your vertical market. If you have product that is historically not meeting your turn expectations you should re-evaluate if you should continue stocking the item.