POS software can help prevent loss by providing accounting audit trails that give you the data you need to identify employee or customer theft.
Your restaurant point of sales system should do more than just handle transactions and print sales reports. The best restaurant POS software provides added security benefits like data alerts that notify managers when unauthorized employees try to edit transaction history to pocket some extra cash.
As a business owner, you have carefully assigned prices to what you sell based on product cost, overhead, and markup, with profit being meticulously measured. Why, then, would you allow anyone to change that price without consulting with you first? That is exactly why owners use POS systems to manage their pricing; establishing controls so only a few authorized users can grant that discount. Without it, you run the risk of employees giving a “family and friends” discount without your consent, which results in loss of revenue.
POS Audits Help Manage Inventory
A major benefit of point of sale solutions is the ability to see the status of your inventory immediately – whether you are at work or checking it using your tablet at home. By matching this inventory with your POS audits, you can easily reconcile your income with expenses, and see which inventory items are earning you the most profit. If there is a discrepancy with sales not adding up to the inventory sold, you can use this data to find out why and rectify those issues.
Catching and Preventing Employee Mistakes
Even the best employees sometimes make mistakes, and it could cost you. The data collected by POS audit trails will help find those mistakes—in how they are charging or submitting orders, and you can address it immediately to prevent future errors.
Prevent Food Waste
When customers send their order back to the kitchen, inventory expires, or that new menu item doesn’t sell, it’s like throwing dollars into the trash. How much cash is leaving your kitchen in garbage bags due to your current restaurant POS system? A store audit will give you the information you need to make adjustments in real-time to avoid this kind of loss. Vendor orders are adjusted based on sales, not projections; overhead costs are analyzed to ensure the best use of space-based on return, and managers are alerted when customers return food so issues are addressed immediately to prevent future errors. If your current POS software isn’t helping you prevent loss through auditing, it’s time to reconsider why you have it in the first place. Cloud-based POS systems give owners 24/7 access to their data in real-time giving them greater control over their business. No owner wants to see resources and revenue walk out the door. With the right controls in place, you can help prevent it. POS audits will help your business avoid unnecessary losses to ensure the greatest return on your investment.
PAR’s PixelPoint POS software is a leading point of sale solution for restaurants and retailers alike. Fully configurable, it’s designed to meet your staff needs, without forcing them to change current processes. PixelPoint POS is available as a perpetual license or subscription option. Experience an extensive loss prevention set, advanced cost management, global compliance, loyalty integration, and more. For more information on PAR’s PixelPoint point of sale software, click below!